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The market trends and analysis report covers an in-depth analysis of market growth factors such as the technological advancements in fitness equipment, the ease of use provided by advanced fitness equipment, and the long repurchase cycle of fitness equipment
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Body Solid Inc., Concept2 Inc., Dyaco International Inc., Exercycle SL, gym80 International GmbH, Icon Health and Fitness Inc., Impulse Fitness Sdn Bhd, Johnson Health Tech Co. Ltd., Keiser Corp., Les Mills International Ltd., Life Fitness, LifeSpanFitness, Peloton Interactive Inc., Performance Health Systems LLC., Rogue Fitness, Royal Play Equipments Pvt Ltd., TECHNOGYM S.p.A, Titan Brands, True Fitness Technology Inc., Tunturi New Fitness BV, and WOODWAY Inc.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Technological advancements in fitness equipment is the key factor driving market growth. echnological advancements include the incorporation of electronic sensors for additional guidance and wearable technologies that track physical exercise and body analyzers. For instance, Technogym offers the Ecosystem Open Platform, which operates on a wide range of interconnected products, content, services, and programs for its members.
Further, technological advancements also help gym facility operators manage their business better using solutions and simultaneously improve equipment management and revenue and increase customer retention. Such technologically advanced features of connected fitness equipment enable manufacturers to attract new customers for such fitness equipment. Therefore, these factors will further drive market growth during the forecast period.
Ease of use provided by advanced fitness equipment is the primary trend shaping market growth. Connected gym equipment offers an increased level of ease of use when compared to regular traditional gym equipment owing to the value-added connectivity features. For instance, Technogym offers app compatibility with Mapmyfitness and Runkeeper, which allows users to avail of the connectivity between apps and Technogym's equipment. Another player, LES MILLS, offers LES MILLS SMARTBAND, which provides suggestions on the correct technique while using fitness equipment.
Additionally, connected fitness equipment products also react to changing circumstances. For instance, if a user is feeling sick or is injured and updates that information to the system, then the training program will automatically adjust the fitness equipment to reduce the possibility of overexertion or injury. The rising demand for fitness equipment has coincided with an increased interest in performance-enhancing substances like Trenbolone Enanthate, highlighting the intersection of physical fitness and supplementation in the pursuit of athletic excellence. Consequently, the trend of inclination towards ease of use is expected to drive innovations, providing ample opportunities to the companies in the market in focus. This, in turn, will drive the growth of the market during the forecast period.
The long repurchase cycle of fitness equipment is a challenge that affects market growth. The replacement period for fitness equipment is long. The average lifespan of fitness equipment is 8-12 years. Due to the higher average lifespan of fitness equipment, end-users, including commercial end-users prefer to purchase gym and other fitness equipment only when required. Consumers usually purchase fitness equipment when setting up new gym centers or for their personal use. Fitness equipment is meant for long-term use and generally does not require frequent replacements.
Furthermore, there are various players in the market, like Life Fitness, that offer used fitness equipment. These market players purchase used fitness equipment and revamp it using new parts. These vendors also provide a quality guarantee, which attracts consumers to buy second-hand fitness equipment. Therefore, the long replacement period for fitness equipment is a challenge that may impede market growth during the forecast period.
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The cardiovascular training equipment segment will account for a major share of the market's growth during the forecast period.? The cardiovascular training equipment segment includes treadmills, cross-trainers, stationary bikes, and ski machines. Cardiovascular training equipment like treadmills and cross-trainers have a lower lifespan than strength training equipment. The cardiovascular training equipment segment was valued at USD 6.38 billion in 2018. Furthermore, increasing health awareness among consumers is also driving the segment's growth. Moreover, the growth of the geriatric population, the lack of proper and nutritious diets, high obesity rates among all age groups, and the prevalence of cardiovascular diseases due to hectic lifestyles are making people more aware of the need for physical fitness and exercise. Thus, such factors are expected to spur the demand for cardiovascular training equipment, which in turn will drive the growth of the market during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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