Fitness equipment generally refers to any equipment used for physical or fitness-related activities. They aid in the growth of physical fitness or strength. A range of products, such as stair steppers, elliptical cross-trainers, weight machines, treadmills, free weights, and stationary bikes, are frequently included in fitness equipment sets. A machine that resists an individual while they engage in physical activities to build muscle, control weight, and enhance flexibility is called exercise equipment. It contributes to improving appearance and personality. There are available exercise equipment such as elliptical machines, weight machines, free weights, and treadmills.
South Korea Fitness Equipment Market Driving Factors and Challenges
Driving Factors- Engaging in physical activity has noteworthy advantages for the heart, body, and mind. Moreover, exercise plays a role in the prevention and management of non-communicable illnesses like diabetes, cancer, and cardiovascular disease. These days, people all around the world can test their talents at different functional fitness events and bring their hard-earned fitness training results to competitive tournaments. Competitions for a variety of fitness activities are available, including cross-fit, bodybuilding, long distance running, powerlifting, and fun runs. Numerous businesses and fitness associations have seized the opportunity to plan a range of outdoor events and fitness competitions.
Challenges- Certain exercise equipment that is extremely expensive, particularly for middle-class and lower-class people in developing and impoverished nations, serves as a development inhibitor. The cost of fitness wearables and equipment has increased significantly with the advancement of technology. Adding other features, such enhanced software, wireless connectivity, tracking of additional vitals, high definition display, and increased power economy, directly raises the initial cost of the exercise equipment and device. The expense of healthcare and fitness is rising as a result of consumer wearable technology use.
Impact of COVID-19 on South Korea Fitness Equipment Market
The COVID-19 epidemic has been extremely beneficial to the fitness equipment business. Lockdowns and social separation are two new rules and regulations brought up by the pandemic to stop the virus from spreading. People were compelled to stay at home as a result, which gave rise to new trends like working from home. Due to the increased popularity of at-home workouts, there has been an increase in demand for fitness equipment throughout the epidemic.
South Korea Fitness Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Coulter Ventures LLC (Rogue Fitness), Icon Health & Fitness, Inc. (iFIT Health & Fitness Inc.), Johnson Health Tech Co. Ltd., Life Fitness, Matrix Fitness, Nautilus Inc., Peloton Interactive, Inc., Precor Incorporated, Technogym SpA, True Fitness Technology Inc.
South Korea Fitness Equipment Market Segmentation:
By Product: Based on the Product, South Korea Fitness Equipment Market is segmented as; Strength Training Equipment, Cardiovascular Training Equipment, Body Composition Analysers, Fitness Monitoring Equipment.
By Application: Based on the Application, South Korea Fitness Equipment Market is segmented as; Weight Loss, Body Building, Physical Fitness, Mental Fitness.
By End User: Based on the End User, South Korea Fitness Equipment Market is segmented as; Health Clubs/Gyms, Home Consumer, Hotels, Corporates, Hospital and Medical Centers, Others.
By Region: This research also includes data for Northern Region, Southern Region, Western Region, Eastern Region, Central Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.