The society is getting dependent on the latest technologies for the daily errands, with the continuous progress in the technology. Moreover, improvement in the technology has confined the regular physical activities. Technology has precisely affected individual’s health since past few decades. Due to this, there is an increased demand for the extension of regular physical activities, so as to balance the fitness and body weight.
Increasing health awareness among the people and a constant struggle to stimulate the growth of physical fitness by the doctors and governments of various countries are some of the crucial factors promoting the use of fitness equipment around the globe.
In addition to this, a rapid rise in health issues and obesity in the developed countries are the major concerns to push the fitness equipment market.
Further, a spontaneous growth of fitness training centers has been observed, caused by the number of health complications encountered in today’s lifestyle. Various MNCs which are well established and financially strong, are providing on-site gyms for their employees. For example, recent orders have been issued by the Indian government for setting up gyms in almost every department to relieve stress levels of ministers.
Fitness equipment comprises of all the monitoring and machinery devices which are required for physical fitness. In order to burn calories, maintain physical stamina and muscular strength daily physical activities are needed. The major cause which is responsible for the rapid growth of pollution in various emerging countries is industrialization and urbanization. Numerous customized programs and discount packages are provided to the consumers by the gyms and health centers, which is expanding the fitness equipment market size.
According to Esticast Research and Consulting, fitness equipment market was estimated at $10.2 million in 2016 and is intended to reach $13.8 billion by 2024, with the CAGR of 4.1% during the forecast period of 2017 to 2024. Increasing youth population in the developing countries and rising disposable income of the middle-class individual will act as future opportunities for the fitness equipment market.