Posted On: AUG-2023 | Categories : Consumer Goods
Rapidly changing lifestyles of people have motivated them to move towards a more healthy life. In order to attain a healthy life people are giving major importance to health and fitness. The fitness sector was worth USD 160 billion in 2021 and will increase by 171.75% to USD 434.74 billion by 2028.
The fitness industry's income fell sharply in 2020, by 45%, as a result of the COVID-19 epidemic.
Despite the pandemic, the fitness sector recovered by the end of 2021, generating 55% more income than it did before the outbreak.
By the end of 2021, the online fitness sector had experienced a 32% revenue growth over pre-pandemic levels.
Health club, gym, & boutique fitness studio industries were severely impacted by the pandemic. In the first year of the epidemic, they decreased by 58.30%.
The pandemic significantly increased demand for fitness trackers, fitness equipment, fitness applications, and online/digital fitness seeing a 40.61% increase in revenue in 2020.
The online/digital fitness sector develop at the fastest rate from 2021 to 2028, at 33.10% annually.
United States of America has the greatest number of gym members.
By 2025, the small gym market will expand by 17%.
The average cost of a gym membership in the United States is $ 30.
By 2027, the market for digital fitness will expand at a 33.5% CAGR.
The fitness sector is expanding at rate of 8.7%.
In the USA, California has the most health clubs (5,123), followed by Texas (3,285), Florida with 2,809, New York with 2,263, and Pennsylvania with 1,576.
79% of people in the UK believe that over the past three years, the importance of their health has increased.
In the UK, 58% of people work out at least once a week, and 34% of people don't work out every week.
Currently, 23% of people in the UK do not believe they are in good physical, mental, emotional, or social health.
In the UK, 65% of adults report feeling tired on a regular basis, with women accounting for 71% and men (59%).
The current membership rate for gyms in the UK is 14%.
The biggest concentrations of people who use gyms are in London, the North West, and Yorkshire.
The lowest percentages of gym patrons are seen in the South West and East of England.
The average cost of home exercise equipment in the UK during the past 12 months was £162.
Some equipment sales grew at a rapid rate. There were rising orders for products like yoga mats (147%), stationary cycles (171%), free weights (181%), & weight benches (259%).
Currently, exercise equipment sales are valued at USD 10.7 Bn, and will increase at a CAGR of 4.6% over the following seven years.
The market for fitness apps is expected to grow at a 12% CAGR between 2020 and 2024, according to optimistic forecasts. The most significant growth driver for this software market will be the rising adoption of fitness-tracking devices.
As Americans are willing to commit time to their health and exercise, fitness industry trends will boost rapidly. In 2019, more than 27.3 million people went to a gym more than 100 times, and 17.8 million went over 150 times.
Two out of every five Americans who use a gym spend less than $25 a month, or around 25.9 million people. However, a sizable portion of Americans (8.2 million) are prepared to pay more than $100 each month for a gym membership.
The COVID-19 outbreak affected people's workout habits. People working remotely now have an easier time participating in live or recorded training courses online and exercising at home.
The pandemic drove people to adapt to the new standard, and most Americans checked out fitness apps and video-guided exercises. A little less than one-third of them also took part in a fitness challenge to maintain a regular workout schedule.
Gen X (22%) & Baby Boomers (21%) are the next age group that frequently use fitness and health clubs. There are 16% and 6% of Gen Z and Silent Generation gym visitors, respectively.
US has the largest number of gym members (64.19 Mn), followed by Germany with 11.66 million members. The United States has 41,190 gyms, followed by Brazil with 29,525 gyms. The US generated revenue of nearly USD 35.03 Bn, followed by Germany (USD 6.17 Bn).
The global gym sector was worth USD 96.7 billion by 2020. Additionally, there are more than 184 gym members in total among the health and fitness clubs in the US.
Since 2016, wearable technology has dominated the fitness industry. According to a 2019 survey, one in five Americans wear a wristwatch or fitness tracker, with women being more likely than men to do so (25% versus 18%). Wearables was the largest industry with revenue of USD 15.3 Mn.
There are many fitness apps available worldwide that provide instructions for at-home exercises.
With a proportion of 157%, India has the greatest download rate of these apps compared to all other countries.
While MENA (the Middle East and North Africa) accounts for 55% of such program downloads.
Asia Pacific has a download rate of 47%, compared to 25% in Europe.
The download rates for the Americas and the rest of the world are 21% and 43%, respectively.
By 2022, fitness and workout-related apps will account for 23.6% of all mobile applications in the health and fitness category in the United States.
The weight loss app, with 13.7% of all downloads, is the second most popular type of application.
12.1% were obtained from the third application in the field of outdoor sports like riding, skiing, jogging, and walking.
The following additional applications contribute to overall downloads: women's health app (3.9%), other fitness application (18%), mental health apps (5.1%), meditation apps (4.9%), sleep tracker (4.9%), and health tracking (7.1%).
Fitness tracker sales will expand by 172.6% overall from 2021 to 2028, at a CAGR of 15.4%.
