Rise in prevalence of obesity, surge in health consciousness, increase in the number of gym memberships, growing sale of in-home equipment, and emergence of several government initiatives to promote healthy life boost the growth of the global gym accessories market. Based on region, Asia-Pacific held the major share in 2021, generating more than two-fifths of the global gym accessories market.
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According to the report published by Allied Market Research, the global gym accessories market generated $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 provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Roshan Deshmukh, a Manager, Consumer Goods at Allied Market Research, stated, “Improvement in economic condition and growing health concerns are the two key factors that propel the growth of the market. The growing health awareness and need for an active lifestyle worldwide is a key driver for the growth of the connected gym accessories market. Sedentary lifestyle, changing eating habits have led to various health risks. Therefore, increase in awareness regarding regular physical activity along with good habits to stay healthy, to maintain a youthful appearance, and to reduce healthcare expenditure have raised the demand for smart gym accessories at residential and commercial spaces.”
COVID-19 scenario:
- 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.
The report offers detailed segmentation of the global gym accessories market based on type, end user, distribution channel, and region.
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. The corporate office segment, on the other hand, is expected to exhibit the fastest CAGR of 9.3% from 2022 to 2031.
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. The online sales channel segment, on the other hand, would manifest the fastest CAGR of 9.8% from 2022 to 2031.
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. Other regions mentioned in the report include North America, Europe, and LAMEA.
Leading players of the global gym accessories market analyzed in the research include Icon Health & Fitness, Torque Fitness, Core Health & Fitness, Naitilus, Inc, Techno gym S.p.A, Peloton Interactive, Antasports, Lifefitness, Aerofit, beingstrong, sfhealth, jeraifitness, Proform, Fitness World AS, Hammer Sport AG, and Rogue Fitness.
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