Gymnastics Equipment Market

Gymnastics Equipment Market Snapshot (2023-2033)

In FY 2022, the Gymnastics Equipment market reached a valuation of US$ 6.81 Billion, and is likely to register a Y-o-Y growth rate of 4.0% in 2023, closing at US$ 7.1 Billion. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 4.2% CAGR, reaching US$ 10.71 Billion.

According to Fact.MR, the major factors that are expected to propel the growth of the gymnastics equipment market include sports infrastructural development, rise in participation of female athletes in gymnastics, increase in investments in recreational sporting activities, mushrooming gymnastics clubs globally, and increasing number of championship initiatives.

Additionally, evolution in e-commerce has created lucrative avenues for producers as well as suppliers in the industry. In order to cater to a comprehensive range of customers across the globe, manufacturers and distributors of gymnastics equipment are focusing on selling their products on e-commerce websites. This factor is anticipated to create growth opportunities for the market over the analysis period.

Moreover, promotion of gymnastics equipment through various online channels and documentaries, movies, and shows highlighting benefits of gymnastics is having a significant impact on youngsters which is anticipated to augment the revenue share of the market in the forthcoming years.

Anticipated Base Year Value (2022)	US$ 6.81 Billion
Expected Market Value (2023)	US$ 7.1 Billion
Projected Forecast Value (2033)	US$ 10.71 Billion
Global Growth Rate (2023-2033)	4.2% CAGR
Expected Growth Rate of North America (2023-2033)	4.1% CAGR
Anticipated Growth Rate of Europe (2023-2033)	4.0% CAGR
Prominent Gymnastics Equipment Service Players	Abeo SA Mizuno Norberts Athletic Products American Athletic Marty Sports Continental Sports Banfer GmbH Kubler Sport Sport System Taishan Sports Industry Group

2018-2022 Revenue Analysis of Gymnastics Equipment Market vs. Growth Outlook 2023-2033

According to Fact.MR’s report, Gymnastics Equipment demand exhibited a CAGR of over 2.3% from 2018 to 2022.

The demand for gymnastics equipment is anticipated to witness a steady increase with increasing number of championship initiatives worldwide. Several non-profit organizations and authorities are focusing on promotion of gymnastics equipment using gymnastics championships as a major platform. Apart from the recreational quotient, this initiative has given a competitive touch to the sport, which in turn is supporting the sales of gymnastics equipment globally.

Further, championship initiatives have also pushed individuals to participate in national and international events which is another major factor that is projected to significantly contribute to the growth of the gymnastics equipment market during the forecast period.

In November 2018, the Federation Internationale de Gymnastique (FIG) announced its initiative to conduct gymnastics championships in China. Similarly, the International Gymnastics Federation had also initiated Academy Level 2 Championships in Uzbekistan by inducing a premium touch to the event in a bid to attract participants and enthusiasts.

Key Market Drivers Influencing Gymnastics Equipment Industry Expansion

Increasing Social Media Penetration to Propel the Market Growth

The pervasiveness of social media is expected to accelerate the growth of the gymnastics as a fitness sport, consequently complementing sales of gymnastics equipment globally.

In addition, widespread reach of social media platform is likely to trigger enhanced participation of individuals in the sport, which is expected to spur sales of gymnastics equipment. Several documentaries, shows and films highlighting advantages of gymnastics embossing a significant impact on youth, which is poised to further increase the demand for gymnastics equipment globally.

Moreover, the increasing popularity of e-commerce channels is one of the major trends being witnessed in the global gymnastic equipment market. The online sales of gymnastic equipment have witnessed significant growth over the past decade, owing to the retailers' and manufacturers' efforts toward educating customers, streamlining the online retail process, providing better aftersales services and targeted marketing campaigns. Also, the growing penetration of smartphones and the internet worldwide will further increase the sale of gymnastic equipment through online portals, thereby, driving market growth.

Mushrooming Gymnastics Clubs to Augment Market Growth Prospects

Gymnastics clubs are focusing on adding various activities in their facilities, realizing the benefits of gymnastics exercises and activities, which is a major factor that is expected to fuel the demand for gymnastics equipment such as high bars, horizontal bars, vaults and balance beams.

This factor, coupled with mushrooming gymnastics clubs across regions worldwide, is expected to complement the growth of the gymnastics equipment market over the analysis period.

According to the Federation Internationale de Gymnastique (FIG), a 5 percent increase in gymnastics clubs were recorded in 2016, and the gymnastics club industry is expected to further increase on the back of increasing participations and registrations. In addition, rising number of gymnastics clubs is expected is expected to push the sales, thereby escalating the market growth.

Key Challenges encountered by Gymnastics Equipment Industry

High Cost Associated with the Equipment to Restrain the Market Growth

The higher cost of gymnastics equipment is expected to limit its demand among the lower & middle-income population groups, thereby restraining the growth of the gymnastics equipment market.

Moreover, increasing incidences of workout-related injuries due to the improper usage of the equipment is expected to decline the product demand during the forecast period.

Lack of Awareness about Gymnastics Equipment to Limit the Market Growth

Factors such as unawareness about gymnastics in small countries is one of the major factors that is expected to impede the growth of the gymnastics equipment market over the analysis period.

In addition, the availability of substitutes of gymnastics equipment products is another factor that will likely to act as market restraints factor for the growth of the gymnastic equipment in the near future.

Region-wise Analysis

How will North America Perform in the Global Gymnastics Equipment Industry Landscape?

Rising Popularity of Gymnastics to Augment the Market Growth in the Region

The Gymnastics Equipment Market in North America will grow at a CAGR of 4.1% from 2023 to 2033.

According to Fact.MR, North America is the fastest-growing Gymnastics Equipment market region, accounting for over 50% of the market share in 2022.

This growth in the region is attributed to the surging levels of investment by the government for the development of advanced as well as improved sports infrastructure, coupled with rising popularity of the gymnastics among the people in the region.

In addition, this sport is already popular in North America and governments of regional countries are providing world class infrastructure and amenities to gymnasts. This is expected to stimulate the demand for gymnastics equipment in the region during the forecast period.

Furthermore, the increasing awareness among the people regarding the benefits of the sports along with rising number of promotional activities conducted by the government in the region is also anticipated to drive the market growth.

How will the Growth of Gymnastics Equipment Market Escalate across Europe?

Increasing Investment for Infrastructure for Athletes to Enhance the Market Prospects

The Gymnastics Equipment market in Europe is projected to become the second most lucrative market, contributing a share of nearly 48% of the global market by 2022. The European Gymnastics Equipment Market is expected to grow at a CAGR of 4.0% from 2023 to 2033.

This growth is attributed to the surging levels of investment for the development of building infrastructure for athletes in the region. Factors such as increase in awareness about the sport, and promotional activities conducted by the governments of European countries are also projected to fuel the market growth during the forecast period.

Developing countries such as France, UK, and Germany have provided good platforms to athletes by conducting different championships and events. This is expected to augment the demand for gymnastics equipment in these countries over the analysis period.

Region-wise Forecast CAGRs for the Gymnastics Equipment Market

Region	CAGR
North America	4.1%
Europe	4.0%
Asia Pacific	3.9%
Latin America	3.8%
Middle East & Africa	3.7%

Category-wise Insights

Which Segment to Remain Dominant in the Product Type Category?

Balance Beam Segment to Enhance Growth Prospects

According to Fact.MR’s data, preference for Balance Beam segment is expected to expand at a CAGR of 4.1% over the forecast period.

The segment growth is attributed to its increasing use in men and women gymnastics activities. Players who participate in international gymnastics competitions use Balance Beam as a sport, and increasing interest of such players for gymnastics is another major factor that is expected to fuel the segment’s growth over the analysis period.

Which is the Most Sought-after Sales Channel Category?

Third Party Online Channels Segment to Boost the Market’s Growth

According to Fact.MR’s data, preference for Third Party Online Channels segment is expected to expand at a CAGR of 4.0% over the forecast period.

Widespread reach of online platforms has influenced sales of gymnastics equipment, albeit at a lower base. Third party online channels are likely to reflect significant contribution in the overall growth of gymnastics equipment market.

Moreover, growing customer inclination toward online platforms owing to higher convenience quotient and cost-effective shopping can be leveraged by manufacturers as an additional sales funnel to market their products. channels.

The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?

Gymnastics Equipment Manufacturers such as Tempo, Therabody, HyperIce, Mirror, Tonal, Hydrow, Peloton, Strava, Gympass, and Whoop, among others are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,

• In September 2021, Tonal, the smartest home gym, launched Tonal Live, a new workout format that brings together the power of personalized strength training with an engaging studio experience that fosters community among members with new social features and real-time coaching. Tonal Live will expand upon the existing personalized coaching experience with real-time community classes calibrated specifically for each member, bringing the social element of a workout class to the home.

Gymnastics Equipment Market- Competitive Landscape

Prominent players in the Gymnastics Equipment Industry are taking advantage of the rapidly increasing demand for the Gymnastics Equipment in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

• In June 2020, Canadian Lululemon Athletica Inc., a fitness accessory and product’s major acquired fitness start-up ‘Mirror’ to provide in-home fitness experience to the users and to sell the exercise accessories to those users.
• In April 2020, Australia based Burning Warehouse launched various workout equipment and accessories on their online stores. These accessories include exercise mats, resistance bands, and skipping ropes.

Key Segments Covered in the Gymnastics Equipment Industry Survey

• Gymnastics Equipment by Product Type

  • Athletic Bars
  • Pommel Horse
  • Rings
  • Balance Beam
  • Vault
  • Floor

• Gymnastics Equipment by Sales Channel

  • Modern Trade Channels
  • VARs
  • Direct-to-Consumer Channels
  • Third Party Online Channels

• Gymnastics Equipment by Region

  • North America
  • Latin America
  • Europe
  • CIS & Russia
  • Asia Pacific
  • Middle East & Africa (MEA)

Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 4.2% CAGR, reaching US$ 10.71 Billion.