The Evolution of Fitness Equipment Market Dynamics
Resistance Training Equipment Market is Poised to Grow Rapidly by Integrating Connectivity Features
The global resistance training equipment market has grown rapidly in recent years due to rising health awareness, growing number of fitness centers, and evolving lifestyles. Resistance training equipment provide strength training exercises through weights and resistance bands while minimizing the risk of injuries. These equipment come in various forms including kettlebells, dumbbells, treadmills, elliptical machines, stationary bikes and weight lifting machines that target specific muscle groups. They deliver a full-body workout by building muscular strength and endurance. The market is also benefiting from innovations such as integration of smart monitoring features, apps and cameras to provide real-time feedback on performance.
The Global Resistance Training Equipment Market is estimated to be valued at US$ 20.84 Bn in 2024 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the resistance training equipment are Technogym S.P.A.,Johnson Health Tech. Co., Ltd.,True Fitness Technology, Inc.,Peloton Interactive Inc.,Anta Sports Products Limited,Precor Incorporated,Life Fitness (KPS Capital),Shandong EM Health Industry Group Co., Ltd,Icon Health & Fitness,Johnson Health Tech,Nautilus, Inc.,Technogym,Torque Fitness,Core Health & Fitness,Impulse Health Technology Co., Ltd.. These players are focusing on new product launches and partnerships to expand their global presence.
The rising health consciousness among people coupled with increasing inclination toward proactive fitness habits is fueling the demand for resistance training equipment globally. Moreover, growing number of fitness centers and gyms along with growing urbanization are further contributing to market growth.
Resistance training equipment manufacturers are focusing on geographic expansion strategies to tap the opportunities in developing regions. Many players are also forming strategic collaborations with regional distributors and setting up manufacturing bases in countries across Asia Pacific, Middle East, Africa and Latin America to cater to the rising local demand.
Market Key Trends
Integration of connectivity features in resistance training equipment is one key trend gaining popularity. Many products now come equipped with Bluetooth and Wi-Fi to sync with smartphones and apps for receiving real-time performance metrics, customized workout plans, competition with other users and interactive coaching. This enables users to track their progress and stay motivated. The connected equipment allow remote monitoring and analytics which is benefiting both commercial gyms and individual users. The trend is expected to continue and further fuel demand over the coming years.
Porter’s Analysis
Threat of new entrants: The fitness equipment market requires high initial capital investment which acts as a barrier for new players. Existing players have established brand names and distribution networks.
Bargaining power of buyers: Buyers in the fitness equipment market have moderate bargaining power due to the availability of substitutes and price competition among existing players.
Bargaining power of suppliers: A few key players dominate the supply market for fitness equipment components giving them strong bargaining power over buyers.
Threat of new substitutes: Technology advancements have led to the emergence of digital alternatives to traditional gym equipment reducing threats of substitution.
Competitive rivalry: The market is highly competitive due to the presence of global and regional vendors offering varied product portfolios.
Geographical Regions
North America dominates the fitness equipment market holding a value share of over 35% in 2023. U.S. is the major market in the region attributed to rising health awareness and growing gym culture.
Asia Pacific region is expected to be the fastest growing market during the forecast period owing to increasing health issues, growing middle-class population and expanding low-cost fitness centers in countries such as China and India.
The Evolution of Fitness Equipment Market Dynamics
Resistance Training Equipment Market is Poised to Grow Rapidly by Integrating Connectivity Features
The global resistance training equipment market has grown rapidly in recent years due to rising health awareness, growing number of fitness centers, and evolving lifestyles. Resistance training equipment provide strength training exercises through weights and resistance bands while minimizing the risk of injuries. These equipment come in various forms including kettlebells, dumbbells, treadmills, elliptical machines, stationary bikes and weight lifting machines that target specific muscle groups. They deliver a full-body workout by building muscular strength and endurance. The market is also benefiting from innovations such as integration of smart monitoring features, apps and cameras to provide real-time feedback on performance.
The Global Resistance Training Equipment Market is estimated to be valued at US$ 20.84 Bn in 2024 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the resistance training equipment are Technogym S.P.A.,Johnson Health Tech. Co., Ltd.,True Fitness Technology, Inc.,Peloton Interactive Inc.,Anta Sports Products Limited,Precor Incorporated,Life Fitness (KPS Capital),Shandong EM Health Industry Group Co., Ltd,Icon Health & Fitness,Johnson Health Tech,Nautilus, Inc.,Technogym,Torque Fitness,Core Health & Fitness,Impulse Health Technology Co., Ltd.. These players are focusing on new product launches and partnerships to expand their global presence.
The rising health consciousness among people coupled with increasing inclination toward proactive fitness habits is fueling the demand for resistance training equipment globally. Moreover, growing number of fitness centers and gyms along with growing urbanization are further contributing to market growth.
Resistance training equipment manufacturers are focusing on geographic expansion strategies to tap the opportunities in developing regions. Many players are also forming strategic collaborations with regional distributors and setting up manufacturing bases in countries across Asia Pacific, Middle East, Africa and Latin America to cater to the rising local demand.
Market Key Trends
Integration of connectivity features in resistance training equipment is one key trend gaining popularity. Many products now come equipped with Bluetooth and Wi-Fi to sync with smartphones and apps for receiving real-time performance metrics, customized workout plans, competition with other users and interactive coaching. This enables users to track their progress and stay motivated. The connected equipment allow remote monitoring and analytics which is benefiting both commercial gyms and individual users. The trend is expected to continue and further fuel demand over the coming years.
Porter’s Analysis
Threat of new entrants: The fitness equipment market requires high initial capital investment which acts as a barrier for new players. Existing players have established brand names and distribution networks.
Bargaining power of buyers: Buyers in the fitness equipment market have moderate bargaining power due to the availability of substitutes and price competition among existing players.
Bargaining power of suppliers: A few key players dominate the supply market for fitness equipment components giving them strong bargaining power over buyers.
Threat of new substitutes: Technology advancements have led to the emergence of digital alternatives to traditional gym equipment reducing threats of substitution.
Competitive rivalry: The market is highly competitive due to the presence of global and regional vendors offering varied product portfolios.
Geographical Regions
North America dominates the fitness equipment market holding a value share of over 35% in 2023. U.S. is the major market in the region attributed to rising health awareness and growing gym culture.
Asia Pacific region is expected to be the fastest growing market during the forecast period owing to increasing health issues, growing middle-class population and expanding low-cost fitness centers in countries such as China and India.
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