The global gym accessories industry was estimated at $6.51 billion in 2021 and is expected to reach $12.01 billion by 2031, registering a compound annual growth rate (CAGR) of 6.2 percent from 2022 to 2031, according to a new report by Allied Market Research. The experts said that the growth is primarily driven by a rise in the prevalence of obesity and a surge in health consciousness.
The market for gym accessories is also fueled by an increase in the number of gym memberships, growing sales of in-home equipment, an upsurge in the urban population, and the multiplication of government initiatives to promote healthy living. The high price of fitness equipment hampers growth to some extent, though.
By end-user, the health club/gym segment accounted for nearly two-fifths of the global gym accessories market share in 2021 and is expected to lead the trail to 2031. The corporate office segment is projected to exhibit the fastest CAGR of 9.3 percent from 2022 to 2031, as an increasing number of corporate organizations set up fitness centers and offer fitness programs to their employees.
By distribution channel, the specialty stores segment generated nearly two-fifths of the global gym accessories market revenue in 2021 and is expected to lead the trail by 2031. The online sales channel segment is expected to manifest the fastest CAGR of 9.8 percent to 2031, primarily driven by rapid online and mobile user customer base growth in developing economies.
Finally, based on region, Asia-Pacific held the major share in 2021, generating more than two-fifths of the global gym accessories market, and is also expected to experience the fastest CAGR of 6.2 percent from 2022 to 2031.
Allied Market Research is a full-service market research and business-consulting wing of Allied Analytics, based in Portland, Oregon.
