North America Fitness Equipment Market Revenue Will Reach $5 Billion By 2024, Says Esticast Research and Consulting
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As per the report “North American Fitness Equipment Market by Type (Cardiovascular (Treadmill, Elliptical, Stationary Bike, Rowing Machine and Others ), Strength training, Others), by End User (Home, Health Club, Other Commercial ), Industry trends, estimation & forecast, 2016 – 2024″The North American fitness equipment market was valued at $4 billion in 2016, and is projected to reach $5 billion by 2024, growing at a CAGR of 2.6% from 2017 to 2024.
In 2016, the cardiovascular segment held the largest share of fitness equipment market in North America. Among major countries, the U.S. fitness equipment market was the highest revenue generating market valued at $3.5 billion in 2016.
“Rising urbanization and industrialization has resulted in an increase in urban pollution, working hours, and improper eating habits. This has resulted in drastically increased stress and other health issues causing increased inclination towards fitness clubs amongst the working population. Moreover, an increase in health awareness among the geriatric population, predominately in the U.S. is leading to an increase in the growth of fitness equipment market in North America”
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The cardiovascular equipment market is anticipated to dominate globally with a CAGR of 3% from 2017 to 2024. Latest cardiovascular devices are improvised with body vital trackers and various software applications which can be connected to the smartphones or handheld devices of the consumer. Moreover, a rising concern of weight-loss and trend of lean body figure is boosting the fitness equipment market demand. Roughly two out of every three adults in U.S. are obese which has led the market to boom in the region. Treadmill market generated the highest revenue of $1.09 billion in 2016 owing to its easy operation and high demand.
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The U.S Health Club fitness equipment market segment held nearly 85.4% of the total health club equipment market share in 2016.
The U.S. health club fitness equipment market segment garnered a revenue of $1.319 billion in 2016 and is expected to grow with the highest CAGR of 2.0 % during the forecast period. The U.S health club equipment market is anticipated to dominate the North American fitness equipment market throughout the forecast period of 2017-2024 as a result of increasing health club memberships in the country. According to a study, the total number of health club memberships in the US were accounted as 30.8 million in 2000 and got increased by roughly 75% to 57.25 million in 2016, resulting in a drastic growth for the fitness equipment industry in the region.
The U.S. held the largest share of the North American fitness equipment market revenue in 2016
The U.S. generated a revenue of $3.6 billion in 2016 and is anticipated to dominate the market throughout the forecast period of 2017-2024. The market is driven by the prevalence of high obesity rates, which has led to greater adoption of fitness equipment in the region. Rising obesity rates, increasing health consciousness, and awareness of benefits provided by fitness equipment would lead to larger number of new fitness facilities being set up and increasing membership rates. The U.S. is the largest consumer of junk food all over the world, leading people to get prone for obesity and cardiac diseases.
A high rate of urbanization, increasing work load, improper diet and an unhealthy lifestyle are some major factors leading the fitness equipment market to flourish in the United States. However, Mexico is witnessed to grow with the highest CAGR of 4.9% during the forecast period of 2017-2024.
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North America Fitness Equipment Market Key Findings
• The North American fitness equipment market was valued at $4 billion in 2016 and is projected to grow at a CAGR of 2.6% from 2017 to 2024.
• Cardiovascular Equipment market segment generated the highest revenue of $2.5 billion in 2016
• The U.S Health Club fitness equipment market segment held nearly 85% of the total health club equipment market share in 2016.
• The U.S. held the largest share of the North American fitness equipment market revenue in 2016
• Mexico would grow with the highest CAGR of 4.9% during the forecast period of 2017-2024.
ICON Health & Fitness, Inc. dominated the global fitness equipment market in 2016. Some other major market players of the North American fitness equipment market are Amer Sports Corporation, Nautilus Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., TRUE Fitness, Cybex International, Inc., Impulse (Qingdao) Health Tech Ltd. Co., Torque Fitness LLC., and Fitness EM LLC.