Functional Fitness Equipment Market to Cross US$ 26 Billion at 5.8% CAGR by 2033: Fact.MR Analysis

Rockville, Dec. 11, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Functional Fitness Equipment Market is likely to hit a value of US $26 Bn by 2033-end while climbing at a CAGR of 5.8%.

Functional fitness equipment is a type of exercise gear designed to improve the body's ability to perform everyday movements. Unlike traditional gym machines that isolate specific muscles, functional fitness equipment focuses on natural, full-body exercises like pushing, pulling, and rotating. It engages stabilizer muscles, enhances core strength, and promotes flexibility with a broad range of motion.

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Key Segments of Functional Fitness Equipment Industry Research Report

The equipment, including items like kettlebells and resistance bands, is versatile and adaptable for all fitness levels, offering varied and efficient workouts. Its emphasis on practical, real-life movements makes it appealing, and the workouts can be easily tailored for individuals of different athletic abilities.

The market is experiencing growth propelled by the increasing preference for functional training in the fitness industry, emphasizing real-life movements. The integration of smart technology in fitness equipment, providing features like data tracking and interactive workouts, is contributing significantly to this expansion.

A difficulty arises from the space requirements for dynamic movements, which can be limiting for both individuals and commercial gyms. Ensuring the long-term durability of functional fitness equipment and addressing maintenance issues can be a challenge, affecting the overall cost of ownership.

Key Takeaways:

• The North American market is expected to be profitable during the forecast period due to the rising occurrence of chronic metabolic disorders such as diabetes and heart disease.
• Moreover, Europe is considered to be a lucrative market due to Europe’s robust fitness industry ownership, accelerated obesity rates, and deployment of fitness clubs in the region. The European market is predicted to witness a CAGR of 26% during the forecast period.
• By application, the health segment is expected to dominate the market during the forecast period.
• The rowing machine’s easy low intensity and easy-on-joint characteristics have pushed interest among bodybuilders.
• Various non-profit organizations and corporate entities are focusing on health complications and creating awareness through the operational training of individuals.

The increasing trend in holistic training, the integration of smart technology features, and the market's response to the versatility and adaptability of these fitness tools are driving the business - Says Fact.MR Expert

Market Competition

In this competitive industry, major players emphasize product development, strategic partnerships, and catering to dynamic consumer preferences for versatile, space-efficient, and technologically advanced fitness solutions. Prominent companies in the market landscape include Brunswick, Precor, Technogym, Escape Fitness, Torque Fitness, Concept2, Johnson Health Tech, Total Gym Global, Hampton Fitness, and XFit Brands.

• In April 2022, Core Health and Fitness revealed their acquisition of Wexer Holding LLC, aiming to expedite digital adoption and elevate the digital fitness industry.
• In June 2022, Johnson Health Tech declared its acquisition of the fitness division of Cravatex Brands Limited, marking itself as the inaugural fitness equipment corporation with a complete subsidiary in India.

Winning strategies

• In this industry, a successful strategy employed by main players is to create certification programs for trainers and fitness professionals. This helps build a skilled workforce and establishes credibility in the market.
• Major players are forming exclusive partnerships with fitness studios and boutique gyms. This strategy lets them showcase and promote their equipment in specialized environments, reaching a specific audience.
• Employing targeted marketing strategies to reach specific niche audiences, such as athletes, rehabilitation centers, or specific age groups, helps market players tailor their messaging to the unique needs of different market segments.

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Market Competitors

Prominent entities in the Functional Fitness Equipment market include XFit Brands, Brunswick, Total Gym Global, Escape Fitness, Hampton Fitness, Torque Fitness, Johnson Health Tech, Technogym, Precor, and Concept2. Noteworthy developments from key players are outlined below:

In April 2022, Core Health and Fitness revealed its acquisition of Wexer Holding LLC, a move aimed at expediting digital adoption and elevating the digital fitness sector.

Johnson Health Tech took a significant step in June 2022 by acquiring the fitness division of Cravatex Brands Limited, establishing itself as the first fitness equipment corporation with a complete subsidiary in India.

Nautilus, Inc., a leading figure in home fitness improvement, introduced the Bowflex BXT8J treadmill in September 2022. This treadmill boasts compatibility with the JRNY adaptive fitness app and is available at select online and in-store retail partners, presenting users with a comprehensive fitness solution at an affordable price point.

Checkout More Related Studies Published by Fact.MR Research:

Smart Sports Fitness Tracker Market: The global smart sports fitness tracker market is valued at US$ 2.88 billion in 2023 and is projected to reach US$ 4.52 billion by 2033-end, expanding at a CAGR of 4.6%.

Smart Sports Equipment Market: The global smart sports equipment market is set to enjoy a valuation of US$ 1,261.7 Million in 2022 and further expand at a CAGR of 2.8% to reach US$ 1,655.1 Million by the end of 2032.

Gym Equipment Market: The global gym equipment market is set to enjoy a valuation of US$ 7,698.4 million in 2022 and further expand at a CAGR of 4.8% to reach US$ 12,295.1 million by the end of 2032.

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12/11/2023 13:00

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