Rise in prevalence of obesity and surge in health consciousness majorly boost the growth of the global gym accessories market.
PORTLAND, Ore., Aug. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, 'Gym Accessories Market by Type (Ab Straps, Belts, Wrist Wraps, Heart Rate Monitor, Blood Pressure Monitor, Exercise Balls, Others), by End User (Home, Apartment, Health Club/Gym, Hotel, Corporate Office, Public Institution, Hospitals & Medical Center), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Sales Channels, Brand outlets): Global Opportunity Analysis and Industry Forecast, 2021-2031.' According to the report, the global gym accessories industry was estimated at $6.51 billion in 2021, and is anticipated to hit $12.01 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
Drivers, restraints, and opportunities-
Rise in prevalence of obesity and surge in health consciousness majorly boost the growth of the global gym accessories market. Moreover, increase in the number of gym memberships, growing sale of in-home equipment, upsurge in the urban population, and emergence of several government initiatives to promote healthy life fuel the adoption of fitness equipment, thus supplementing the market growth even more. On the other hand, high price of fitness equipment hampers growth to some extent. However, improvement in lifestyle, increase in youth population, and rise in per-capita income in the developing countries are the major factors that are anticipated to create lucrative opportunities in the industry.
Disruptions related to reduced production capacity, human resources, and transportation had a sheer negative impact on the global gym accessories market.
Shortage of raw materials, on the other hand, gave way to increased prices and encouraged the usage of alternative products, which worsened the condition even more.
Strict restrictions on the closure of gymnasiums across the majority of countries diminished the demand for gym accessories altogether. However, the market has almost recovered slowly and steadily.
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The health club/gym segment to dominate by 2031-
By end-user, the health club/gym segment contributed to nearly two-fifths of the global gym accessories market share in 2021, and is expected to lead the trail by 2031, due to increase in the number of health clubs and gyms across the world. The corporate office segment, on the other hand, is expected to exhibit the fastest CAGR of 9.3% from 2022 to 2031. This is because several corporate organizations have set up fitness centers and offer fitness programs to improve the health of employees and increase their 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 gym accessories market revenue in 2021, and is expected to lead the trail by 2031. Specialty sporting stores can serve as gathering places for enthusiasts, particularly if the owners host special events and product demonstrations, which indirectly promotes the product that is introduced newly or already exists in the market. Employees at specialty sporting stores are familiar with different gym accessories available and provide insights to their customers for a better understanding of the properties and usage of gym accessories in an effective manner. Such features of specialty sporting stores entice customers, thus 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 rapid growth in 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 the workout is burning fats or carbohydrates, as faster heart rates indicate burning of carbohydrates and lower heart rates indicate burning of fat. This helps users develop cardiovascular workout routines depending on their preferences and workout goals. The others segment, simultaneously, held nearly one-fourth of the global gym accessories market revenue in 2021, and is expected to lead the trail by 2031.
Asia-Pacific garnered the major share in 2021-
Based on region, Asia-Pacific held the major share in 2021, generating more than two-fifths of the global gym accessories market. The same region would also garner the fastest CAGR of 6.2% by 2031. Rapid urbanization in developing economies, increasing youth population, and rising per capita disposable income are expected to propel the adoption of gym accessories in the region.
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Key players in the industry-
Core Health & Fitness
Icon Health & Fitness
Techno gym S.p.A
Fitness World AS
Hammer Sport AGThe report analyzes these key players in the global gym accessories market. These players have incorporated 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 assessing the operating segments, their business performance & product portfolio, and so on.
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