India's fitness equipment market is projected to grow at a CAGR of over 15% during 2017-23. The cardiovascular training equipment segment acquired largest revenue share in 2016, however, with evolving workout preference of consumers, strength training segment is likely to record highest growth rate during the forecast period. Amongst all the end-user applications, gyms and health clubs captured the majority of the revenue share. Additionally, with growing penetration of international fitness chains, gyms & health clubs segment is likely to lead during the forecast period, says a recently published report by 6Wresearch.
The report titled "India Fitness Equipment Market (2017-2023), estimates and forecast the overall India fitness equipment market by type, end-user applications, and regions. According to it "Rising lifestyle diseases such as heart problems, obesity, and hypertension are resulting in growing awareness of consumers towards physical fitness.
Further, growing youth population (15-34 years age group) coupled with increasing number of gyms and health clubs are driving the growth of fitness equipment market in India. Moreover, fitness equipment market is witnessing fierce competition in the country owing to the presence of numerous international and domestic players. Star Trac, Precor and Life Fitness are the key foreign players while Jerai Fitness led the market among the domestic companies."
Says Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "Continuous increase in a number of gyms and health clubs in the country is driving the growth of fitness equipment market in India. Although, floor space is a major challenge for providing gym facilities, yet with growing consumer demand and preferences for physical fitness, gyms are readily installed across different end-user applications including residential societies, offices, educational institutions etc. Amongst several fitness machines, treadmill remained the most preferred equipment in both home and institutional segments."
"Moreover, international players have acquired major share in the overall India fitness equipment market. International and domestic manufacturers are investing in R&D to understand customer demand and are coming up with technological advancements, designs and comfort in equipment," Anuj concluded.
According to Suman Gautam, Research Associate, Research, and Consulting, 6Wresearch, "India fitness equipment market is majorly driven by growing demand from Tier-I cities including Delhi, Mumbai, Pune, Hyderabad, and Kolkata. A Gym membership was previously considered as a luxury nevertheless, with increasing fitness awareness over past few years Tier-II and III cities such as Ahmedabad, Jaipur, Indore, Raipur etc. are readily opting for fitness and wellness.
"Additionally, commercial applications including hotels, hospitals, and offices are expected to register higher growth rate during the forecast period. Hotels are partnering with health clubs and gyms to offer temporary memberships to their customers. Government and corporates are also working towards the promotion of fitness and encouraging employees to maintain work-health balance," Suman concluded.
Some of the major companies in India fitness equipment market include- Star Trac Health & Fitness, Inc., Precor Incorporated, Life Fitness Inc., Jerai Fitness Pvt. Ltd., (Aerofit) Nityasach Fitness Pvt. Ltd., Hoist Fitness Systems Inc and Acme Fitness Pvt. Ltd
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