PORTLAND, Oregon, May 11, 2020
- Rise of gym culture, penetration of international brands, and surge in awareness regarding health and fitness worldwide drive the growth of the global lateral fitness equipment market
PORTLAND, Oregon, May 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Lateral Fitness Equipment Market by Type (Treadmill, Elliptical, Exercise Bike, Shoulder Press Machine, and Chest Press Machine), Body Type (Upper Body and Lower Body), End User (Home, Apartment, Health Club/Gym, Hotel, Corporate Office, and Public Institution, Hospitals & Medical Center), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global lateral fitness equipment industry generated $5.4 billion in 2020, and is expected to reach $10.7 billion by 2027, witnessing a CAGR of 10.1% from 2020 to 2027.
Prime determinants of growth
Rise of gym culture, penetration of international brands, and surge in awareness regarding health and fitness worldwide drive the growth of the global lateral fitness equipment market. However, availability of counterfeit products and expensive nature of equipment restrain the market growth. On the other hand, adoption of innovative social media marketing strategies and emergence of smart fitness equipment present new pathways in the coming years.
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The treadmill segment to maintain its dominant share throughout the forecast period
Based on product type, the treadmill segment contributed to the highest market share in 2019, accounting for nearly two-fifths of the global lateral fitness equipment market, and is expected to maintain its dominant share throughout the forecast period. This is attributed to rise in obese population along with inclusion of latest technologies such as Bluetooth connectivity, Wi-Fi connectivity, and iFit technology along with smart touch screen display. However, the elliptical segment is expected to maintain the highest CAGR of 11.5% from 2020 to 2027, owing to implementation of features such as color enabled display, improved resistance in flywheel, and multi-position intensity and ability to provide a non-impact cardiovascular workout.
The health club/gym segment to continue to dominate during the forecast period
Based on end user, the health club/gym segment accounted for around two-fifths of the global lateral fitness equipment market in 2019, and is projected to continue to dominate during the forecast period. This is due to availability of cardiovascular and strength training exercises along with rise in health awareness among the population. However, the corporate office segment would grow at the fastest CAGR of 13.1% from 2020 to 2027, owing to set up of fitness centers and offer fitness programs in organizations to improve the health of employees and raise their productivity.
North America to continue its lead position by 2027
Based on region, North America accounted for nearly two-fifths of the global lateral fitness equipment market in 2019, and is estimated to continue its lead position by 2027. This is attributed to surge in obesity rates, increase in health consciousness, and awareness of benefits provided by lateral fitness equipment. However, Asia-Pacific is expected to portray the highest CAGR of 12.8% from 2020 to 2027, owing to increase in digital advertisements by owners and rise in usage of training equipment including stationary cycles, treadmill, and elliptical among the youth population.
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