Fitness Equipment Market size worth USD 13.9 billion by 2023: Global Market Insights Inc. Fuel Cell Market size worth $25.5bn by 2024
Key Insights from Fitness Equipment Market: • Governments and enterprises in developed countries have established several healthcare initiatives to promote the benefits of physical strength and stamina, thus creating awareness in the society against obesity. Developing countries also indicate significant growth trend of healthcare offerings across all sectors. Furthermore, it is predicted that enterprises may force employees to invest significant portion of their income to procure equipment, thus driving fitness equipment market share over the forecast timeline. • Introduction of new technologies have indirectly affected the human health in the last few years which in turn generate the need for physical activities, balancing body weight and cardiovascular fitness. • Corporates are collaborating with various centers to provide healthcare facilities to the employees for relieving stress. Moreover, improved lifestyles with economic growth has further increased the demand for fitness equipment market share owing to rapid modernization of economies and rising disposable income of consumers.
Continued... • Health clubs/gyms occupied more than 50% of the fitness equipment market in 2015 and are likely to lead the industry from 2016 to 2023. Racks, benches, and treadmills are the machines used in this segment. • Offices, hospitals and hotels collectively accounted for over 18% of the revenue and will exhibit steady growth from 2016 to 2023. Considerable demand for resale products for upgrading facilities in these sectors is likely to hamper industry demand. • Strength training equipment market will account for more than 35% of the overall business revenue by 2023. Growing trend of improving strength, enhancing muscle size and anaerobic endurability by using resistance bands, free weights and machines will support the segment demand.
MEA Fitness Equipment Market size, by product, 2012-2023 (USD Million)
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360° Analysis • Application Analysis • Health clubs occupied over 50% of the overall fitness equipment market share in 2015 and the segment is forecast to grow at 3.3% CAGR. Machines employed in the segment include benches, racks, treadmills, functional training machines, etc. Increasing adoption of these systems in educational institutes, health facilities, and hotels will drive the fitness equipment market share from 2016 to 2023. • Regional Analysis • U.S. fitness equipment market size represented the large majority of the North American revenue of over USD 4.5 billion in 2015. Rising number of health clubs, and the utilization of different types of cardio, and strength training systems are the key factors fuelling the regional demand. • Asia Pacific is set to witness high growth in the coming years, across all the application areas. This due to the increasing urbanization, rising obesity, and changing lifestyles of the population. Japan, South Korea, Australia, and China fitness equipment market share are among the largest in the regional industry. • Competitive Market Share • Nautilus, Johnson Health Tech, Technogym, Brunswick Corporation, Icon Health & Fitness, and Amer Sports are the key players in the industry. The fitness equipment market includes several participants owing to low distinctness in the product portfolio.
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