Gym Equipment Market – Valuable Growth Prospects and Insights on Future Scenario
Global Gym Equipment Market is set to exhibit an above average CAGR between 2017 and 2022, as per the latest study conducted by Fact.MR. The study also reveals that the global market for gym equipment will surpass a valuation of US$ 7,600 Mn by 2022-end.
[UKPRwire, Wed Jun 12 2019] Global Gym Equipment Market is set to exhibit an above average CAGR between 2017 and 2022, as per the latest study conducted by Fact.MR. The study also reveals that the global market for gym equipment will surpass a valuation of US$ 7,600 Mn by 2022-end.
Gym equipment market witnesses a significant traction in line with rising concerns regarding prevalence of lifestyle diseases and obesity worldwide. Federal governments in various countries are stepping up their efforts to spread awareness about several health risks from lack of physical activity. In many countries, governments have already introduced programs to encourage individuals to enroll themselves in recreational activities as well as adopt a healthier lifestyle that involves regular exercise, thereby driving the gym equipment market growth.
The modern man is more susceptible to mental stress and chronic ailments such as diabetes, heart diseases, and cancer, which, in turn, has triggered the urgency to engage oneself in programs focused on health management. Factors as such are having a cumulative effect on growth of gym equipment market. Moreover, rising trend to enhance physical appearance and to maintain body fitness is also favoring the prospects of the global gym equipment market.
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Gym equipment sales ride the coattails of more and more people, especially from the urban and working population, joining gyms to maintain their body fitness. In addition, increasing health awareness among aged population, predominantly in regions such as North America, Europe and Asia Pacific is leading to a higher a number of health clubs and specialized gyms memberships, in turn fuelling gym equipment market growth. As the latest report published by Fact.MR, the global gym equipment market is set to surge at a steady CAGR of 4.9% during the forecast period (2017-2022).
Gym equipment is any device or apparatus used during physical activity to improve the conditioning effects and the nature of the exercise by providing either an adjustable or a fixed amount of resistance. Gym equipment can otherwise be used to enhance both the experience and outcome of an exercise regimen.
On the basis of product type, cardiovascular machines will continue to spearhead the gym equipment market, in terms of revenues. The cardiovascular machines accounted for around 17% revenue share of the gym equipment market in 2017. By the end of 2022, over US$ 1,200 Mn worth of cardiovascular machines are expected to be sold worldwide.
Among regions, the gym equipment market in Europe will remain highly attractive. Increased consciousness about risks of obesity coupled with higher expenditure on gym equipment that enhance physical attributes will support the gym equipment market growth in the region. During the forecast period, Europe’s gym equipment market is expected to register a CAGR of 4.6%.
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Fact.MR in its report has profiled the key players functioning in the global gym equipment market, which include Brunswick Corporation, Johnson Health Tech Co. Ltd., Technogym SpA, Nautilus, Inc, Core Health and Fitness LLC, Torque Fitness LLC, Cosco Capital, Inc., Amer Sports Corporation, Impulse Healthtech Co. Ltd., Icon Health & Fitness, INC.
Global Market for Gym Equipment – Key Projections
In terms of revenue, Europe is anticipated to dominate the global gym equipment market over the next few years. Between 2017 and 2022, the market in Europe gym is expected to remain highly attractive and register to a sound CAGR.
North America and Asia-Pacific excluding Japan (APEJ) are expected to emerge as the two other lucrative markets for gym equipment during the assessment period.
Based on product type, the cardiovascular machines segment is projected to retain its leading position over 2022. The segment currently commands for nearly 17% revenues share of the global market. Meanwhile, ground base equipment are expected to remain the second largest product type segment during the forecast period.
Sport stores and online retail stores are the two largest distributional channels for gym equipment. Both the distributional channel segments collectively account for close to two-third market share in terms of revenue. However, sport store distribution channel segment is project to witness a higher CAGR over 2022.
By buyer type, the institution segment is projected to hold its dominant position through 2022. The segment currently commands for over one-third revenue share of the market and anticipated to reflect a healthy CAGR of 5.1% over the forecast period.
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