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TaiSPO 2010 -- Industry Overview of Fitness Equipment |
| by - 03/15/2010 |
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| "The global home fitness equipment market saw remarkable growth in the years prior to the global financial crisis, prompting many industry analysts to search for explanations. They concluded that having exercise equipment at home is convenient, affordable," |
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time efficient and allows privacy for many.
Whatever the reasons behind the industry's growth, home fitness equipment constitutes a niche of great potential where market demand remains stable, even during the recent economic recession. The U.S. is the world's largest fitness equipment market, where the home sector has grown so fast that it's now four times larger than the institutional sector.
Many people are beginning to realize that there's no place like home when it comes to convenience in exercise, allowing people to avoid bad weather or traffic found on trips to the gym. Home fitness equipment also allows people to exercise any time. And it doesn't take much time, either. Simply spending 30 or 45 minutes per day exercising will make people feel great and look good.
Market demand is primarily driven by individual preference and income. Home fitness doesn't require expensive equipment or a big investment. Price-conscious consumers recognize that, in a long-term aspect, it's much more economical to purchase home fitness equipment than pay membership fees to fitness club.
[Stress reliever]
The growing exercise equipment market shows the increasing demand of individuals to work out at home. Home workouts are, of course, not just for fun. There are many reasons to exercise: to improve health, control weight, look better, reduce stress, etc.
Numerous studies have been conducted regarding the effects of exercise on one's mental health. They conclude, "Working out is not all about losing weight or shaping your body. It helps improve your endocrine system, elevate your mood and reduce your chances of suffering from serious diseases and conditions such as heart disease, diabetes, high blood pressure, stroke and even some cancers."
The reality is that exercising causes your body to release endorphins, which are also referred to as "feel-good hormones." "It is the release of these hormones that runners commonly refer to as a runner's high."
Commented market observers, "for many people, exercise is not only for building a healthy body, but also to help relieve stress, especially at a time when global economic recession is threatening the international market." Indeed, it makes sense to beat the economic blues with some exercise. This awareness of the many benefits of exercise boosts the home fitness equipment market during hard times when more people are worried about shrinking incomes.
[Market growth]
The home fitness market started to emerge in the early 1980s. In the early years, home fitness equipment accounted for a small percentage of fitness equipment company production, estimated at most 30 percent. Now, it has grown to be a dominant sector.
The dramatic growth of home fitness market coincided with the emergence of e-commerce during the late 1990s and early 2000s. Proliferating e-shops, which provide consumers with shopping options and cater to their needs and budget, offer a good channel for retail promotion.
With online shopping carts and searchable databases of various models of fitness equipment such as motorized treadmills, exercise bikes and free weights, among others, the e-shops make it much easier for individual consumers to look for what they want. Furthermore, most newly-launched e-shops offer up to 10 percent discounts to induce new memberships, an effective promotion strategy. Online shopping has been growing at an accelerated pace in the U.S., where the Commerce Department reported that e-commerce sales in general grew 19 percent in 2007 to US$136.4 billion, while retail sales increased by only 4 percent.
Demographic trends are a major factor in determining a fitness equipment store's sales promotion strategies. In the U.S., most retail shops are traditionally targeted at health-conscious adults aged 45 to 64, a demographic group that will swell in the coming years. According to the Sporting Goods Manufacturer's Assn., this group is responsible for approximately 80 percent of sales in the home fitness market, with annual spending projected to increase from US$200 billion to US$1 trillion in the next decade.
[Trendy design]
When compared to machines made for commercial use, home fitness equipment usually is smaller, simple in structure, and generally made with lightweight materials. Such products, according to manufacturers, generate smaller profit margins. Lately, IC-controlled devices are commonly applied to fitness equipment to add value.
For many consumers, home gym equipment is part of interior design. It should have a pleasing look and match other furniture items. A great advantage of home fitness is that people can exercise in a limited space. Home fitness equipment, however, doesn't cover as wide a range as those machines made for commercial use. Exercise bikes, treadmills, body builders and weight loss supplements are the major items for a home gym. The desire of people to make their lives healthier by acquiring a home gym is expected to be a driving force that will continue to drive market demand.
[More in TaiSPO 2010]
TaiSPO (Taipei International Sporting Goods Show), from 29 April – 2 May 2010 in NANGANG Exhibition Hall, Taipei Taiwan, features the biggest sporting goods trade show in Asia especially in the fitness equipment industry. More than 145 fitness equipment companies with 1,141 booths is participating in this event.
For more information, please visit the website http://www.taispo.com.tw,
or e-mail to: taispo@taitra.org.tw
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