Fitness Equipment Services Market Size
Services for Fitness Equipment In 2023, the market size was $3.1 billion. It is expected to grow at a rate of 3.5% per year from 2024 to 2032. Strategic alliances have become an important part of the business world as companies aim to grow their product lines and presence in the market. These alliances improve product lines, make operations more efficient, and take advantage of synergies.
Hello! Look at this. Dyaco UK is a gym equipment manufacturer in Milton Keynes that has great intentions. They have signed a deal with Sweatband, a big UK company that sells sports and fitness gear. This merger changes the game. Dyaco is now the only company in the UK that can handle everything from fancy commercial gyms to home training for all kinds of sports. They seem to be the only place to go for anything fitness-related.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Fitness Equipment Services Market Size in 2023 | USD 3.1 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 3.5% |
| 2032 Value Projection | USD 4.2 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 340 |
| Segments covered | Services, product type, end-user |
| Growth Drivers |
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| Pitfalls & Challenges |
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The growing number of mergers and acquisitions in the fitness equipment services sector shows that the market is always changing because people want new ideas and all-in-one solutions. This dynamic market shows that companies are responding to changing customer needs and are committed to providing the best fitness solutions.
The market for exercise equipment services is seeing a lot of growth since more and more people want to use equipment at home. More and more people are buying individual training areas as the trend toward home fitness grows. As a result, there is a greater need for services like installing, maintaining, and fixing fitness equipment at home.
There is a strong demand for specialized services since it is easy and flexible to work out at home. This shows that the fitness sector is changing to accommodate the changing needs of health-conscious people. In December 2021, Cult.fit, a major player in the fitness and wellness industry, bought some of the best cardio equipment brands, such as RPM Fitness, Fitkit, Onefitplus, and Urban Terrain, a bike brand. This move strategically strengthened its position in the direct-to-consumer (D2C) fitness market and home fitness. With the purchase of Urban Terrain, Cult.fit is now in the bike business.
The market is growing because workout equipment is getting better and more quickly. Smart workout machines, wearable technologies, and digital platforms that work together have changed the fitness sector in big ways. People want high-tech training equipment that lets them customize their workouts, track their progress in real time, and engage with the equipment. Adding technology to exercise equipment not only makes it more enjoyable to use, but it also generates a need for services like maintenance, software upgrades, and technical support.
There are a number of things that make it hard for the fitness equipment services market to grow. When the economy is bad, people are less likely to buy things that aren't necessary, which affects the demand for fitness equipment services. Logistical problems, like problems with the supply chain and transportation, might make it hard to get equipment and services to you on time. Also, changing safety rules and standards may require expensive changes that hurt corporate margins. New businesses face problems since the market is saturated and there is a lot of competition. To stand out in these conditions, organizations must focus on innovation and service quality.
Fitness Equipment Services Market Trends
The fitness equipment services industry is witnessing transformative trends driven by innovative offerings and rental options from industry leaders. Pioneering companies are introducing cutting-edge technologies, such as smart equipment with integrated digital features and virtual training capabilities, revolutionizing the fitness experience. Additionally, the rise of rental services provides consumers with cost-effective and flexible access to high-quality fitness equipment, aligning with changing preferences. These trends reflect a market dynamic where continuous innovation and adaptable business models cater to evolving consumer needs, shaping the future of fitness equipment services.
Regarding this, in February 2023, introducing an innovative rental alternative, Wolfmate allowed customers to lease cutting-edge smart fitness equipment, aligning with its commitment to enhancing physical activity and wellness. Complementing this offering, Wolfmate unveiled an online coaching platform for both group sessions and personalized one-on-one training, empowering clients to achieve their fitness goals conveniently from their home gyms. Wolfmate's comprehensive range comprises four smart fitness products catering to diverse budgets.
Fitness Equipment Services Market Analysis
Based on services, the market is divided into routine maintenance, repair services, emergency services, part replacement & upgrades, inspection & safety checks. The routine maintenance segment accounted for a market share of over 35% in 2023. The adoption of a fitness equipment services market is propelled by routine maintenance. As fitness equipment becomes integral to daily workouts, regular upkeep is crucial for optimal performance and longevity.
