How big is the fitness tech industry?
18 June 2022
The global fitness tech industry has grown steadily and was worth more than $96 billion.
As the market for virtual fitness grows, more people will want high-quality fitness equipment that is easy to set up at home. Professionals who are always on the prefer online fitness sessions because they can work out in the comfort of their own homes and at their own pace. As the fitness tech industry market grows, market players come out with digitally connected solutions for consumers. Customers are using fitness equipment connected to the internet to take online workout classes that to their needs.
Due to global lockdowns caused by the coronavirus (COVID-19) pandemic, health clubs and gyms had to close for a while in 2020, which hurt the fitness equipment market. The industry had a sharp downturn because fitness centres stopped buying as much. Several people didn’t go to the gym because they feared that the virus would spread through physical contact. People felt safer working out at home because of this, so the demand for home fitness equipment went up.
Top Numbers from the Fitness Industry
The fitness tech industry’s revenue fell by 32.45 percent in 2020, but it rose to 0.55 percent of what it was before the pandemic by the end of 2021. The fitness industry will grow by 171.75 per cent to 434.74 billion USD by 2028. In 2021, it will be worth nearly 160 billion USD. The pandemic hit the hardest of the gym, health club, and boutique fitness studio industries. In the first year of the pandemic, they dropped by 58.30%. They will have 22.5 per cent less money in 2021 than before the pandemic. Due to the pandemic, the markets for online/digital fitness, fitness apps, fitness equipment, and fitness trackers all grew a lot. Seeing a 40.61 percent increase in sales in 2020, By the end of 2021, they will be 66.3% higher than before the pandemic. The online/digital fitness tech industry has the highest growth rate of 33.10 percent per year from 2021 to 2028. The gym industry is growing at a rate of 7.21 per cent per year, which is the slowest rate of any industry.
The fitness tech industries are increasing at an annual pace of 8.7 percent from a business perspective. As a result, all fitness centres worldwide make an extra 8.7 percent of money every year. This additional market growth could help other products and services related to fitness grow in the long run.