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Health, Fitness Trends to Drive Demand for Fitness Equipment
A rowing machine is a piece of fitness equipment that imitates the motion of rowing a boat in the water. A rowing machine is most useful for a full-body workout. Fitness trends and increasing popularity of rowing machines for weight loss, toning muscles, and increasing stamina have driven the rowing machine market across the globe. Unlike cardio equipment, a rowing machine is used for the upper as well as lower body with an approx. 70-30 ratio. Machines come in several muscle groups depending on user preference.
Fitness trends are evergreen, and people are recommended to workout throughout their life. In order to remain fit and maintain an adequate body structure, most people enroll in health and fitness clubs, while some prefer it at home. Health and fitness clubs continuously upgrade their fitness machines to attract memberships and enhance customer workout motivation. As per a study in 2020, there were more than 200,000 gyms and fitness clubs across the world. The fitness segment witnessed a ~12% increment from the number of gyms available in 2014. This growing number of fitness clubs is anticipating to fuel the demand for the global rowing machine market during the forecast period.
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Negative Impact of COVID-19 on Rowing Machine Market
COVID-19 has interrupted many lives since its arrival. The daily routine for many industries and individuals has dramatically changed in previous months. One of the most affected areas due to nationwide stay-at-home orders is the fitness industry, which was worth several billions. As per records of 2019, more than 100 million people visited health/fitness clubs, and the number tremendously decreased due to strict regulations imposed to avoid the virus. However, many individuals are seeking to stay fit via inventive new ways to exercise and stay active at home. Sales of fitness and sports equipment increased nearly by 23% since the pandemic, as more people have grown health-conscious and extra time to work out. Individual sales through digital platforms are increasing and expected to cover some of the loss. However, a limit in the supply chain and manufacturing workforce is hindering the present global rowing machine market.
Indoor Rowers Trending for Residential Uses
The global rowing machine market is categorized into residential, commercial, and others. Physical activities from home have been trending for the past few years, and the ongoing stay home orders are proving beneficial for the residential segment. The market is witnessing a larger demand for indoor rowers, as most people are now preferring to work out from home. An indoor rowing machine is primarily used for drawing a competitive environment from across the world. However, as the machine has its better health results, the residential segment is growing in demand and expected to further grow in the near future.
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Asia Pacific to Witness Various Innovations in Fitness Equipment
The North American region accounts for the highest number of gym-goers and is expected to continue dominating the regional segment of the global rowing machine market during the forecast period. In 2018, the United States had more than 40,000 fitness centers, followed by Brazil with around 29,000 gymnasiums in Brazil. North America has contributed more than 55% of the revenue share in 2020. However, with major manufacturers focusing on growing regional market, they have started to shift their production units to Asia Pacific. Thus, the rowing machine market in APAC is expected to witness rising demand in the near future.
With rise in indoor exercising and physical workout activities, customer expenditure, obesity rate of individuals across the globe, and trends of innovative rowers in Olympic Games and world championships, the global rowing machine market is expected to exceed the value of US$ 1.8 Bn by 2031, expanding at a CAGR of ~5% during the forecast period. Furthermore, with increase in investment in health and fitness industries, many new players are entering the market, which is resulting in better competitive strategies. The global market is projected to witness several innovations in rowing machines due to growing technological developments. This is anticipated to prove beneficial for the global rowing machine market during the forecast period.
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Rise in Usage of Rowing Machines in Various End-use Industries to Drive Global Market
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