Published Date: 2020-08-28
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According to the Graphical Research new growth forecast report titled Asia Pacific Fitness Equipment Market Growth is Set to Develop Over USD 3.5 billion by 2026. The market will experience growth with the growing number of gym memberships in the region. Health club memberships encourage people to follow a consistent exercise routine, ensuring optimal fitness. Several gym owners also provide discounts to regular gym members, ensuring the retention of existing client base and providing lucrative & cost-effective options for beginners. According to IHRSA, around 22 million consumers belonged to a health club in Asia Pacific in 2017. Fitness centers in China and Japan had around 4.5 and 4.2 million gym members, respectively in 2017, while in South Korea health clubs witnessed around 3.75 million memberships. A rise in the number of gym memberships will encourage owners to procure high-quality fitness equipment.
The temporary closure of gyms and fitness centers in the first quarter of 2020 due to the ongoing coronavirus (COVID-19) pandemic has negatively impacted the market. With the gradual reopening of gyms and fitness facilities with enhanced safety measures, the fitness equipment market is likely to regain impetus over the forecast timeframe. Fitness club owners are sanitizing equipment regularly to avoid the spread of the virus. They are also implementing a contactless check in process, temperature scans, and mandatory gloves & masks to the staff. There will also be a demand for fitness equipment from the residential sector, as people prefer to workout in the comfort of their homes to boost their immunity.
The Asia Pacific Fitness Equipment Market Size will experience growth with the increasing demand for strength training equipment, ensuring improved bone health, toned muscles, and enhanced endurance. Strength training is also highly beneficial to the aged population, as it helps them to maintain optimal health and improve mobility. According to the World Economic Forum, elderly people make one third of Japan’s population with around 2.3 billion people in their 70s. The government is focusing on strengthening the healthcare system in the country to ensure their well-being and deliver the care needed. There will be a demand for strength equipment developed for the older population to combat muscle and bone weakness.
The Asia Pacific Fitness Equipment Market Share will witness growth as hotels focus on equipping their infrastructure with gyms and fitness facilities. Hotels incorporate gyms in their campus to attract fitness-minded guests. Hotels, such as Marina Bay Sands and The Westin in Singapore, offer 24-hour gym facility to their guests. With the growing hospitality industry in South Korea, hotels in the country are also equipping themselves with fitness facilities. The Conrad Seoul hotel offers a modern and complimentary 24-hour fitness center for its visitors. The gym features the latest equipment from Technogym S.p.A from Italy and Precor from the U.S.
Major players operating in the Asia Pacific Fitness Equipment Market include Johnson Health Tech, Torque Fitness, Amer Sports Corporation, Hoist Fitness Systems, Nautilus Inc., Technogym S.p.A., Icon Health & Fitness, and True Fitness. Players are focusing on launching new products to expand their offerings and strengthen their market position. For instance, in December 2019, True Fitness introduced its Palladium series, a selectorized strength training unit, featuring user-friendly and space-efficient designs, modern styling, and accurate biomechanics & ergonomics.
The Asia Pacific Fitness Equipment Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and shipments in units from 2016 to 2026 for the following segments:
Market Share, By Equipment
Market Growth, By End-use
The above information has been provided for the following regions and countries:
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