Gym Equipment Market

Gym Equipment Market Outlook (2022-2032)

The global gym equipment market is set to enjoy a valuation of US$ 7,698.4 million in 2022 and further expand at a CAGR of 4.8% to reach US$ 12,295.1 million by the end of 2032.

Gym equipment market sensitized recent developments, as new franchised as well as non-franchised gym establishments mushroomed in post Covid era. Equipment accounts for majority of the spending while setting up the gym, and eventually translates to demand for gym equipment.

Report Attributes	Details
Gym Equipment Market Size (2021A)	US$ 7,356.5 Million
Estimated Market Value (2022E)	US$ 7,698.4 Million
Forecasted Market Value (2032F)	US$ 12,295.1 Million
Global Market Growth Rate (2022-2032)	4.8% CAGR
North America Market Share (2021)	~28.5%
Europe Market Growth Rate (2022-2032)	~4.3% CAGR
United States Market Growth Rate (2022-2032)	~5.2% CAGR
Market Share of Top 5 Companies	~21.4%
Key Companies Profiled	Brunswick Corporation Johnson Health Tech Co. Ltd. Technogym S.p.A Nautilus Inc. Core Health and Fitness LLC Torque Fitness LLC Cosco Capital Inc. Amer Sports Corporation Impulse Healthtech Co. Ltd. Icon Health & Fitness Inc. Peloton

Sales Analysis of Gym Equipment (2017-2021) Vs. Market Forecast Outlook (2022-2032)

The widening range of trends from cardiovascular health and ergonomics to ever increasing technological requirements means that equipment is constantly evolving to match consumer preferences. Exercises based on body weight and yoga have been practiced in various forms by ancient Egyptian, Chinese, and Indian cultures which has led to the evolution of fitness and the methods in order to achieve it. Owing to this the target market has grown greatly throughout the course of history.

The sale of gym equipment is expected to expand by a compound annual growth rate of 4.9% from 2017 to 2021, driven by the aforementioned historical trends.

The growing understanding that a person's strength is a crucial component of overall health is one of the factors causing the market for gym equipment to increase. Consumers now understand the value of health and fitness more than ever due to the COVID-19 catastrophe. Following the hit of the pandemic, people are now placing a higher priority on their health. Consumers were frequently seen exercising at home and spending money on technological solutions, according to Fact.MR survey on “Socio-economic Impact of COVID-19”. Due to this, monthly consumer expenditure on connected fitness equipment grew by 5%, and monthly spending on premium apps jumped by roughly 10%.

Based on the above analysis, Fact.MR suggests that the global gym equipment market will be valued at US$ 12,295.1 Million by 2032 end posing a CAGR of 4.8% since 2022.

• Short Term (2022 Q2 to 2025): Constant evolution of fitness equipment and rising government programs to promote healthy lifestyle to drive the gym equipment market during the short term period.
• Medium Term (2025-2028): Rising rates of lifestyle-related diseases are driving people to engage in physical activity, which is predicted to broaden the target market over the medium term.
• Long Term (2028-2032): Increase in number of gymnasiums and fitness service providers will drive gym equipment demand over long term period.

Over the 2017-2021 historical period, the global gym equipment market registered a CAGR of 4.9%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.8% CAGR between 2022 and 2032.

Market share analysis of gym equipment based on product type and region is provided in a nutshell in the above image. Under the product type segment, the ground base equipment sub-segment dominates with 16.9% market share in 2022.

What’s Driving Demand for Gym Equipment?

“Growing Installation of Internet-connected Workout Equipments to Drive the Market Growth”

The global market for gym equipment is expanding as a result of ongoing study into the human body's structure, which has paved the way for technical revolutions and fitness equipment innovation. As a result of technological development, many components can be combined into a single unit, guaranteeing simultaneous miniaturization. Greater access to training tutorials and professional opinion is made possible by the internet's growing prominence. For instance, firms like Peloton and Mirror are pioneering at-home fitness programs with their internet-connected exercise equipment. In turn, this is fueling the expansion of the target market.

“Increasing Number of Gym and Fitness Clubs to Upsurge Sales of Gym Equipment Market”

The rising prevalence of obesity owing to the sedentary lifestyle and limited or no time for physical activities are fueling the individual purchases of the gym equipment. Additionally, the increasing number of gym and fitness club owing to the rising disposable incomes across the globe has given a tremendous growth to the target product market.

Gym subscriptions and fitness club memberships are also on rise under the influence fitness standards set on social media. Celebrities & fitness enthusiasts are promoting their healthy choices on social media platforms creating a peer pressure on the youths to step towards healthier life style. Increased gym subscriptions thus amplify the demand for gym equipment pacing the market growth.

