The global functional fitness equipment market is expected to grow primarily due to rapid urbanization. Health clubs sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK , June 5, 2023 /PRNewswire/ — Global Functional Fitness Equipment Market Forecast Analysis:
As per the report published by Research Dive, the global functional fitness equipment market is expected to register a revenue of $2,73,315.2 million by 2031, growing at a CAGR of 47.7% during the forecast period 2022-2031.
Segments of the Functional Fitness Equipment Market
The report has divided the functional fitness equipment market into the following segments:
- Type: medballs, bars and plates, flat bench, squat rack, rowing machine, kettlebells and dumbbells, and others
- Rowing Machine – Highest market share in 2021
Rowing has a number of benefits, including boosting physical strength and endurance, which is expected to boost the sub-segment in the 2022-2031 timeframe. - Application: health clubs, home, hotels, hospitals, corporate offices, and others
- Health Clubs – Most profitable in 2021
Customers are attracted to the growing number of health clubs because they offer personalized instruction and the most modern exercise equipment, which is expected to propel the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
Many people who are concerned about their health have prioritized exercise in their daily routine, which is predicted to propel the market in the forecast period.
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Dynamics of the Global Functional Fitness Equipment Market
The growing number of people participating in physical activity events is expected to make the functional fitness equipment market a highly profitable one in the forecast period. Additionally, a rise in government initiatives to promote healthy living and an increase in the sale of in-home equipment are predicted to propel the market forward. However, the substantial use of natural gas associated with functional exercise equipment might become a restraint in the growth of the market.
The rise in memberships for functional fitness equipment is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, global demand for functional exercise equipment has increased as individual health consciousness has expanded, which is expected to propel the functional fitness equipment market forward in the coming period.
COVID-19 Impact on the Global Functional Fitness Equipment Market
The COVID-19 pandemic has had a significant impact on the fitness equipment sector. The pandemic had imposed additional rules and regulations, such as social isolation and lockdowns, to prevent the disease from spreading. However, throughout the pandemic, the growing popularity of home activities increased the demand for fitness equipment. Moreover, the rising focus on exercise, self-care, and health played a part in the growing popularity of fitness apps and platforms. These factors are projected to fuel the market growth amidst pandemic.
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Key Players of the Global Functional Fitness Equipment Market
The major players of the market include
- Precor SA Technogym
- Concept2
- Johnson Health Tech
- Hampton Fitness
- Torque Fitness
- XFit Brands
- Escape Fitness
- Brunswick Corporation
- Total Gym Global
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in November 2022, Powermax Fitness, one of the top manufacturers of exercise gear, launched cutting-edge workout equipment with innovative technologies. With newly launched equipment, you might get the newest features at a reasonable price. The new products have been equipped with the latest innovations and technology, offering users the most advanced technological benefits.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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