04, March 2022
With the generation of over $80 billion in revenue each year, the fitness industry growth has skyrocketed over the past years. This is supported by the rising health consciousness among people. Moreover, the sector has evolved significantly from gym memberships to fitness clubs to home workout trends. As a result, franchises are upgrading their fitness equipment to modern sports gear, including smart fitness equipment.
Considering the growing social media influence, consumers are exposed to commercial ads that lay down the physical and mental benefits of fitness as a lifestyle choice. As a result, gym culture has become a getaway to release stress among people exposed to high-paced working environments. In fact, the growing obesity levels due to high-calorie consumption have impacted populations across North America, Europe, and the Asia-Pacific immensely. For instance, as per WHO, the global obesity levels have tripled since 1975.
The global fitness equipment market is expected to rise at a CAGR of 3.95% during the forecast period 2022-2028.
Our study estimates the market to generate a revenue worth $13.61 billion by the year 2028.
Given the high risks associated with obesity, including cardiovascular diseases, the demand for fitness equipment has soared tremendously across gyms, offices, home settings, and other facilities.
Health club/gym captures the highest share in the end-user segment. New health clubs are launching snack bars, member lounges, equipment, and nutrition counseling to attract new members.
In the United States, around 36.5% of adults are obese, and 32.5% are overweight, accounting for more than two-thirds of the overall adult population. As a result, the country’s fitness equipment adoption in home workout settings and gyms has soared over the past years.
The Asia-Pacific is anticipated to attain the fastest growth in the fitness equipment market. The high obesity rates, with two out of every five adults being obese, and the rising number of fitness influencers add to the growing fitness equipment adoption.
In a highly competitive environment, fitness equipment manufacturers are constantly innovating products to gain a competitive edge. In this regard, smart gear has emerged as an advanced segment as they efficiently monitor heart rate, log exercises, track calories, and enable watching television. The reason behind the growing popularity of technology is the growing need for devices that serve various purposes.
Popular products in the smart fitness gears segment include:
1. Smart Bikes: Most indoor bikes are integrated with touch screen tablets, featuring customizable fitness routines, heart rate monitors, and more. Several companies are innovating in this segment to offer comfort with accurate training to users. For instance, Peloton Interactive Inc offers a 21.5 inch HD touchscreen compatible with smartwatches, heart rate monitors, and other connected devices.
2. Smart Mirrors: Similar to regular mirrors, these smart mirrors are easy to install and are compact. Integrated with sensors, cameras, and electronic displays, these mirrors operate as an extension of mobile devices, enabling users to browse social media, track health, and get video workout sessions. These devices have gained significant traction in the fitness as well as retail industry, compelling companies to include advanced features. Lululemon Athletica, for instance, offers smart mirrors that can be installed on the flat wall, displays live workout sessions, and monitors the user to offer personalized recommendations. Google also introduced a patent application for smart mirrors that employs optical sensors to monitor an individual’s cardiovascular health by tracking changes in appearances.
3. Smart Elliptical Trainers: Elliptical machines are among the most popular fitness equipment as they help users work on various muscles at a given time, including glutes, hip flexors, and quadriceps. Even though it is a low-impact machine, numerous fitness equipment manufacturers are developing ellipticals for high-intensity training. Nautilus is one such company that offers Bowflex Max Trainer M9, a hybrid elliptical trainer and step climber. It is installed with a 10-inch interactive interface, 20 resistance settings, and four grip handlebars.
4. Fitness Watches: Similar to most technologies, the smart wearable trend is driven by constant innovation. Smartwatches are gaining significant traction by measuring step count, intensity, stress levels, sleep patterns, and even blood oxygen levels. Among the users, around 48% of users are millennials, followed by approximately 36% Gen-X. Estimates also suggest that around 80% of people stated that fitness trackers had improved their overall health and performance. In October 2021, Withings introduced the ScanWatch Horizon comprising a range of features, including heart rate, ECG, blood oxygen levels, and others.
While health-consciousness and obesity rates have motivated users to opt for fitness solutions, technological trends are expected to uphold their interest. Metaverse is one such development that will enable fitness enthusiasts to pursue their goal with advanced workout games supported by VR and AR technologies.
Needless to say, diversity in equipment pushes users’ desires. Thus, the future of the fitness equipment market is likely to shine with the collaboration between offline establishments and online companies to fulfill the ever-growing trend of virtual fitness.
The global fitness equipment market will witness a growth rate of 3.95% during the forecast period 2022-2028, attaining revenue worth $13.61 billion by 2028.
Smart wearables are gaining significant traction by measuring step count, intensity, stress levels, sleep patterns, and even blood oxygen levels. Estimates suggest that around 80% of people stated that fitness trackers had improved their overall health and performance.
While health-consciousness and obesity rates have motivated users to opt for fitness solutions, technological trends are expected to uphold their interest. Metaverse is one such development that will enable fitness enthusiasts to pursue their goal with advanced workout games supported by VR and AR technologies.
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