Global Strength Training Equipment Market: Overview
Busy lifestyles, lack of routine physical exercises, increased consumption of packaged, processed, and fast food are increasingly becoming the norm for the urban populace of the world. Stress levels are also hitting upsetting levels, especially among working middle-class populace residing in rapidly expanding urban spaces in emerging economies. Repercussions of these factors are highlighted by the rising prevalence of chronic diseases such as diabetes, cardiovascular conditions, and the swelling population of obese people across the globe.
The situation has worsened to such an extent that diabetes has become one of the world’s leading ten causes of death. According to the WHO, nearly 1.5 mn people died across the globe owing to diabetes-related issues in 2012 and new cases are being uncovered at an alarming pace. Obesity and associated health concerns are also on a worrying rise across the globe. The scenario has had a wide-ranging impact in terms of increased awareness regarding the need for regular exercise for preventing such conditions. As a result, the global population is increasingly focusing on ways of managing weight and leading healthy lifestyles. This has significantly benefited the global market for strength training equipment among other exercise equipment.
This report offers an exhaustive analysis of the global market for strength training equipment. The report does so with the help of in-depth quantitative and qualitative details about the key segments of the market, historical data, and verifiable projections about the future state of the market over the period between 2016 and 2023. The forecast presented in the report is based on proven and industry standard research methodologies, inputs from industry experts, and assumptions. With all the detailed data, the report serves as a data repository covering every important facet of the market.
Global Strength Training Equipment Market: Drivers and Restraints
The rising awareness regarding the increased prevalence of chronic diseases and the central role played by unhealthy lifestyles on inducing them is the key factor driving the global market for strength training equipment. The rising consumer demand for improved and new varieties of these equipment is compelling companies operating in the market to focus more on innovations. The report states that the usage of strength training equipment will become more prominent in the near future as the trend of having regular workout regimens becomes popular among the global population and strength training equipment help improve performance for doing daily activities.
Global Strength Training Equipment Market: Segmentation
The global strength training equipment market has been segmented in the report on the basis of criteria such as technology, type, usage, and geography. On the basis of usage, the market can be categorized into two broad categories: commercial spaces, residential spaces. The segment of commercial spaces using strength training equipment includes sports centers and fitness clubs. Consumers opting for strength training at fitness clubs are mostly from demographics such as teenagers, aged, and working people. Aged people often prefer low impact and natural movement exercise equipment such as cable-based strength systems and air resistance equipment.
Consumers of strength training equipment across the residential sector, who prefer buying strength training equipment instead of having to rely on timely use in fitness centers, are rising at an encouraging pace globally. Rising disposable incomes and rising awareness regarding healthcare among women are the key factors driving the sales of strength training equipment across the residential sector.
Global Strength Training Equipment Market: Geographical and Competitive Dynamics
On the basis of geography, the global strength training equipment market in the report has been analyzed for regional markets such as North America, Europe, Asia Pacific, and Middle East and Africa. In developed economies such as Europe and North America, the demand for strength training equipment is high owing to the rapidly rising ageing population and high level of awareness regarding healthcare and fitness. In emerging economies such as India and China, the rising disposable incomes are expected to encourage people to spend more on healthcare and fitness, thus driving the Asia Pacific market.
Some of the key companies operating in the global strength training equipment market are Cybex International Inc, Atlantis Inc, Jordan Fitness, Brunswick Corporation, Impulse Health Tech Co Ltd, Matrix Fitness, Promaxima Manufacturing, Rogue Fitness, Legend Fitness, Precor Incorporated, ICON Health & Fitness, and Hoist Fitness Systems.
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.