Allied Market Research’s report provided an estimation of the global fitness equipment market value at $13.2 billion in 2020 and is predicted to gain $15.4 billion by 2028, exhibiting a CAGR of 0.3% during the forecast timeframe. The report offers a comprehensive overview of the leading investment pockets, the most successful strategies, the drivers and opportunities, the market size and projections, the competitive analysis, and the market dynamics. This market study is an invaluable resource for the leading players, new market entrants, and stakeholders in strategic planning and strengthening their competitive edge.
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A corporate wellness program is a structured initiative established by a company to promote and facilitate employee physical activity and general well-being. By integrating physical activity into the workplace environment, these programs make it convenient for employees to participate in gym sessions, exercise classes, or other wellness activities. Highlighting the fact that approximately 90% of large U.S. companies have adopted workplace wellness programs, which highlights the growing awareness and emphasis on employee health in the corporate world. The primary goal of corporate fitness programs is to prevent the harmful effects of sedentary work habits and cultivate a healthier, more active workforce. Typically, these programs offer access to fitness facilities, exercise classes, and wellness activities focused on health and fitness. Through these initiatives, corporate fitness programs foster a culture of well-being within the organization that leads to an increased demand for fitness equipment in workplace gyms and wellness facilities, driving growth in the commercial fitness equipment segment.
A corporate wellness program is a structured initiative established by a company to promote and facilitate employee physical activity and general well-being. By integrating physical activity into the workplace environment, these programs make it convenient for employees to participate in gym sessions, exercise classes, or other wellness activities. Highlighting the fact that approximately 90% of large U.S. companies have adopted workplace wellness programs, which highlights the growing awareness and emphasis on employee health in the corporate world. The primary goal of corporate fitness programs is to prevent the harmful effects of sedentary work habits and cultivate a healthier, more active workforce. Typically, these programs offer access to fitness facilities, exercise classes, and wellness activities focused on health and fitness. Through these initiatives, corporate fitness programs foster a culture of well-being within the organization that leads to an increased demand for fitness equipment in workplace gyms and wellness facilities, driving growth in the commercial fitness equipment segment.
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Based on type, the cardiovascular training equipment segment held the major share in 2020, accounted for around three-fifths of the global fitness equipment market revenue, and is projected to rule the roost by 2028. Conversely, the others segment would showcase the highest CAGR of 0.9% throughout the forecast period.
The report identifies the home consumer segment as the leading end-user of global fitness equipment market share in 2020, holding around three-fifths. However, the health, corporate, and public segments would cite the highest compound annual growth rate (CAGR) of 6.3% during the forecast period. The report also studied the leisure, health clubs/gyms hospitality, and residential segments.
On the basis of price point, the mass segment held the largest market share in 2020, contributing to around three-fifths of the global fitness equipment market revenue. The same segment would exhibit the fastest CAGR of 2.0% during the forecast timeframe.
Based on region, in 2020, North America accounted for the highest market share, more than two-fifths of the global fitness equipment market revenue. On the other hand, Asia-Pacific would portray the highest compound annual growth rate (CAGR) of 5.7% between 2021 and 2028. The different regions studied through the report include LAMEA and Europe.
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Key findings
- By region, North America dominates in terms of fitness equipment market share and is expected to retain its dominance during the forecast period.
- By type, the cardiovascular training equipment segment led in terms of fitness equipment market demand, and is expected to gain market share in the upcoming years
- As per the fitness equipment market forecast, by end user, the home consumer segment accounted for more than 60% share of the fitness equipment market in 2020, due to the imposition of social distancing and gym closures during the COVID-19 pandemic. However, the health club/gym segment is poised to grow at the highest CAGR during the forecast period from 2021 to 2028.
- By end user, the health clubs/gyms segment is expected to gain market share in the upcoming years and is estimated to grow at a CAGR of 5.3% during the forecast period.
- As per the fitness equipment market forecast, by region, Asia-Pacific is anticipated to grow with a robust CAGR of 5.7% during the forecast period.
