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Europe Fitness Equipment Market Value to Rise at 3.5% CAGR to 2026
Published Date: 2020-08-28
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According to the Graphical Research new growth forecast report titled Europe Fitness Equipment Market size is set to collect over USD 4 billion by 2026. The market growth is driven by a rise in the number of consumers owning fitness equipment for enhanced workouts at home. With the increasing demand, fitness equipment providers are focusing on launching on-demand classes to enable users to have a virtual workout session with an experienced trainer. For instance, Technogym S.p.A introduced the Technogym Live Digital platform that enables operators to stream their clubs or studio classes to members at home. With the Mywellness app 5.0, operators can upload content for on-demand classes, enabling users to choose from a wide variety of workout options available on the app.
The ongoing coronavirus (COVID-19) pandemic has resulted in the temporary closure of gyms and fitness centers in Europe. The rise in the number of COVID-19 cases in countries including Germany, France, Italy, and Spain forced government organizations to impose stringent lockdown measures to ensure social distancing to stop the spread of the virus. The fitness equipment market witnessed a fall in the demand from gyms and health clubs in the first quarter of 2020. With relaxations in lockdown rules and the reopening of gyms, the Europe fitness equipment market will regain traction. Fitness enthusiasts are buying high-quality equipment for home workouts to boost immunity.
The Europe Fitness Equipment Market Share will witness growth due to the growing demand for strength equipment from gyms and fitness centers. Strength equipment improves body balance, enhances bone health, and provides relief from diseases such as arthritis. As free weights, barbells, and dumbbells are comparatively cheaper compared to cardio machines, consumers buy strength equipment at home to workout according to their convenience. In June 2020, Nautilus Inc. enhanced its Bowflex SelecTech line with adjustable 2080 barbell and curl bar that powers home gyms with seven adjustable weights in the compact, dual bar system.
The growing trend of gym memberships in countries including Sweden, Austria, Germany, and France will support fitness equipment market growth. Around 8% of the total European population were fitness or health club members in 2019, with a penetration rate of 9.7% for people aged 15 years and older. The penetration rate is higher in Northern and Central Europe compared to Southern and Eastern Europe. According to EuropActive, in terms of market penetration, 21.6% of the total population in Sweden have gym memberships, followed by 21.4% in Norway and 18.6% in Denmark. Basic Fit topped the European fitness club market with 2.22 million members in 2019.
Key players in the market include Amer Sports Corporation, Core Health & Fitness, Heinz Kettler GmbH & Co. KG, Escape Fitness Ltd., Eleiko Group AB, Icon Health & Fitness Inc., Hoist Fitness Systems, Johnson Health Tech, Technogym S.p.A, Nautilus Inc., and Torque Fitness. Key players are undergoing strategic initiatives, such as mergers and acquisitions, to expand & enhance their product portfolio and market position. In January 2019, Eleiko partnered with World Para Powerlifting to establish a five-year contract to provide equipment for all World and regional championships until 2024. Eleiko announced that it will continue to develop sport-specific equipment for Para Powerlifting and extend the partnership to educational programmes supported by World Para Powerlifting.
The Europe 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
- Elliptical machines
- Exercise bikes
- Strength training
- Barbells & ladders
- Extension machines
- Power racks
Market Size, By End-use
- Health clubs
The above information has been provided for the following regions and countries: