Growth in Latin-America’s fitness equipment industry is getting uplifted with the advent of new opportunities.
Fitness trends in Latin-American countries have been observed to contradict as compare to the trend in other regions. The market here is still untapped by major players from the global equipment market. Over the last couple of years, developing commercialization in the region’s fitness equipment industry has put the market on a growing phase. Training through health & fitness centers is still the preferred form of the fitness training process in Latin-America. Countries in the region have a good quality of sports skills but are developing when it comes to being associated with fitness. In the last couple of years, the fitness equipment market of Latin-America has been benefitted with the growth of the low-cost health & fitness clubs. Along with this, economic indicators, increasingly savvy consumers, boutique phenomenon, and developing professionalism acts as a driver in the market growth.
According to the report “Latin-America Fitness Equipment Market Outlook, 2027” published by Bonafide Research, market growth from Brazil was found to be dominating the Latin-America’s fitness equipment market. Latin America fitness equipment market is anticipated to grow with 6.4% CAGR for 2022-2027. In addition to that, Brazil has a higher concentration of fitness equipment manufacturing companies in Latin-America and has been expanding its reach to other countries in the region. Domestic manufacturers present in the country are Grupo Craft, TcIndustria De Maquinas Ltd., etc. Other than this, Life Fitness, Technogym, and Matrix are the major international players operating in the country.
SmartFit, the low-cost subsidiary of Brazilian gym chain Bio Ritmo, has entered have established its operation in Argentina’s market. The country has a higher attraction towards low-cost gyms which is attracting consumers' attention, Moreover, development in such form of gyms along with in-center services and is equipped with modern equipment is letting the market to grow. The development of the fitness equipment industry has also been supported by Premium health clubs and low-cost gyms, boutique fitness studios. Along with that, an observed trend of Open-air gyms has been proved to be a success in the country. It has helped to attract a number of regular visitors, also have encouraged them to combine the use of the public fitness machines with independent exercising routine.
Over the years, Latin America has observed the trend of gym culture which used to include traditional weighted strength training practice. Recent developments and commercialization in its fitness industry, forms of training such as functional, free weight, and other forms of training are changing the strength fitness trend of Latin-America. In addition to this, the improved offerings with the ranges of commercial cardiovascular fitness equipment in the region are letting the segment grow at a much faster rate. Offerings like elliptical trainers, indoor rowing machines have enhanced the indoor cardio training facilities. Both of these equipment combines have generated revenue of over 22% for the year 2021. Introduction of customized treadmills, stationary bikes are letting to the increased adaption of cardio fitness equipment in the region. Major companies from both the United States and throughout the American region have started building blueprints for aggressive franchising and development throughout the region during 2021. Some of the recent developments observed in the market areas life fitness entered into a partnership with a smart fit to expand in Latin America. Along with this, the growth of regional companies like movement fitness equipment has been bridging the gaps of business to business equipment availability.