The rapid development of the fitness industry is marked by manufacturers vying to align their offerings to evolving fitness trends. According to the International Health, Racquet & Sports club Association (IHRSA) Asia-Pacific Health Club Report, over 25,000 health clubs in Asia Pacific attracted more than 22 million members. With the expanding middle class and significant influence of millennial preference, the functional fitness industry is witnessing an upward growth trajectory in the Asia Pacific region.
According to a recent market research published by Fact.MR, the functional fitness equipment market is expected to remain lucrative against the backdrop of dissemination of health awareness, increasing number of fitness clubs, rising health club memberships and the positive economic growth in the Asia Pacific region. A greater focus on enhancing strength and coordination has increased the popularity of functional fitness. With the functional training programs at the helm, the report foresees a significant surge in the demand for functional fitness equipment during the forecast period 2018 - 2028.
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The Fact.MR study reveals the market forecast for Asia Pacific functional fitness equipment market which is derived from the market performance of Asia Pacific excluding Japan (APEJ) and Japan. The report estimates that the APEJ market is likely to surpass US$ 1400 million and Japan functional fitness market to account for over US$ 390 million by 2028 end. Australia and New Zealand will continue to dominate the Asia Pacific functional fitness equipment market and ASEAN is expected to follow suit.
The functional fitness market report also analyses the global trends and envisages the global market to register a robust CAGR of 7.1% during the forecast period of 2018 – 2028. Due to a significant participation of the millennial population, functional fitness has become one of the most commonly adopted fitness training across the globe. In addition, personalized training programs through personal trainers and scope for creative and improved functional movement training concepts are likely to propel the functional fitness equipment market.
Owing to the growing preference for combo workouts, particularly combination of cardio and muscle building has led to a stellar rise in popularity of rowing machine in the functional fitness equipment market. While bars & plates segment is expected to witness an all-time high volume share, the rowing machine segment is expected to expand rapidly with an impressive CAGR of 6.9% during the assessment period. Amidst the growing efforts to spread health awareness, a considerable population, particularly in developing regions, is witnessing a lag between health awareness and adoption of fitness regime. Trends as such are likely to confine the growth of eth functional fitness equipment market during the forecast period.
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