Fitness Enthusiasts to Drive the Global Fitness Equipment Market

Global individual users fitness equipment market

The report labels the individual users segment as the largest end-user for fitness equipment, accounting for a market share of nearly 42% in 2015. This growth is attributed to the fact that users can use the equipment at their own time and convenience. Affluent consumers are the main consumer segment who might have a whole range of home fitness equipment or a gymnasium within the house itself. The US is one of the fastest growing countries in terms of number of millionaires after China. In 2013, there were almost 16 million new millionaire households in the world and of this total, the US alone comprised 1.25 million new millionaire households.

Vendors such as Zest Fitness, Cybex International, and Dynabody Fitness Equipment provide customized home equipment. Some of the features that can be customized for the customers are the easy to display options, pre-programmed fitness routines, vital signs monitors, video displays, and other comfort and convenience amenities such as water bottle holders, book rests, and countered seats.

“These days, consumers are opting for home fitness equipment and working out according to their convenience by not moving out of the house due to their busy schedule. Treadmills and cyclic machines cover a major share of the home fitness equipment market as they are convenient to use and do not require a trainer, which makes them more cost effective,” says Brijesh Kumar Choubey, a lead general retail goods and services analyst at Technavio.

Global health clubs and gyms fitness equipment market

In 2015, health clubs and gyms fitness equipment market segment contributed a market share of close to 39% to the global fitness equipment market. The growing number of consumers who are making efforts to stay fit, stay in shape, maintain strength, lose weight, and remain stress free are some of the factors for the rise in demand for health clubs and gyms. With rising disposable income and rising urge to stay healthy and fit, consumers are willing to pay high fees for health clubs.

According to International Health, Racquet, and Sportsclub Association (IHRSA), Europe had the largest number of health clubs, i.e. 46,340, followed by Latin America with 46,100 and the US and Canada with 36,740 health clubs in 2014. Compared to 2013, the number of health clubs in the world has increased at a rate of 4.5%. Health clubs and gyms are mainly joined by the young and the working population. Some of the popular fitness health clubs and gyms are Gold Gym in India, Equinox, Lifetime Fitness, 24 Hour Fitness, Curves, and The sports club in the Americas. The number of gyms has increased from 45,396 in 2012 to 51,299 in 2014 in Europe.