Functional Fitness Equipment Market Research, 2031
The global functional fitness equipment market was valued at $6.3 billion in 2021, and is projected to reach $273.3 billion by 2031, growing at a CAGR of 47.7% from 2022 to 2031. Functional fitness equipment usually allows the body to operate in a way that is like how it might in real-world conditions.
This allows for full body motion in all directions and mimics the motions used in work, sport, and daily life. Functional fitness equipment includes items like dumbbells, barbells, balancing balls, kettlebells, boards & beams, and cable balls. This enables complete independence of all bodily motions, including those that resemble daily duties and responsibilities. This places the body in a situation where the person controls the workout regimens and is in charge of ensuring that the core and synergetic muscles are stable.
Physical activity is beneficial to the body, heart, and mind, and it helps in the prevention and management of noncommunicable illnesses such as cardiovascular disease, cancer, and diabetes. People all around the world may now take their hard fitness training results to competitive tournaments and put their talents to the test at various functional fitness competitions. Bodybuilding, powerlifting, long distance running races, fun runs, and cross-fit contests are just a few examples of fitness activity competitions. Numerous companies and fitness groups have taken the lead and organized a variety of fitness competitions and outdoor activities. As a result, the increased number of individuals participating in physical activities drives market growth.
The functional fitness equipment market growth is restricted by some exercise equipment that is quite expensive, especially for middle- and low-income people in developing and impoverished nations. High-tech sports equipment and fitness devices are readily recognizing price increases because of technical improvement. The initial cost of the fitness equipment and fitness device is directly impacted by the inclusion of extra features like high-quality displays, improved power efficiency, tracking of additional vitals, wireless connectivity, and enhanced software, among others. The usage of wearable technology by different customers is leading to an increase in spending on fitness-related healthcare. Wearable devices demand is expected to rise as their application coverage expands, directly contributing to their high price. These factors are expected to restrict the market growth during the forecast period.
Non-profit groups continue to promote fitness classes and raise public awareness of programs. Through several programs, they are largely concentrating on raising awareness of the functional training's advantages. Due to this, the global functional fitness industry is now driven by those who participate more frequently in physical activity. Also, several business organizations are presently emphasizing the need to advise their personnel to pursue functional training. This can increase company productivity by enhancing morale and increasing workplace wellness. Functional exercise equipment is economically feasible for companies since it will provide tremendous growth potential in the future.
The key players profiled in this report include Concept2, Precor SA Technogym, Johnson Health Tech, Torque Fitness, Hampton Fitness, Escape Fitness, Total Gym Global, Brunswick Corporation, and XFit Brands.
The global functional fitness equipment market is segmented on the basis of type, application, and region. By type, the market is sub-segmented into medballs, bars and plates, flat bench, squat rack, rowing machine, kettlebells and dumbbells, and others. As per application, the market is classified into health clubs, home, hotels, hospitals, corporate offices, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The functional fitness equipment market is segmented into Type and Application.
By type, the medballs sub-segment is projected to have the highest CAGR during the forecast period. The popularity of combined cardiovascular components with anti-muscle design has become apparent in this. Individuals who primarily concentrate on dynamic movements, such as snatches and cleans, use bars and plates widely. Weighted bars, such as dumbbells and kettlebells, are used to target specific muscles and kinds of physical activity. Squat platforms are used to work out the biggest muscle in the body. These are predicted to be the major factors affecting the functional fitness equipment market size during the forecast period.
By application, the health clubs sub-segment dominated the global functional fitness equipment market share in 2021. The functional exercise equipment industry is presently undergoing a paradigm change as big box health club and low-cost, high-volume chains phase out large footprint, traditional devices. While investments remain an issue, the advantages of functional fitness equipment outweigh the expense of the new idea, as the health club company shifts its emphasis toward establishing functional training equipment. This will greatly boost the development of the functional fitness equipment market during the forecast period.
By region, North America is projected to have a dominant market share during the forecast period. North America remains highly advantageous for the expansion of the functional fitness equipment market demand, owing to growing incidences of chronic metabolic illnesses, such as diabetes and heart disease, which are directly associated to obesity. The positive features of functional equipment are thus incorporated by the region's population. Functional fitness championships organized in the United States by non-profit organizations such as USA functional fitness (USAFF) have had a significant influence on the region's functional fitness equipment industry expansion.
Impact of COVID-19 on the Global Functional Fitness Equipment Industry
- The COVID-19 pandemic has had a significant impact on the fitness equipment industry. To stop the spread of the virus, the pandemic has enforced new rules and conventions, such as lockdowns and social exclusion. People were consequently forced to stay at home, which gave rise to new trends such as working from home.
- The demand for fitness equipment during the pandemic has increased due to the rising popularity of at-home workouts. In the wake of the pandemic, fitness applications and platforms have seen substantial growth due to the increased focus on self-care, exercise, and wellness. Additionally, the pandemic has motivated non-fitness fans to place a higher priority on maintaining their health and fitness, which helps in gaining traction.
- Economic slowdown has affected the setup of new functional fitness projects across the world as majority of government fundings were diverted toward healthcare sector owing to rapid spread of the COVID-19 virus, impacting the market to the great extent.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the functional fitness equipment market analysis from 2021 to 2031 to identify the prevailing functional fitness equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the functional fitness equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global functional fitness equipment market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global functional fitness equipment market trends, key players, market segments, application areas, and market growth strategies.
Functional Fitness Equipment Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 273.3 billion |
 Growth Rate | CAGR of 47.7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 280 |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | precor sa, Technogym, concept2, inc., XFit Brands, Johnson Health Tech, torque fitness, escape fitness, Total Gym Global, Hampton Fitness, brunswick |
Analyst Review
The functional fitness equipment market demand has increased worldwide, due to an increase in health awareness. In addition, physical exercise is advised during certain medical treatments. The most used functional fitness equipment include bars and plates, medballs, flat bench, and others. The expansion of the global market for functional exercise equipment has been considerably enhanced by the rise in health consciousness and the prevalence of obesity. However, the high cost of functional fitness equipment raw materials, particularly metals such as iron and steel, has risen immensely. This has resulted in a global increase in the overall cost of workout equipment and is the key factor expected to hamper the market growth during the forecast period. The functional fitness equipment market is being driven by a growing demand for a healthy lifestyle. Additionally, growing government initiatives in many countries to encourage a healthy lifestyle have played an important role in propelling the market. Furthermore, the government encourages more individuals to become more active through boosting physical activity participation and offering solutions between the community and various sports and fitness groups. All these factors create excellent opportunity during the upcoming year.
Among the analyzed regions, North America is expected to account for the highest revenue in the market by the end of 2031, followed by Asia-Pacific, Europe, and LAMEA. Growing number of people involved in physical activities competitions are the key factors responsible for leading position of Europe and Asia-Pacific in the global functional fitness equipment market.
The most commonly used functional fitness equipment includes medballs, bars and plates, flat bench, squat rack, rowing machine, and others. The increase in the prevalence of obesity and the rise in health consciousness have primarily driven the development of the worldwide functional fitness equipment market. In addition, the adoption of exercise equipment is driven by a growth in the number of gym memberships, an increase in the sale of in-home equipment, an increase in the urban population, and an increase in government measures to encourage healthy lifestyle is estimated to generate excellent opportunities in the functional fitness equipment market.
The major growth strategies adopted by functional fitness equipment market players are investment and agreement.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global functional fitness equipment market from 2021 to 2031 to determine the prevailing opportunities.
Health club sub-segment of the application segment acquired the maximum share of the global functional fitness equipment market in 2021.
The government encourages more people to become more active by promoting physical activity participation and strengthening ties between the community and various sports and fitness organisations are anticipated to boost the functional fitness equipment market in the upcoming years.
Functional fitness equipment industry leaders and manufacturers are the major customers in the global functional fitness equipment market.
Asia-Pacific will provide more business opportunities for the global functional fitness equipment market in future.
Concept2, Precor SA, Technogym, Johnson Health Tech, Torque Fitness, Hampton Fitness, Escape Fitness, Total Gym Global, Brunswick Corporation, and XFit Brands are the major players in the functional fitness equipment market.
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