DUBLIN--(BUSINESS WIRE)--The "Health and Fitness Club Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global health and fitness club market is projected to witness a CAGR of 7.21% during the forecast period 2022-2027.
The fitness industry, particularly brick-and-mortar gyms, was among the hardest hit during the COVID-19 outbreak. Gyms and fitness studios were the first businesses to undergo forced shutdowns in the United States and various other countries from the threat of the COVID-19 pandemic. As 'work from home' became the new normal for other businesses, virtual access or 'workouts from home' with gyms and studios increased consistently, as these provide a safer exercise regime to the consumer in the comfort of their home, thus restraining the market studied.
However, it is undoubtedly more alarming for smaller players with lesser or no budget to go virtual or invest in digital advertising or create a digital platform. However, hundreds of big and small fitness businesses joined in with Omnify's Zoom integration to enable the booking of live classes, thereby supporting gyms and studios through live streaming of their services.
Consumers are willing to spend more on health and fitness clubs, with the health aspects playing a key role in driving market growth across the world. The rising number of health clubs and gyms with personal training and the latest fitness equipment is attracting consumers to join health and fitness clubs, which is likely to influence the market growth over the coming years.
Increasing equipment and facility spaces in fitness clubs, such as hot yoga studios, high altitude training rooms, metabolic testing equipment, medical exercise areas, and day spas, are gaining popularity among consumers, which is further supporting market growth. Attractive membership fees offered by fitness clubs and increasing spending on marketing and advertisement are helping health and fitness clubs generate more revenue.
Key Market Trends
Increasing Inclination Toward Health Clubs for Fitness
Globally, increased consumption of unhealthy food and sugar is causing obesity, which leads to diabetes, heart disease, and high blood pressure. The rise in awareness among millennials has resulted in an increase in expenditure on healthy lifestyles and fitness activities, which is encouraging them to join fitness clubs. Moreover, the Gen X population is more likely to be the consumer of health clubs than any other demographic, so health clubs focus on keeping this consumer segment engaged and investing in their gym and health memberships by offering personalized service offerings. Due to intense competition in the market, key players are trying to distinguish their service offerings by providing a unique value proposition and benefits to survive in the highly competitive environment, which is encouraging more people to join fitness and health clubs.
North America Dominates the Health and Fitness Club Market
Rising health awareness and increasing obesity among consumers in the United States are likely to support the market growth in the region. The number of adults aged between 20 and 64 years, which is the largest gym-going demographic, has increased, spurring demand for gym memberships in the recent past in the United States. As a result, many baby boomers are expected to sign up for health club memberships as they become more health-conscious with age. Most multipurpose health/fitness facilities offer a wide variety of specialty exercise services, equipment, and programs designed to encourage people of all ages and fitness levels to participate in regular exercise. Such initiatives are driving the health and fitness club market in the United States. Some examples are LA Fitness Irvine, Life Time Fitness Chanhassen, and MN.
Competitive Landscape
The most active companies in the health and fitness club market globally include Planet Fitness, Town Sports International Holdings Inc., UFC GYM, Crunch Fitness, Gold's Gym International Inc., 24 Hour Fitness USA Inc., and Self Esteem Brand, among others. The major strategies adopted by companies operating in the global health and fitness club market are expansions and mergers and acquisitions. Major players are focusing on expanding their geographical presence in order to cater to the interests of consumers and gain market share. Thus, expansion is the most preferred strategy in the health and fitness club market.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Service Type
5.1.1 Membership Fees
5.1.2 Total Admission Fees
5.1.3 Personal Training and Instruction Services
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Planet Fitness Inc.
6.4.2 Town Sports International Holdings Inc.
6.4.3 UFC Gym
6.4.4 Crunch Fitness
6.4.5 The Bay Club Company
6.4.6 Gold's Gym International Inc.
6.4.7 Equinox Holdings Inc.
6.4.8 24 Hour Fitness USA Inc.
6.4.9 Self Esteem Brand
6.4.10 EXOS
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/4moz8q
