Photo by Elena Kloppenburg unsplash
Fitness Equipment to Become $18.4 Billion Market
May 26, 2024
The global fitness equipment market is projected to reach $18.4 billion by 2033, growing at a CAGR of 3.02% from 2024 to 2033, according to Allied Market Research. Key drivers include the integration of Internet of Things (IoT) technology in fitness devices and the rise of corporate wellness programs. IoT-enabled equipment captures workout metrics in real time, enhancing user engagement and offering personalized insights. Corporate wellness initiatives promote physical activity in the workplace, increasing demand for fitness equipment in corporate gyms.
Cardiovascular training equipment holds the largest market share and is expected to continue dominating due to its popularity in combating obesity. The home consumer segment is also projected to maintain its lead, driven by the convenience of exercising at home. The mass segment, offering a balance of quality and affordability, is the preferred price point among consumers.
In terms of end-users, the home consumer segment is projected to maintain its leadership. With the rise in sedentary lifestyles and hectic schedules, more individuals are investing in home fitness equipment to save on gym memberships and exercise conveniently. This trend is expected to sustain the segment’s growth through 2033.
Price point analysis indicates that the mass segment will lead the market, preferred by consumers for its balance of quality and affordability. Major fitness equipment manufacturers like ICON Health & Fitness, Life Fitness, and Brunswick offer a wide range of products in this price range, catering to a broad consumer base.
North America leads the market, fueled by high obesity rates and a strong emphasis on health. The LAMEA region, particularly Brazil and South Africa, shows significant growth potential due to rising health consciousness and increasing income levels.
Major players like ICON Health & Fitness, Brunswick Corporation, and Johnson Health Tech are expanding their market presence through new product launches and strategic partnerships. The fitness equipment market’s growth reflects a global trend towards healthier lifestyles, supported by technological advancements and corporate wellness programs.
Recent News
Koenigsegg Jesko Burns to Ashes at Event
In a shocking incident, a Koenigsegg Jesko was destroyed by fire during the 6to6 Motor Europe Tour in Greece on Saturday morning. Thankfully, both the driver and passenger escaped unharmed, but the rare hypercar is now beyond repair.
Paramount Faces Uncertain Future After Skydance Merger Collapse
The future of Paramount Global (PARA) is now uncertain after Shari Redstone unexpectedly ended merger talks with Skydance Media. Redstone, controlling Paramount through National Amusements (NAI), halted the negotiations abruptly, puzzling industry insiders and investors.
Central Banks Remain Cautious on Interest Rate Cuts
Central banks are expected to reveal their positions on interest rate cuts this week, with decisions from advanced economies anticipated. Following the Federal Reserve’s recent easing projections, policymakers from the UK to Australia remain cautious about reducing borrowing costs due to inflation concerns.
Bill Gates Expresses Optimism for Nuclear Power Project
Bill Gates, the renowned Microsoft founder, recently shared his optimism about the future of a groundbreaking nuclear power project led by his energy company, TerraPower. Speaking on “Face the Nation,” Gates highlighted the strong bipartisan support for nuclear energy, which he believes will ensure the project’s progress regardless of political shifts in Washington.