The rising prevalence of obesity and increasing health awareness mainly drives the growth of the global gym accessories market.
PORTLAND, Ore., August 1, 2022 /PRNewswire/ — Allied Market Research published a report titled, Gym Accessories Market by Type (Abdominal Belts, Belts, Wrist Wraps, Heart Rate Monitor, Blood Pressure Monitor, Exercise Balls, Other), by End User (Home, Apartment, Fitness Center, Hotel, Corporate Office , Public Institution, Hospitals and Medical Center), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Sales Channels, Points of Sale): Global Opportunity Analysis and Sector Forecast, 2021-2031.’ According to the report, the global fitness accessories industry was estimated to $6.51 billion in 2021, and is expected to reach US$ 12.01 billion to 2031, recording a CAGR of 6.2% from 2022 to 2031. The report offers an explicit analysis of changing market trends, key segments, key investment pockets, value chain, competitive landscape and regional landscape.
Drivers, constraints and opportunities-
The rising prevalence of obesity and increasing health awareness mainly drives the growth of the global gym accessories market. In addition, the increase in the number of gyms, the growing sale of equipment for domestic use, the increase in urban population and the emergence of various government initiatives to promote healthy living drive the adoption of fitness equipment, further complementing the growth of the Marketplace. On the other hand, the high price of fitness equipment hinders growth to a certain extent. However, improving lifestyle, increasing youth population and rising per capita income in developing countries are the main factors that should create lucrative opportunities in the sector.
Disruptions related to reduced production capacity, human resources and transportation had an absolute negative impact on the global gym accessories market.
The scarcity of raw materials, on the other hand, gave rise to higher prices and encouraged the use of alternative products, which made the situation even worse.
Strict restrictions on gym closures in most countries have completely diminished the demand for gym accessories. However, the market almost recovered slowly and steadily.
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The fitness center segment to dominate by 2031-
By end user, the fitness center segment contributed nearly two-fifths of the global fitness accessories market share in 2021 and is expected to lead the way by 2031 due to the increase in the number of health clubs and fitness centers worldwide. world. The corporate office segment, on the other hand, is expected to show the fastest CAGR of 9.3% from 2022 to 2031. This is because several corporate organizations have created fitness centers and offer fitness programs to improve employee health and increase your productivity.
The specialty stores segment to maintain the lion’s share
Based on distribution channel, the specialty stores segment generated nearly two-fifths of the global fitness accessories market revenue in 2021 and is expected to lead the way through 2031. Sports specialty stores can serve as meeting places for enthusiasts, particularly if the owners host special events and product demonstrations, which indirectly promote the newly launched or existing product on the market. Employees at sports specialty stores are familiar with the different fitness accessories available and provide information to their customers to better understand the properties and use fitness accessories effectively. Such characteristics of specialized sports stores attract customers, contributing to the growth of the gym accessories market. The online sales channel segment, on the other hand, would manifest the fastest CAGR of 9.8% from 2022 to 2031, due to the rapid growth of online and mobile user customer bases in developing economies.
The heart rate monitor segment to manifest the highest CAGR-
Based on type, the heart rate monitor segment would manifest the fastest CAGR of 9.8% from 2022 to 2031. This is because heart rate monitors help identify whether your workout is burning fat or carbs as heart rates Faster times indicate burning of carbohydrates and a decrease in heart rate. rates indicate fat burning. This helps users to develop cardiovascular exercise routines depending on their preferences and training goals. The Others segment simultaneously held nearly a quarter of the global fitness accessories market revenue in 2021 and is expected to lead the way through 2031.
Asia Pacific won the biggest share in 2021-
Based on the region, Asia Pacific held the largest share in 2021, generating more than two-fifths of the global gym accessories market. The same region would also achieve the fastest CAGR of 6.2% by 2031. Rapid urbanization in developing economies, rising youth population and rising disposable income per capita should drive the adoption of fitness accessories in the region.
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Major industry players –
Health and Fitness Center
Health and wellness icon
Techno gym SpA
Fitness World AS
The Hammer Sport AG report analyzes these key players in the global fitness accessories market. These players have incorporated various strategies like expansion, new product launch, partnerships and others to increase their market penetration and strengthen their position in the sector. The report is useful for evaluating operating segments, their business performance and product portfolio, and so on.
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SOURCE Allied market research