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Fitness Equipment Services Market Trends

Report ID: GMI443
Published Date: Apr 2024
Report Format: PDF

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Fitness Equipment Services Market Trends

The fitness equipment services industry is witnessing transformative trends driven by innovative offerings and rental options from industry leaders. Pioneering companies are introducing cutting-edge technologies, such as smart equipment with integrated digital features and virtual training capabilities, revolutionizing the fitness experience. Additionally, the rise of rental services provides consumers with cost-effective and flexible access to high-quality fitness equipment, aligning with changing preferences. These trends reflect a market dynamic where continuous innovation and adaptable business models cater to evolving consumer needs, shaping the future of fitness equipment services.

Regarding this, in February 2023, introducing an innovative rental alternative, Wolfmate allowed customers to lease cutting-edge smart fitness equipment, aligning with its commitment to enhancing physical activity and wellness. Complementing this offering, Wolfmate unveiled an online coaching platform for both group sessions and personalized one-on-one training, empowering clients to achieve their fitness goals conveniently from their home gyms. Wolfmate's comprehensive range comprises four smart fitness products catering to diverse budgets.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of fitness equipment services reached USD 3.1 billion in 2023 and is set to witness 3.5% CAGR from 2024 to 2032, owing to the rising popularity of at-home equipment services and growing trend toward home fitness worldwide.

The routine maintenance segment held over 35% share in 2023 and is expected to register an appreciable CAGR from 2024-2032, due to consumers and commercial establishments alike prioritizing preventive maintenance.

North America market recorded over 33% share in 2023 and is expected to register a commendable CAGR from 2024-2032, attributed to growing trend towards home gyms and commercial fitness centers, in the region.

Acumatica, FreshBooks, Intuit Inc., Microsoft Corporation, NetSuite (Oracle), Sage Group, SAP SE, Wave Financial Inc., Xero, and Zoho Corporation, are some of the major fitness equipment services companies worldwide.