Based on the abovementioned trends, it is safe to declare that the North America fitness equipment market is poised to witness a massive growth over the forthcoming years, while recording a valuation of more than USD 6 billion by the end of 2026.
The rising prevalence of obesity and associated heart diseases across the North America region has been undoubtedly, enunciating the need for fitness equipment thus supporting the expansion of North America fitness equipment market. Speaking of the rising obesity rate, Center for Disease Control put forth obesity statistics for the United States. It was observed that the prevalence of obesity in U.S adults was somewhere around 42 per cent, which has opened gates for umpteen heart diseases, high blood pressure, type 2 diabetes, and depression.
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To cut on the rising count and incidences of such diseases, users are incorporating strength training and cardiovascular workouts in their daily routine, escalating the demand for fitness equipment. Given below is a brief snapshot of the potential trends that are likely to offer an impetus to the North America fitness equipment market progression in the years.
Strength training has always been a priority for people who have been looking forward to losing extra inches while also attaining immunity. The demand for robust strength training equipment for enhancing joint flexibility and bone health will, to a much larger extent, support the prolific growth of North America fitness equipment market.
In fact, the American Heart Association has been laying immense focus on practicing strength training at least twice a week. Strength equipment helps to increase the bone density while reducing the risks of fracture. It also helps in maintaining the joint flexibility and plummeting the symptoms of arthritis.
The aforementioned benefits have undeniably compelled the industry players to brainstorm novel product innovations which would not only augment the standards of strength training across the region but would also strengthen their position in the overall business space. For instance, Matrix Fitness had in 2018, launched a training console which was claimed to offer a guided training experience while also facilitating strength training for new learners.
Let alone strength training, cardiovascular workouts have also been deemed effective for keeping a person fit and healthy. In this regard, adoption of cardiovascular fitness equipment to boost the heart health and improve stamina, has escalated manifolds of late across the region. As per industry experts, the cardiovascular equipment segment held an overall revenue share of more than 50 per cent over the past few years, courtesy- an expansive product and machine range right from treadmills to elliptical machines and exercise bikes.
Speaking on these lines, treadmills offer an option for heart rate and blood pressure monitoring for patients, while elliptical machines facilitate a low impact exercise, reduce high blood pressure, enhance blood circulation, and target specific muscle groups.
Fitness enthusiasts in the United States have been increasingly enrolling themselves for health club memberships to ensure consistent exercise routine, guaranteeing enhanced fitness. In fact, IHRSA statistics demonstrate that gym memberships across the region exceeded 62 million in 2018, depicting an increase of 2.6 per cent from that of 2017.
A profitable factor supporting the increased health club membership count is their ability to offer discounts on memberships to maintain long-term contracts with new customers and be in line with the existing customers. A prolific rise in number of memberships will encourage health club owners to equip their facilities with technologically advanced machines, thereby enhancing the overall North America fitness equipment market portfolio.
An important growth driver fueling the adoption of fitness equipment across North America is the increased demand for technologically advanced fitness devices and machines. The region has currently been witnessing an upsurge in need for digitally connected gym equipment, establishing positive growth avenues for industry majors to come up with smart and digital devices and machines.
One such company, Nautilus, in 2019, declared that it was unveiling a digital platform JRNY which uses artificial intelligence to offer workouts according to the user need. Besides, the company also introduced its Bowflex indoor cycling bike which was equipped with an open platform to connect the users with company’s application and was anticipated to deliver a connected fitness experience to the people using the product.
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The United States has been considered to be one of the countries housing fitness enthusiasts. As per IHRSA, nearly 71 million consumers enrolled themselves up for gyms and health clubs in 2018, which not only increased the demand for club facilities but also augmented the sales of fitness equipment across the region. It was reported that number of health club facilities witnessed a surge of 2.8 per cent, amounting for 39,570 machines in 2017.
Such statistics portray the intensity of sales of fitness equipment in the United States, which has indeed propelled the market dynamics across the country.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
- Market scope & definitions
- Research methodology
Chapter 2. Executive Summary
Chapter 3. Industry Insights
- Industry segmentation
- Industry ecosystem analysis
- Industry impact forces
o Growth drivers
o Growth restraints
- Regulatory overview
- Porter’s analysis
- PESTEL analysis
- Competitive landscape, 2020
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