Functional Fitness Equipment Market to Reach $273.3 Billion, Globally, by 2031 at 47.7% CAGR: Allied Market Research

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Apr 04, 2023, 10:40 ET

The growing health consciousness and the increasing prevalence of diseases, such as obesity and cardiovascular diseases among individuals drive the global functional fitness equipment market. By region, the market in North America is likely to dominate in terms of revenue in 2031.

PORTLAND, Ore., April 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Functional Fitness Equipment Market by Type (Medballs, Bars and Plates, Flat Bench, Squat Rack, Rowing Machine, Kettlebells and Dumbbells, Others), by Application (Health Clubs, Home, Hotels, Hospitals, Corporate Offices, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global functional fitness equipment industry was valued at $6.3 billion in 2021 and is estimated to generate $273.3 billion by 2031, witnessing a CAGR of 47.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

The rise in health consciousness and the increasing prevalence of diseases, such as obesity, diabetes, and cardiovascular diseases among individuals drive the functional fitness equipment market growth. However, the high cost of functional fitness equipment raw materials hinders the global market growth. On the other hand, growing government initiatives in many countries to encourage a healthy lifestyle will present new growth opportunities for the global functional fitness equipment market in the coming years.

Covid-19 Scenario

The impact of the COVID-19 pandemic on the functional fitness equipment had been significant.
Economic slowdown affected the establishment of new functional fitness projects worldwide, as a majority of government fundings were diverted toward the healthcare sector, thereby hampering the market growth.
However, the pandemic-induced lockdowns and social exclusion forced people to stay at home, giving rise to new trends such as working from home. The growing work-from-home culture led to the high demand for fitness equipment and the popularity of at-home workouts. Fitness applications and platforms witnessed huge growth due to the increased consumer focus on self-care, exercise, and wellness.
Moreover, non-fitness consumers were motivated to place a higher priority on maintaining their health and fitness, which helped the functional fitness equipment market to grow.

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The rowing machine segment to dominate the market during the forecast period

Based on type, the rowing machine segment contributed to the largest share of nearly one-fourth of the global functional fitness equipment market in 2021 and is expected to dominate the market during the forecast period. A rowing machine allows consumers to gain the advantages of a rowing workout indoors. Rowing offers several advantages, including increasing endurance and strengthening body. However, the medballs segment is expected to witness the fastest CAGR of 50.0% from 2022 to 2031. Medballs are an important tool for assisting patients in their recovery from injuries. The balls exercise the entire body without putting undue strain on joints, thereby helping the body develop endurance following an injury or setback.

The health clubs segment to achieve the largest revenue during the forecast period

Based on application, the health clubs segment grabbed the highest share of two-fifths of the overall functional fitness equipment market in 2021 and is projected to maintain its dominance in 2031. Moreover, the same segment is expected to witness the fastest CAGR of 50.1% from 2022 to 2031. Since health-related factors are fueling the expansion of the global functional fitness equipment industry, consumers are ready to spend more money at health club facilities.

North America to dominate the market by 2031

Based on region, the market in North America was the largest in 2021, accounting for two-fifths of the global functional fitness equipment market and is likely to dominate in terms of revenue in 2031. The U.S. is the single largest market in the North American region in terms of revenue and membership in functional fitness equipment. The market in Asia-Pacific, however, is likely to show the fastest CAGR of 49.6% during the forecast period. The high consumption of alcohol and other high-calorie beverages, as well as fast food in the region make more people suffer from obesity. Due to the increase in weight reduction services and the significant interest of people in personalized training regimens, there is a greater need for personal trainers and fitness instructors.

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Leading Market Players

XFit Brands
Concept2, Inc.
Precor SA
Technogym
Johnson Health Tech
Torque Fitness
Hampton Fitness
Escape Fitness
Total Gym Global
Brunswick

The report analyzes these key players of the global functional fitness equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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