Consumers and commercial establishments alike prioritize preventive maintenance to ensure safety and functionality. This creates a consistent demand for specialized services offering routine checks, repairs, and upgrades. The emphasis on maintenance not only enhances equipment durability but also contributes significantly to the overall reliability and satisfaction of fitness enthusiasts, fueling ongoing market demand.
Based on product type, the fitness equipment services market is categorized into cardiovascular equipment, strength training equipment and others. The cardiovascular equipment segment accounted for a market share of over 58% in 2023. The demand for cardiovascular equipment in the fitness equipment services industry is driven by the increasing popularity of cardiovascular equipment.
As awareness of cardiovascular health grows, consumers seek state-of-the-art machines such as treadmills, elliptical trainers, and stationary bikes. The demand extends beyond initial purchases, requiring ongoing services for maintenance, repairs, and upgrades. Fitness enthusiasts prioritize the longevity and optimal functioning of their cardiovascular equipment, resulting in a consistent need for specialized services. This sustained demand underscores the integral role of cardiovascular equipment in shaping the dynamics of the market.
North America dominated the global fitness equipment services market with a major share of over 33% in 2023. North America fitness equipment services industry is flourishing due to several key factors. With a growing trend towards home gyms and commercial fitness centers, the region sees a continual need for fitness equipment services. Consumers seek maintenance, installation, and upgrades for their equipment, contributing to a dynamic market.
The diverse fitness culture in North America, in line with a preference for cutting-edge technology, sustains a strong demand for specialized services, highlighting the region's pivotal role in shaping the market.
Fitness Equipment Services Market Share
Best Buy and Fitness Machine Technicians dominate the market with over 15% of the market share. Companies in the fitness equipment services industry employ various strategies to bolster their presence. This involves dedicating resources to research and development to create inventive solutions, forging strategic alliances, securing crucial technologies, and consistently adjusting products to meet changing cybersecurity threats. This approach guarantees a competitive advantage in the ever-shifting market terrain.
Both Best Buy and Fitness Machine Technicians may have established strong brand reputations in the market. A well-known and trusted brand can attract more customers and contribute to a larger market share. Offering a wide range of fitness equipment services, including maintenance, repair, installation, and perhaps even product sales, can make a company more attractive to customers. Comprehensive service offerings can contribute to customer loyalty and a larger share of the market.
Fitness Equipment Services Market Companies
Major players operating in the fitness equipment services industry are
- Acumatica
- FreshBooks
- Intuit Inc.
- Microsoft Corporation
- NetSuite (Oracle)
- Sage Group
- SAP SE
- Wave Financial Inc.
- Xero
- Zoho Corporation
Fitness Equipment Services Industry News
- In November 2021, Coltala Holdings, a Dallas holding company specializing in acquiring majority ownership in well-established US businesses across diverse sectors, completed the acquisition of three fitness equipment companies. This strategic move positions them as the largest e-commerce and fitness equipment dealer in Texas, boasting an impressive 23 retail locations and a substantial national footprint in the commercial sector. Emerging as the second-largest independently owned fitness equipment distributor in the U.S., MyFitnessStore.com, the new proprietor, provides an extensive array of fitness equipment and services, catering to both residential and commercial clientele through online and retail platforms in key Texas markets.
The fitness equipment services market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments
Market, By Services
- Routine Maintenance
- Repair Services
- Emergency Services
- Part Replacement & Upgrades
- Inspection & Safety Checks
Market, By Product Type
- Cardiovascular Equipment
- Treadmills
- Elliptical machines
- Stationary bikes
- Others
- Strength Training Equipment
- Weight machines
- Resistance equipment
- Others
- Others
Market, By End-user
- Health Clubs/Gyms
- Hospitality and Leisure
- Corporates
- Educational Institutes
- Home Consumer/Residential
- Commercial
- Large Apartment Buildings
- Condominiums/Cooperative Apartments
- Multi-family Properties
- Others
- Residential
- Single Family Homes
- Others
- Commercial
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Netherlands
- Nordics
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Southeast Asia
- ANZ
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- South Africa
- UAE
- Saudi Arabia
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