Experiencing a surge in fitness services, Asia-Pacific’s fitness equipment market have posed a robust growth of over 7% in historical period – Bonafide research
Sep, 03
2020

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Experiencing a surge in fitness services, Asia-Pacific’s fitness equipment market have posed a robust growth of over 7% in historical period – Bonafide research

 

Asia-Pacific has emerged as one of the most promising market for fitness equipment in the last couple of years. The region currently is standing at the third position in the overall fitness equipment market. People in the region have a higher attraction towards athletic & resistance training with the trend of getting a lean fit body. The number of attractive and expensive gyms with highly modernized equipment has attracted consumers. The market has emerged with several growing fitness equipment manufacturing companies some of the prominent companies in the list are SportsArt Fitness, BFT fitness, Stingray Fitness, Shuhua Fitness, Amer sports corporation, etc. Fitness franchise brands from the USA have been taking advantage of such considerable growth by expanding their reach to the developing countries in these regions. The expansion of international fitness manufacturing companies in the Asia-Pacific region will provide an opportunity to become the next fitness manufacturing hub globally.

According to the report “Asia-Pacific Fitness Equipment Market, By Value, By Segment (Cardiovascular Equipment, Strength Equipment), By Equipment Type (Treadmill, Stationary Bike, Elliptical Trainer, Rowing Machine, Dumbbells, Weight Plates, Hydraulic Machines, Resistance Band & Tubes), By End User (Commercial & Residential), (Trends & Forecast), Outlook, 2025” published by Bonafide Research, Asia Pacific fitness equipment market have shown robust growth rate in a historical period which grew with a CAGR of over 7% in the historical period till 2019. From the overall growth, China, Japan, Australia, and India have contributed the highest revenue share. Out of these countries, China has been the prominent revenue generator whereas India has shown the fastest growth rate in the overall market. The Indian fitness equipment market has emerged with the increasing development of health and fitness clubs. Moreover, the market is emerging year on year with Multinational fitness chains and gyms are taking the franchisee route to enter the Indian subcontinent keeping in mind India’s huge high and middle-class population. Emergence of the market at such a fast pace, the Indian fitness equipment market is expected to grow with a forecasted CAGR of above 9% till the year 2025.

The market in the region has posed an increasing trend towards the in-home fitness routine which has boosted up the residential sale of the equipment. Installation in the form of a home gym or training sections at housing societies has been a factor in the growth of the segments. Countries like India, Australia and others have observed a surge in the adaption of out of the gym fitness. Equipment like dumbbells, treadmills, stationary bikes, rowers, and other free weights etc. are attracting consumers in the residential segment.

Major fitness equipment markets of Asia-Pacific have been divided into three main tiers. The tier one category includes the matured and the established market like China, Japan where the penetration of members and the demand for fitness equipment is at the higher end. Tier two category includes the rapidly expanding market such as Australia, India, and Singapore, etc. This category has been observing an increase in the demand for fitness facilities along with the concentration of leading players. Lastly, the tier three categories include the potential and emerging market which includes Indonesia, Taiwan, Malaysia, Vietnam, etc. Overall market penetration is on an upward trajectory, reflecting an increasing awareness of the importance of good health and the role a club membership can play.

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