With technology advances providing people with the tools to better monitor their health and wellness, the fitness equipment industry is experiencing an increase in overall sales. If this trend continues, a recently released Global Market Insights research report projects the fitness equipment market will reach a total worth of $13.5 billion by 2023.
Through digital connectivity fitness equipment is able to measure and monitor health data from its users, recording calories burned, steps taken, and even sleep duration. Now, different components and functions can exist in a single product, and wearable technologies make collection of health statistics easier than ever before.
The industry is highly competitive, with Icon Health & Fitness, Johnson Health Tech, Technogym, Nautilus, Brunswick Corporation, and Amer Sports as key players. However, the market growth is due largely in part to the efforts of local Health Clubs, or gyms.
Health Clubs account for 50% of the fitness equipment market share in 2015, and the research report predicts a compound annual growth rate of 3.3% from 2016 to 2023. The majority of metabolic testing programs, medical-based fitness programs, and other health activities are conducted by these Health Clubs.
The growth in motivational activities and health programs is shifting consumers from sedentary lifestyles toward more physically active roles. Because of this, purchase and adoption of fitness equipment in businesses, homes, and hotels accounts for a noteworthy portion of the market growth, with home fitness projected to grow 4.7% from 2016 to 2023.
