GURUGRAM, India, May 31, 2022 /PRNewswire/ —
- Launch and expansion of approximately 163 hotel projects such as Radisson and Hyatt as envisaged by 2030, is expected to act as a catalyst for the increased demand of fitness equipment required at their respective fitness facilities.
- Consumers shifting preference towards availing digital fitness services followed by the advent of COVID-19 will positively contribute in accelerating the demand of home based fitness equipment such as yoga mats, resistance bands and dumbbells along with exercise bike, elliptical and treadmills in coming years.
Rise in Local Gyms and Fitness Clubs
Commercial and Private Fitness Centers in KSA
The fitness industry in KSA was once dominated by the wealthy and expats, now a new wave of local gyms and dance and martial arts studios are emerging to serve a fast-rising number of young, less affluent fitness enthusiasts. It is estimated that in between 2021 and 2026E, total number of members availing fitness services will be expanding at a CAGR of 13.3%. With the rapid expansion in the number of total members, the demand for fitness equipment is expected to surge in coming years.
Growing Working Age Population
Due to the increased awareness on health and hygiene followed by the advent of COVID-19, 46.4% of the overall population in KSA belonged to the working age population aged 25-54 years as of 2021, which is estimated to contribute to more than 50% by the end of 2030. Consumers belonging to this age group in KSA are health conscious individuals who in order to maintain physical health resort to various fitness related activities such as cycling, walking and gymming among others. With the rise in awareness on the importance of physical health, the demand for high end fitness equipment will witness a surge driven by consumers belonging to this age group.
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The future of Fitness Equipment Market is closely knit with expanding virtual fitness equipment market
The expanding virtual fitness market will spur the demand for high-quality fitness equipment that can be easily installed at homes. Busy working professionals prefer to undertake online fitness sessions to enjoy exercising in the comfort of their homes and as per convenience. In response to the growing home fitness equipment industry, market players are launching digitally connected solutions for consumers. Consumers are leveraging the benefits of digitally connected fitness equipment to enjoy a personalized training experience through online workout classes.
Future Opportunities for Fitness Equipment Market in KSA
Equipment distributors have an opportunity to cater to the surging demand of home based fitness equipment as consumers are preferring to avail fitness services at the comfort of their home post COVID-19, which in turn will contribute to the growth of digital fitness services and equipment market in coming years. Subsequently, launch and expansion of 163 hotel projects such as Radisson and Hyatt by the end of 2026 as envisaged by the government serve as an immediate opportunity for the equipment distributor’s to collaborate in supplying