By 2028, the total growth rate for fitness applications will be 338.2%, with a compound growth rate of 23.5%.
The online/digital business will grow overall by 640.1% by 2028, at a CAGR of 33.1%.
Up to 182.8%, 453%, & 62.9% of growth will come from workout equipment, boutique gyms, and health clubs.
The fitness equipment sector was the fastest-growing category growing at a rate of 50.6% from 6.8 Bn in 2019 - 10.2 Bn in the year 2020.
The digital/online fitness sector experienced rapid growth throughout the pandemic. By the end of 2021, there were 10.7 billion hours of live-streamed, on-demand, and pre-recorded fitness material available online, an increase of 76.7% from 6.1 billion hours in 2019.
Wearable fitness trackers (increasing 63.8% from 2019 to 2021) and fitness apps (up 65.2% from 2019 to 2021) were the other segments expanding rapidly.
The boutique fitness sector has seen the biggest loss, falling 58.3% in 2020 and continuing to decrease by 51.2% by the end of 2021.
The following are the two significant market-share leaders:
Fitness trackers are anticipated to increase from a 16% market share in 2019 to a 26% market share in 2028 (114.3 billion in sales).
Online/digital fitness: Market share is anticipated to increase from 4% in 2019 ($6.1 billion in sales) to 18% in 2028 ($79.3 billion in revenue).
The market share of fitness applications will increase from 3% in 2021 (4.7 billion) to 5% in 2028 (20.8 billion).
Fitness equipment's market share is anticipated to increase from 7% in 2021 ($11.3 billion) to 7% in 2028 ($31.9 billion).
With a projected growth rate of 338.2% over a seven-year period, fitness apps have the second-highest CAGR at 23.5%.
Boutique fitness, will increase at a rate of 450% from 2021 to 2028.
In UK, the market for exercise equipment in 2023 is USD 1 Bn and will grow at a CAGR of 2.48% during 2023-2028.
China generated highest revenue of USD 12,030 Mn in 2023.
The fitness equipment market was worth USD 11.30 billion in 2021, up from 11% in 2020
Due to the pandemic, the home exercise and equipment market had significant growth in 2020, growing by more than 25.10% to USD 10.18 billion.
By 2028, the home fitness and fitness equipment market will be worth between USD 14.74 & USD 21.13 billion.
One of China's largest growing markets will grow at a 16% CAGR between 2021 and 2027.
From 2010 to 2020, sales of consumer exercise equipment increased by 68.37%, from USD 3.32 billion to USD 5.59 billion.
The overall sports equipment market in the US was USD 17.5 billion in 2022. The U.S. sports equipment market will generate over 20 billion dollars in revenue by 2025.
The fitness equipment for home use was USD 6 Bn in 2022.
Wholesale sales of fitness center equipment in the United States decreased by 260 million dollars in 2020 but increased by 2022.
In 2020, the North American fitness equipment industry was USD 3.55 billion.
By 2024, the US fitness equipment market will be USD 4.4 billion, with home users accounting for half of that income.
In 2016, Europe accounted for 30% of worldwide fitness equipment market revenue, and will expand significantly in 2017.
The market for cardiovascular fitness equipment in 2020 was USD 5.1 Bn and by 2028 it will be worth USD 3 Bn.
Cardiovascular fitness equipment is the largest product category by type.
Cardio equipment like ellipticals, treadmills, and recumbent bikes will account for nearly 66% of overall fitness market by 2024.
Strength equipment has a $950 million market value worldwide, but treadmills are only worth $790 million in the US.
One of the most used pieces of cardio training equipment is the treadmill, which is still rising at a pace of 4.3% annually.
One of the most used types of cardio training equipment is the treadmill, which is still rising at a pace of 4.3% annually.
1,500 gym visitors were injured by gym equipment in 2009 and required emergency room treatment.
In 2012, 459,978 persons were harmed while actively utilizing exercise equipment or exercising.
Each year, injuries from exercise equipment affect 16,500 kids between the ages of 5 and 14.
114 persons died from using free weights and weight machines between 1990 and 2007.
Injury-related to weight training was treated in emergency rooms by over 970,000 patients.
A home fitness equipment-related accident required 241,573 children to receive treatment in an ER at a US hospital.
12,714 youngsters were brought into the ER on average each year.
71.4% of the recorded injuries affected people under the age of 10
Lacerations were reported in 37% of these wounds.
The head (28.6% of injuries), fingers or hands (22.0%), and foot (10.9%) were the most frequently damaged body parts.
Jump ropes, treadmills, and stationary bikes accounted for the majority of these injuries (26.5%, 25.3%, and 21.5%, respectively).
Fitness equipment sales on eBay soared in 2020, specifically:
Dumbbells: 1,98% increase
Weight plates: 1,300% increase
Seats: 530% increase
Barbells: 355% increase
goods for pushups: 200% increase
Kettlebells: 1,000% increase
equipment for rowing: 300% increase
Scales: 125% increase