Asia Pacific Fitness Equipment Market Growth is estimated to be around USD 2 billion in 2019 and will expand at a CAGR of 7%.
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The rising awareness about health & wellbeing in several countries in Asia Pacific including Japan, South Korea, China, and India will surge the demand for high-quality fitness equipment. According to the Asia Development Bank Institute (ADB), the Asia Pacific region has recorded the highest rate of obesity over the recent years. According to ADB, around 100 million people in China were diagnosed with diabetes as of July 2018. Increasing consciousness about the consequences of obesity, such as heart disease and diabetes, has encouraged people to incorporate exercise in their daily routine. This will drive the demand for robust fitness equipment from gyms & health clubs as well as the residential sector.
The ongoing coronavirus (COVID-19) pandemic has severely impacted several countries in Asia Pacific including India, South Korea, and Taiwan. There is a decline in the number of gym visits as people take preventive measures to avoid contracting the disease by maintaining social distancing norms. Several gyms have closed temporarily, hampering the demand for fitness equipment. With relaxations in lockdown rules and health clubs reopening with increased focus on hygiene & sanitization, the fitness equipment market is likely to gain traction in the region.
The strong technology sector in Asia Pacific will support the development and adoption of digitally connected cardiovascular equipment. Exercise bikes, ellipticals, and treadmills offer several benefits that promote heart health and prevent heart diseases. The equipment can be connected to smartphone apps or wearables to health precisely track parameters. For instance, True Fitness partnered with Polar, offering heart rate technology and innovation and enabling users to keep track of every minute of exercise by recording the heart rate. The Gymtrakr app enables users to connect with the company’s Bluetooth compatible fitness equipment. The company also collaborates with Apple Inc. Exercisers can accurately and efficiently track their cardio workouts by pairing their Apple Watch with any compatible True Fitness machine.
The growing popularity of gyms and health clubs in the region will drive the demand for robust fitness equipment in Asia Pacific. Japan and South Korea together accounted for around 25% of the regional revenue share in 2019.According to IHRSA, the total number of fitness centers in the region exceeded 25,000 in 2017, with around 6,950 facilities in South Korea and 4,930 locations in Japan. Rise in the number of health clubs and fitness studios will surge the demand for high-quality equipment. Gym owners are focusing on installing versatile equipment in their facilities, enabling customers to experience enhanced workout sessions.
A rise in the number of deaths caused by heart diseases in countries including Taiwan and India will surge the demand for robust fitness equipment in the region. According to Taipei Times in 2017, a patient died of heart disease in Taiwan every 25 minutes. Physical inactivity leading to heart disease is the second leading cause of death in Taiwan. According to the Singapore Heart Foundation, cardiovascular disease accounted for 29% of the total deaths in 2018. A rise in the number of heart diseases will drive the demand for high-performance cardio and strength machines, promoting heart health and overall well-being.
Key players operating in the market include Johnson Health Tech, Amer Sports Corporation, Hoist Fitness Systems, Icon Health & Fitness, Nautilus Inc., Technogym S.p.A., Torque Fitness, and True Fitness. Industry players are focusing on R&D to launch new innovative products and enhance their product portfolio. For instance, Johnson Health Tech offers integrated viewfit connectivity system that sends workout statistics to the fitness tools and apps that exercisers use. In October 2019, Nautilus, Inc. introduced its Bowflex indoor cycling bike that delivers a connected fitness experience and features an open platform for users to connect with the company’s world app and third-party cycling apps including Peloton and Zwift.