Global fitness equipment have evolved in recent years with the change in the way of fitness approach and increasing flexible usability of modernized fitness equipments.
In the last couple of years, fitness training such as Crossfit, HIIT, Bodyweight, etc has made a strong impact on the fitness industry. There has been a gradual increase in its popularity as these classes provided people with a fast and efficient way to get stronger and burn calories. However, with the changing trend, there is a shift in focus. Instead of carrying on with traditional gym-based weight training, people have moved ahead with innovative fitness training approaches like functional training, resistance training, or endurance training practices. The fitness equipment market has been getting broader verities of innovative equipment equipped with connected technologies being manufactured by the existing players as well as the new players coming into the market. Technologies like ergometer, energy tracker, smartphone application, connected Bluetooth application, etc. with equipment like treadmills, elliptical trainers, stationary bikes, indoor rowing machines, etc. The inclusion of such technologies has enhanced the consumer's training experience.
According to the report “Global Fitness Equipment Market Overview, 2022-2027” by Bonafide Research, development in a new line of affordable and modernized fitness equipment have generated higher attraction from a residential segment of the market. Global fitness equipment market was valued at around USD 12 Billion. Further, the market is anticipated to expand with nearly 5% of CAGR during the forecast period. The market is being favored by increasing consciousness related to health and increasing sedentary lifestyles which have developed the attraction towards working out at home. The increasing trend of setting up a home gym along with developing gyms at residential complexes has been adding value to the growth of the segments. Online sales of the equipment have majorly benefitted the market with wide ranges of equipment being made available for the customers. This includes traditional equipment like dumbbells, weight plates, treadmills, stationary bikes along with modernized equipment like resistance bands & tubes, hydraulic equipment, indoor rowing machine, elliptical, etc.
The increasing expansion of the usability of fitness equipment from traditional gyms to home provided the extensive usage of both strengths as well as the cardio fitness equipment. In recent years, innovation in strength fitness equipment category has gained momentum with its developing usage away from traditional gym equipment. Increasing usage of free weight & functional training with equipment like dumbbells, weight plate, kettle balls, medicine balls, resistance bands, hydraulic equipment, etc. have been enhancing a home as well as outdoor training experience. With continuous development in the fitness equipment market globally, regions like Asia-Pacific, Middle-East & Africa, and Latin-America have emerged as the market with the utmost potential. On comparing the market globally, the growth rate from the Asia-Pacific region was found to be the fastest. The region is rearing towards becoming the next big fitness equipment manufacturing hub after North-America & Europe. The market from the Asia-Pacific region grew with a CAGR of over 7% until the year 2021.
Trends experienced in the market
Functional training has been one such trend that is gaining the consumer's attention. Functional training, as the name suggests, works on movements that work the muscles which are used mostly for everyday tasks. This trend is a particularly important type of training for older adults and will ensure a more long-term, injury-free, health, and fitness plan. A number of fitness and workout specialist from across the globe cited that functional training is a gradually growing fitness trend and is expected to get a boost in the next couple of years.
The new form of a workout as virtual reality and augmented reality is viewed as the future of fitness. Many gyms and health clubs in the developed countries are already implementing it to make workout fun for members and also increase their profits. Owing to the competitive nature of humans virtual reality is making the experience go gym goers entertaining and motivating. Number of VR companies have started offering games related to fitness and work out such as cycling, running competition. These games transport players to a different dimension with making you feel like you’re there level graphics that continually keep their bodies guessing (and sweating) with new physical challenges These offerings not only make the workout fun but also track user’s progress and more importantly competing boosts up the interest.