Fitness Equipment Market: Overview
With advancements in technology, today’s society is becoming more dependent on technology for their day to day activities. As every development or innovation has its pros and cons, it can be said that technological advancement has restricted the regular physical activities. Technology has directly or indirectly affected the human health in the recent past. This has created a greater need in society to increase the physical activities, to balance the body weight and cardiovascular fitness.
Keeping oneself physically fit can be considered as one of the best precautions to eradicate or avoid the risks of certain diseases. Fitness training centers have observed a spontaneous growth, due to the number of health issues encountered in today’s world. The increase in the number of fitness centers across the globe has created a rise in demand for fitness equipment and this demand is expected to grow in the coming years. Treadmills, stationary bicycles, weightlifting machines are some of the most common fitness equipment preferred by consumers for cardiovascular fitness and muscle building.
Fitness Equipment Market: Drivers and Restraints
The recent growth observed in fitness equipment market can be attributed to the increase in health awareness among the young and old age groups. Doctors and governments of different countries are continuously striving to promote the benefits of physical fitness, thus creating health awareness in the society. In recent past, there has been rising health issues of diabetes, heart-related ailments and cholesterol. Further, obesity in developed countries is a major concern, thus making them susceptible to different diseases. These factors are driving the market for cardiovascular fitness equipment in developed regions such as North America and Europe.
Scientific research on human body structure has catalyzed innovation and development of fitness equipment, thus improving the fitness activities and delivering better results. Intense competition is a major factor to increase the stress among the individuals in today’s world. To remove the excess stress, youths are inclined to different fitness clubs for fitness activities. Moreover, improved lifestyles with economic growth, have increased the spending on fitness activities, thus adding to the demand for fitness equipment. Corporates are collaborating with different fitness training centers to provide fitness facilities to their employees.
The growing population in the developing countries is another reason for the fast growth of fitness equipment market. The age demographics of developing countries such as India, China, where majority of population is comprised of youths, creates good opportunities for fitness equipment market. Types of training equipment include cardiovascular training equipment, strength training equipment and others. Further, the market is categorized on the basis of users, which include home/individual usage, gyms and fitness clubs and commercial usage (hotels/corporate offices).
Fitness Equipment Market: Competitive Landscape
The market for fitness equipment is highly competitive with the presence of several local and multinational manufacturers across regions. The key companies operating in fitness equipment market include Star Trac Health and Fitness Inc., Body-Solid Inc., Yowza fitness, Precor Incorporated, Paramount Fitness Corp., NordikTrack Inc., Cybex International Inc., Body by Jake Global LLC, Nautilus Inc., ICON Health & Fitness Inc., Fitness EM, Johnson HealthTech, Motus, Impulse Health, Technogym, Elliptigo Inc., Torque Fitness LLC and Burnswick Corp.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.