Gym Accessories Market to Reach $12.01 Billion Globally by 2031 at a CAGR of 6.2%: Allied Market Research

Rising prevalence of obesity and skyrocketing health consciousness are significantly driving the growth of the global gym accessories market.

PORTLAND, Oregon., August 1, 2022 /PRNewswire/ — Allied Market Research has released a report titled, ‘Gym Accessories Market by Type (Abdominal Straps, Belts, Wristbands, Heart Rate Monitor, Blood Pressure Monitor, Exercise Balls, Others), by End User (House, Apartment, Health Club/Gym, Hotel, Corporate, Public Institution, Hospitals & Medical Centers), by Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Sales Channels, Branded Outlets): Global Opportunities Analysis and Industry Forecast, 2021-2031.’ According to the report, the global gym accessories industry was estimated to $6.51 billion in 2021, and should reach $12.01 billion by 2031, registering a CAGR of 6.2% from 2022 to 2031. The report offers an explicit analysis of changing market trends, major segments, major investment pockets, value chain, of the competitive scenario and the regional landscape.

Drivers, constraints and opportunities –

Rising prevalence of obesity and skyrocketing health consciousness are significantly driving the growth of the global gym accessories market. In addition, the increase in the number of gym memberships, the growing sale of home equipment, the increase in the urban population and the emergence of several government initiatives to promote healthy living are fueling the adoption. of fitness equipment, thus further complementing the growth of the market. On the other hand, the high price of fitness equipment is holding back growth to some extent. However, improving lifestyle, increasing youth population and rising per capita income in developing countries are the major factors that are expected to create lucrative opportunities in the industry.

Covid-19 scenario-

  • Disruptions related to reduced production capacity, human resources and transportation have had a significant negative impact on the global gym accessories market.
  • The scarcity of raw materials, on the other hand, gave way to an increase in prices and encouraged the use of alternative products, which further aggravated the situation.
  • Strict restrictions on closing gyms in majority of countries have completely reduced the demand for gym accessories. However, the market almost recovered slowly and steadily.

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Health Club/Gym Segment Will Dominate by 2031-

By end-user, the health club/gym segment contributed nearly two-fifths of the global gym accessories market share in 2021 and is expected to lead by 2031, owing to the increase in the number of health clubs and gyms across the world. world. The corporate office segment, on the other hand, is expected to show the fastest CAGR of 9.3% from 2022 to 2031. Indeed, several companies have set up fitness centers and offer fitness programs. fitness to improve employee health and increase productivity. .

The specialty store segment to retain the lion’s share

Based on distribution channel, the specialty stores segment generated almost two-fifths of the global gym accessories market revenue in 2021 and is expected to lead the way by 2031. Specialty sports stores can serve as venues for gathering for enthusiasts, especially if the owners host special events and product demonstrations, which indirectly promote the product that is recently introduced or already exists in the market. Employees of specialized sports stores know the various gym accessories available and provide information to their customers for a better understanding of the properties and the use of gym accessories effectively. Such features of specialty sports stores attract customers, thereby contributing to the growth of the gym accessories market. The online sales channel segment, on the other hand, would show the fastest CAGR of 9.8% from 2022 to 2031, owing to the rapid growth of online and mobile customer bases in developing economies.

The segment of the heart rate monitor to manifest the highest CAGR-

Based on type, the heart rate monitor segment would exhibit the fastest CAGR of 9.8% from 2022 to 2031. This is because heart rate monitors help determine whether the workout is burning fat or carbs, because faster heart rates indicate carbohydrate burning and a lower heart. the rates indicate fat burning. This helps users develop cardiovascular training routines based on their training preferences and goals. The others segment, simultaneously, held almost a quarter of the global gym accessories market revenue in 2021 and is expected to take the lead by 2031.

Asia Pacific collected most of it in 2021-

Based on the 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 register the fastest CAGR of 6.2% by 2031. Rapid urbanization in developing economies, rising youth population and rising per capita disposable income are expected to propel the adoption of gym accessories in the region.

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Key Industry Players-

  • Couple suitability
  • Core Health and Fitness
  • Nautilus, Inc.
  • Interactive Platoon
  • Antasports
  • lifefitness
  • Aerofit
  • To be strong
  • Sfhealth
  • Health and fitness icon
  • jerafitness
  • Form
  • Technogym SpA
  • AS Fitness World
  • Thug fitness

Hammer Sport AG’s report analyzes these key players in the global gym accessories market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in evaluating the operating segments, their business performance and product portfolio, etc.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industry sectors, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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