Functional Fitness Equipment Market Expected to Reach $273.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Functional Fitness Equipment Market," The functional fitness equipment market size was valued at $6.3 billion in 2021, and is estimated to reach $273.3 billion by 2031, growing at a CAGR of 47.7% from 2022 to 2031.

The pandemic has been one of the key reasons for individuals purchasing functional fitness equipment, resulting in an accelerated demand increase. Individuals have also started to focus on increasing their immunity, which may be accomplished via a combination of exercise and a healthy lifestyle. Additionally, gym shutdown as a result of social distancing requirements led to gym operators initiating virtual lessons. This prompted people to purchase elliptical machines, stretch bands, and weights to set up a home gym. Additionally, the rising prevalence of obesity and cardiovascular disease among various individuals is predicted to drive a significant demand increase for the worldwide functional fitness equipment market. All these factors are likely to contribute to the growth of the functional fitness equipment market growth.

However, lack of awareness and ignorance among a few individuals in developing and underdeveloped countries are expected to limit market growth. Additionally, the high cost of functional equipment compared to gym equipment is expected to restrict the growth of the global functional fitness equipment market demand.

Growing government health-awareness programs are also moving this industry forward. These programs aim to encourage and protect health by directing efforts at the individual, national, and global levels to reduce disease and mortality rates associated with poor nutrition and physical inactivity, which in turn increases consumer interest in fitness activities. People are investing more in at-home exercise equipment because they want to maintain their former training and gym workout routines at home. Because of enhanced technology, market participants have come together to produce new items that include developed technologies. For instance, in April 2021, Matrix, a brand of Johnson Health Tech Co., has joined forces with iFIT, a global leader in interactive linked fitness technology and content. The goal of this collaboration is to integrate iFit's digital technology into Matrix's products. These factors are expected to drive market expansion in the approaching years.

The global functional fitness equipment market share is segmented based on type, application, and region. By type, it is classified into Medballs , Bars and Plates , Flat Bench ,Squat Rack, Rowing Machine, Kettlebells and Dumbbells, and Others. As per application, it is classified into health clubs, home, hotels, hospitals, corporate offices, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the functional fitness equipment market analysis report include Concept2, Precor SA, Technogym, Johnson Health Tech, Torque Fitness, Hampton Fitness, Escape Fitness, Total Gym Global, Brunswick Corporation, and XFit Brands.

The report offers a comprehensive analysis of the global functional fitness equipment market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Functional Fitness Equipment Industry

• The significance of maintaining a healthy lifestyle and doing regular physical activity was not reduced with the spread of COVID-19, but instead changed significantly. Because when government ordered a lockdown to stop the spread of the coronavirus disease, many people tried to reduce stress by establishing healthy habits. Throughout the pandemic, there have been additional purchase of fitness equipment.
• COVID-19 impacted almost all industries and the functional fitness equipment producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, and shortage of labor; the fear of contracting the novel coronavirus led to sluggish demand in the market.
• Social distancing norms, closed borders, and production constraints due to the pandemic across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on type, the rowing machine sub-segment emerged as the global leader in 2021 and medballs sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on application, the health clubs sub-segment emerged as the global leader in 2021 and it is predicted to show the fastest growth in the upcoming years.
• Based on region, the North America market registered the highest market share in 2021 and Asia-Pacific is projected to maintain the position during the forecast period.