Global Fitness Equipment Market Overview:
Fitness equipment is a component or a device used in physical activity to increase the strength of the user. Some of these equipment helps to increase stamina, balance weight, develop muscular strength and also deals with some medical issues. Some of the likely used fitness equipment in our daily life are treadmill, stair climber, exercise bike and glider machines, etc. They are classified based on user applications like gyms and health clubs, commercial and residential purpose. Increasing number of gyms and health clubs by the government support towards promoting physical fitness, driving the growth of the market in the forecast period. Commercial applications like hotels, hospitals, and offices are expected to register higher growth rate during the forecast period. Government and corporate players are also working towards the promotion of fitness, and encouraging employees to maintain their health balance. The development of wearable technology and incorporation of smart devices in fitness machines and gyms are boosting the fitness equipment market. The trend of bodybuilding and personality development among the young population results in increasing gym subscriptions, further increasing the consumption of cardiovascular machines such as treadmills, spin bikes, and others. The cardiovascular fitness equipment market is expected to reach about USD XX billion by 2023, growing at a CAGR of XX% during the forecast period.
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Global Fitness Equipment Market Drivers and Restraints:
Awareness on the health and fitness conscious are the main reason for the development of the market. Growing industrial demand may also lead to the increase of the market. Economically low and easy to maintain are also major reasons for the development of fitness equipment in the forecast period. However, due to a lack of research and development, fitness trainers and the awareness of Yoga, may affect the market in the forecast period. Lack of awareness and fear of getting hurt should be hindering the market in the forecast period.
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Global Fitness Equipment Market Geographical Segmentation:-
Geographically, North America has dominated the industry with a market share over 36.28% in 2018 due to the fitness awareness among the people. Asia Pacific is expected to increase its market in forecast period due to its urbanization and under developing countries with more population. Moreover, the rise in discounts & offers provided by gyms and health centers enable increasing subscriptions, further creating opportunities for the fitness equipment market growth.
Key Vendors in this Global Fitness Equipment Market are:
Some of the key vendors are Cybex International, Nautilus, Precor, Technogym, Johnson Health Tech, Woodway, etc.
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