Aug 18, 2019 (Hitech News Daily via COMTEX) — Fitness Equipment Market Report, published by Allied Market Research, forecasts that the APAC market is expected to garner $2.4 billion by 2020, registering a CAGR of 7.5% during the period 2015-2020. Rapidly growing youth population with rising disposable income and the growing awareness about health and fitness, would drive the growth in Asian countries such as China and India. By 2020, the adoption of fitness equipment by health clubs would contribute about 47% of the Asia-Pacific fitness equipment market revenue. Among the different types of fitness machines, cardiovascular fitness equipment would dominate the market throughout the analysis period.
As a result of unhealthy eating habits and hectic lifestyle, the count of obese or overweight population is on rise in Asian countries. In order to overcome the problems associated with obesity, people are preferring physical workouts. The cardiovascular equipment market is benefited due to the increased preference of weight management exercises. As a result, the market of cardiovascular exercise equipment continues to be a significant contributor, accounting for over half of the total revenue of the Asia-Pacific fitness equipment market, throughout the analysis period.
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The market of home fitness equipment is also witnessing gradual growth since the past few years. The aging population across developed countries such as Japan and South Korea prefer exercising at home. The equipment used in homes are most commonly designed and used for cardiovascular exercises.
Among the end user segments, health clubs would significantly drive the fitness equipment market growth as these are the most preferred workout stations for a significant proportion of population under the age of 50 years. The business of health clubs across Asia is expected to grow by at least $10 billion in next few years. A significant proportion of this business would be reinvested into purchasing or upgrading the fitness equipment, eventually driving the market of equipment across Asia-Pacific. Additionally, the adoption from other commercial users such as hotels, hospitals and corporate offices would rise rapidly during the forecast period. Several leading industry players such as Technogym, Johnson Health Tech Ltd. and Precor offer customized product portfolios in the commercial user segment.
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The presence of the leading global players as well the domestic companies is observed in the Asia-Pacific fitness equipment market. Domestic players compete with branded products from international players, who operate through strong distribution channels. To sustain the competitive market, many leading companies such as Amer Sports, Nautilus and Cybex International are launching new products and partnering with other companies. The report covers a detailed study of key players such as Amer Sports, Nautilus Inc., Konami Corporation, Brunswick Corp., Cybex International Inc., ICON Health & Fitness Inc., Johnson Health Tech Ltd., Technogym SpA, Impulse Health Tech Ltd. Co. and Shuhua Co. Ltd.
Key findings of the study:
The Asia-Pacific fitness equipment market would grow at a steady rate during the forecast period owing to the increasing demand by obese population and rising health and fitness awareness
India would witness the highest growth, followed by China. The fitness equipment market in India would grow at a CAGR of 8.8% during 2015 – 2020
The cardiovascular equipment segment would drive the market throughout the analysis period with around 50% of contribution to market size by value
The adoption of fitness equipment by commercial customers such as hotels, hospitals, and enterprises would grow at a CAGR of 9.0% during the forecast period
Health clubs would continue to dominate the user segment accounting for over 40% of the market share throughout the analysis period.