What Do Gym Equipment Manufacturers Need to Watch Out for?

“Difficulties to Get One’s Hand on Components and Repair Complexity Could Hamper the Market Growth”

Fitness equipment parts and components including heart rate grips, LED consoles, handle bars, motors etc. are difficult to find and, for the most part, difficult to fix. The entire unit must be replaced as a result, raising overall maintenance expenditures. This aspect has the potential to slow the market for fitness equipment growth in the near future.

Many individuals today prefer activities that don't require a lot of fitness equipment such as yoga, zumba, and aerobics. This could affect the purchasing power of equipment by gym that can notably affect the target market growth.

Country-wise Insights

Will the Increase in Fitness Club Memberships in the North America Drive the Market Growth?

The North America gym equipment market is currently estimated at US$ 2,195.5 million and is expected to grow at CAGR of 4.8% by 2032.

About 20% of American people presently have a membership to a fitness club. Due to the region's rising obesity rate, it is predicted that this number may upsurge during the projected period as well. Along with this, a significant increase in the average person's disposable income is a further element driving up the region's market value.

Additionally, the unexpected increase in mental health issues has had a favorable effect on people's preferences in terms of fitness aspirations. According to Fact.MR, anxiety and depression affected approximately one-third of US citizens in 2020. Due to the fact that physical activity lessens or even eliminates the aforementioned afflictions, all of these variables have positively impacted the growing traction of the target market.

How will Government Initiatives Promote Physical Activities Prompting Product Market Sales in the U.K.?

The government's "more moving, more living" campaign and other initiatives are boosting the product market sales in the country.

Additionally, in 2019, more than half of gym-goers in the UK were female, imposing a highly lucrative opportunity for the key player owing to the country's changing demographics of gym members.

As a result, several producers have strengthened their market position. Precor Incorporated, a well-known producer of gym equipment in the U.K., recently unveiled the Preva Mobile workout data capture interface, enhancing the linked fitness experience of any gym facility.

Such advancements will aid the U.K. market for gym equipment to reach a valuation of US$ 673.2 million in 2022.

Category-wise Insights

What is Driving the Demand for Cardiovascular Machines?

A sizeable portion of the market will be accounted by cardiovascular machines. Its market share is influenced by a number of health advantages, including heart rate conditioning, fat burning, metabolic improvements, and body toning.

Additionally, due to greater public awareness, the market will see a strong increase in demand for strength training and fitness equipment. One of the key factors influencing its demand is the use of these equipment to increase muscular strength and improve one's personality and attractiveness.

Which Distribution Channel is Extensively Preferred?

According to the distribution channel, people prefer sports stores the most when purchasing such equipment. The advantages of purchasing such products from sports stores like, the possibility to test out equipment before purchasing, simple returns, receiving assistance or professional guidance when making a purchase decision, and others, are increasing its market worth.

Fact.MR predicts that during the course of the forecast period, the sports stores will account for a 43.5% revenue share by 2032.

Competitive Landscape

Prominent gym equipment manufacturers are Brunswick Corporation, Johnson Health Tech Co. Ltd., Technogym S.p.A, Nautilus Inc., Core Health and Fitness LLC, Torque Fitness LLC, Cosco Capital Inc., Amer Sports Corporation, Impulse Healthtech Co. Ltd., Icon Health & Fitness Inc., Peloton.

In order to increase their market presence and diversify their product offering, the top producers of gym equipment in the world are focusing on product development or innovation. Fitness equipment manufacturers have also, embraced smart technologies, like AI, in recent years to provide more unified workout experiences.

• In July 2021, For the Integrity Series cardio portfolio, Life Fitness, a division of Brunswick Corporation, unveiled the new Integrity SL linked LED console. The program connects to devices and tracks exercises with an elegant, contemporary display.
• In April 2021, Peloton completes its acquisition of Precor. With this acquisition, Peloton will develop a manufacturing presence in the United States. This will improve company’s R&D skills, and anticipates accelerate the expansion of its business verticals.

Fact.MR has provided detailed information about the price points of key manufacturers of gym equipment positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Gym Equipment Industry Research

• Gym Equipment Market by Product Type:

  • Cardiovascular Machines
  • Strength Training Equipment
  • Plate Loaded Equipment
  • Ground Base Equipment
  • Standalone Equipment
  • Heavy Duty Elite Racks
  • Benches
  • Olympic Bars and Collars
  • Dumbbells & Kettlebells

• Gym Equipment Market by Distribution Channel:

  • Specialty Stores
  • Online Retail
  • Sport Stores
  • Others

• Gym Equipment Market by Buyer Type:

  • Individual
  • Institution
  • Promotion

• Gym equipment Market by Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA