Surge in incidence of obesity, development of new equipment to provide an improved experience, and rise in trend of open gyms and fitness centers drive the growth of the global outdoor fitness equipment market.
PORTLAND, Ore., June 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Outdoor Fitness Equipment Market by Product Type (Action Series, Heavy duty Series, Regular Series), by Application (Public Institution, Fitness Park and Trails, Government Fitness Centers, Outdoor Gyms, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global outdoor fitness equipment industry generated $1.5 billion in 2020, and is expected to reach $1.8 billion by 2030, registering a CAGR of 4.3% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Surge in incidence of obesity, development of new equipment to provide improved experience, and rise in trend of open gyms and fitness centers drive the growth of the global outdoor fitness equipment market. However, inclination toward acquiring in-home fitness equipment and expensive nature of outdoor equipment restrain the market growth. On the other hand, the launch of equipment that offers dual exercise capabilities present opportunities in the coming years.
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Covid-19 Scenario
- The outdoor gyms and fitness centers were closed due to lockdown restrictions during the Covid-19 pandemic to avoid the possibility of cross-contamination. This reduced the demand for outdoor fitness equipment during the initial period of pandemic.
- In addition, the economy uncertainty led to postponement of plans regarding launching new outdoor fitness centers and gyms. This affected the demand for equipment.
- However, the demand is expected to recover post-pandemic as outdoor gyms and fitness centers open and new centers launch.
The action series segment to maintain its leadership status during the forecast period
Based on product type, the action series segment accounted for the highest market share in 2020, contributing to nearly half of the global outdoor fitness equipment market, and is expected to maintain its leadership status during the forecast period. This is due to rise in usage by global consumers to exercise daily and maintain fitness. However, the heavy duty series segment is expected to witness the highest CAGR of 5.4% from 2021 to 2030, owing to increased usage for bodybuilding purposes.
The outdoor gyms segment to offer lucrative opportunities
Based on application, the outdoor gyms segment held the highest market share in 2020, accounting for more than one-fourth of the global outdoor fitness equipment market, and is expected to maintain its lead position during the forecast period. This is due to inclination of large group of consumers toward visiting outdoor gyms for training and exercise. The report also analyzes segments such as public institution, fitness parks and trails, government fitness centers, and others.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for around one-third of the global outdoor fitness equipment market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to increase in awareness of fitness in countries such as the U.S., Canada, and Mexico. However, Asia-Pacific is projected to manifest the fastest CAGR of 5.8% during the forecast period. This is attributed to rise in interest in performing different types of exercises and surge in focus on maintaining fitness.
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Leading Market Players
- Kompan A/S
- Landscape Structures, Inc.
- Outdoor Fitness, Inc.
- PlayCore, Inc.
- Proludic Ltd.
- SportsPlay Equipment, Inc.
- Stayfit Health and Fitness World Private Limited
- The Great Outdoor Gym Company Ltd.
- Wicksteed Leisure Ltd.
- Xccent, Inc.
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