With regards to the vendor landscape, the boasts prominent companies such as Brunswick Corporation (Life Fitness), Johnson Health Tech. Co., Ltd., Amer Sports Corporation, Technogym, Cybex, and Matrix Fitness, among others. Considering the presence of several large companies, the global commercial fitness equipment market witnesses the prevalence of a high degree of competition. Therefore, in order to gain a competitive edge many of these enterprises have taken up mergers and acquisitions. Strategic collaborations are favored as well, as they offer the market players to expand their footprint within the industry.
For instance, Cybex International was acquired by Brunswick Corporations in 2016. A majority of the companies operating in the global commercial fitness equipment market are more inclined toward forging long term partnerships with hotels and gyms to remain the sole supplier of fitness equipment for a longer term.
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Meanwhile, strategies adopted by the market players leave a profound impact on the way the overall market functions. According to TMR, the global construction fitness equipment market will reach US$2.19 bn by the end of 2017. Exhibiting a CAGR of 4.8%, the market is forecast to value US$2.77 bn by the end of 2022.
Key Factors Enabling Growth in Global Commercial Fitness Equipment Market
According to the report, the commercial fitness equipment market is poised to surge at an impressive pace during the aforementioned forecast period. With people from around the world inclining towards healthier living, they are expected to dedicate more time on fitness and exercise. This is touted by experts as a chief factor enabling the market gain momentum over the last few years. Factors such as the rising incidence of chronic heart disorders and obesity on the back of increasingly prevailing sedentary lifestyle have compelled people to focus more toward their health. Also to benefit their citizens and encourage healthy living, governments from across several nations have introduced myriad initiatives and healthcare awareness programs. Given the scenario, the demand for commercial fitness equipment is expected to surge in the coming years.
Also rapid urbanization and increasing pollution due to industrialization, which are phenomenon inducing stress and ill health will play significant rolls in making consumers more willing to spend their time and money on fitness and exercise. Against this backdrop, nations around the world have witnessed increased gym membership especially among working and urban population. Furthermore, the rising awareness among geriatric population has helped the market gain pace as well. Besides this, baby boomer generation in Asia Pacific and Europe are increasingly enrolling in specialized health clubs and gyms, which bodes well for the global commercial fitness market.
While technological advancements and advent of connected devices market have fuelled growth in the commercial fitness equipment market, leading companies are wary of the high cost of manufacturing these equipment. It is due to the same factor that a majority of consumers prefer to use public equipment at affordable member costs. Also the market is witnessing high demand for used fitness equipment as these machines can run a long time and are highly durable. These could pose threat to the global commercial fitness equipment market.
Nonetheless, advancements such as advent of wearable technologies and smartphone apps enabling consumers to monitor their vitals and performance, besides providing suggestions for personalized training, will enable the market gain impetus in the coming years.
Global Commercial Fitness Equipment Market: Key Segments
Among the various product types, the market is expected to witness considerably high demand for treadmills. According to the report, treadmills will hold dominance in the overall market. By the end of 2017, the segment is expected to account for nearly 38.1% of the global commercial fitness equipment market. Regionally North America is expected to offer lucrative prospects. The rising incidence of chronic ailments and obesity will help the market grow in the region. However, exhibiting a CAGR of 5.2% over the forecast period, Asia Pacific is expected to emerge as one of the most lucrative pockets for commercial fitness equipment sales.