Fitness Equipment Market Trends

Growth Drivers

• Rising Health Awareness Among People– Higher awareness is likely to motivate people to get engage in some kind of physical activity. Around 60% of consumers feel the pandemic has increased their awareness of the importance of maintaining a healthy lifestyle for preventing health problems; this is not a temporary change, but rather a long-term one.

• Increasing Inclination Towards Fitness – According to the World Health Organization, adults aged 18 to 64 should engage in at least 150 to 300 minutes of moderate-intensity aerobic physical activity each week. Moreover, those who are inadequately active have a 20% to 30% higher risk of dying than those who are sufficiently active.

• Growing Efforts for Boosting the Physical Activity– A rising initiative by regulatory organizations is likely to boost the demand for physical fitness. The World Health Organization launched a Global Action Plan on Physical Activity (GAPPA) for the year 2018-2030, its plan is to increase the physical activity worldwide and decrease the inactivity prevalence by 15% by 2030.

• Rapidly Surging Urbanization– Growing urbanization is expected to boost the demand for more gym facilities and better equipment. As per the data of the World Bank, today, more than 50% of the world's population resides in cities. The number of people living in urban areas will more than double to 6 billion by 2045.

• Growing Prevalence of Chronic Disease– Insufficient physical activity is the prime factor in catching a chronic illness. Using light fitness equipment is best for chronic disease management. In practically every country, chronic diseases and non-communicable diseases are currently the leading cause of adult mortality, and over the next 10 years, this number is expected to rise by almost 17%. Almost one third of persons worldwide have numerous chronic diseases.

Challenges

• Risk of Getting Infection through Machines - Fitness centers harbor a variety of fungus, germs, and viruses due to the amount of perspiration and bodily contact with the equipment in a small area. According to research, 10% to 30% of gym equipment surfaces contained bacteria that could potentially cause skin infections and other ailments. Moreover, at the gym, several different skin conditions might proliferate. They are spread by touching everything, including gym mats, equipment, and the floor. Hence, it is expected to restrain the growth of the market.
• High Cost of Fitness Equipment
• Lack of Enough Space at Home