Latin America Fitness Equipment (Cardiovascular & Strength) Market Research Report, 2027

Latin America is considered an untapped but potential market for the fitness equipment industry to thrive. The commercialization in its fitness industry is still at the nascent phase, which has led to lower penetration of modernized ranges of fitness equipment in the region. Gym training is still the most preferred form of fitness training process adapted in Latin America. In addition to that, the region has observed an emergence of new business models and continuing to have multipurpose and family-oriented clubs. In the last couple of years, the fitness equipment market of Latin America has benefitted from the growth of low-cost gyms and the boutique phenomenon. The influx of fitness equipment manufacturing companies from the US and other American countries has been playing an important role in the commercialization of Latin America’s fitness equipment market. The report titled “Latin America Fitness Equipment Market Research Report, 2027” provides the complete historical and forecasted analysis of Latin-America fitness equipment along with the top profiled companies. Latin America fitness equipment market is anticipated to grow with 6.4% CAGR for 2022-2027. Latin America’s fitness equipment market has evolved by major markets like Brazil, Argentina, and Chile. Out of these major markets, Brazil’s contribution accounts for nearly half of the revenue share. The increasing concentration of domestic as well as international equipment manufacturers in Brazil allowed the market to dominate Latin America’s market. Grupo Craft, TcIndustria De Maquinas Ltd, Life Fitness, Technogym, and Matrix, etc are among the companies present in the country. In Brazil, the high prevalence of obesity has raised several health concerns. As per the Ministry of Health, among the adult population, the majority of women are under the obese category. This growth in obesity levels has surged the adoption of fitness gear among the population. Besides, growing health and fitness awareness has led to a growth in the number of gyms across the nation. In this regard, Brazil has the second-largest number of gyms globally, behind the United States. Therefore, the growing fitness clubs and gyms boost the fitness culture, significantly driving the Brazilian market’s growth. Other than this, Argentina & Chile have observed increasing penetration of international as well as regional manufacturing companies, which are helping to rapid up the commercialization of its fitness equipment industry. This influx has led to increased utilization of equipment at low-cost gyms, boutique fitness studios, etc. Obesity is a leading cause of mortality in Chile. Moreover, a large percentage of children are obese or overweight, followed by a significant amount of the adult population. Further, the country has witnessed a substantial rise in the use of fitness applications and wearable. Estimates suggest that the adoption rate of the fitness wearable reached around 42% in 2021. This has ultimately contributed to the rise in fitness culture across the nation. Thus, as stated above, these factors are expected to augment the growth of Chile’s fitness equipment market over the next few years. However, the changing trend of Latin America’s fitness attitude has increased the adaption of cardiovascular fitness. Access to indoor cardio with the use of indoor rowing, elliptical equipment majorly through low-cost gym facilities has let the consumers experience better-exercising facilities. The growth of this equipment in the market has increased opportunities in the market with increased adaption in place of traditional form cardio equipment. Elliptical trainers and rowers in combine have generated revenue of over 22% in the year 2021. Moreover, the introduction of customized treadmills & stationary bikes for a home workout has proved to be beneficial for the growth of the segments. Growing health consciousness and rising healthcare costs are leading customers to consume healthy food and engage in regular workouts to remain fit. Thus, customers are increasingly adopting preventive healthcare, which, in turn, resulted in an increased number of fitness club establishments in the region. According to the Federal Council of Physical Education, there was more than a 12% increment in the number of fitness clubs in Brazil during 2012-2016. The statistics portray a proportionate rise in the number of consumers opting for such services to meet fitness requisites. Also, the rise in government initiatives to promote fitness has also been driving market growth. Furthermore, to sustain in this competitive market, key players are continuously equipment their fitness clubs with innovative & advanced gym equipment. The popular fitness services in the region majorly include gym facilities, yoga, Pilate, swimming, martial arts, Zumba, Brazilian Jiu-Jitsu, and cross fit, thus providing a plethora of services for the consumers to choose from. Furthermore, Nautilus Inc is a leader in digitally connected home fitness solutions. It offers products under brands like Bowflex, Nautilus, Schwinn, and JRNY. The company product line comprises a broad selection of exercise bikes, strength training gear, cardio equipment, etc. Besides, it sells products directly to consumers through websites and retail partners across various countries. Nautilus serves a wide client base spread across multiple regions, including Latin America. Nautilus Inc launched a Bowflex Max Total 16 cardio machine equipped with an HD touch screen that fits well with the digital fitness platform. It merges the low effect of an elliptical and high strength of a stepper to provide short and high-intensity interval training. Covid-19 impacts: In case of COVID-19, Latin America region was highly affected, especially Brazil. Government authorities in the region had taken required actions to protect their people from the infection of COVID-19. Connected gym equipment market has taken a serious hit in the countries like Argentina, Brazil, Chile, and Peru. Since single equipment was used by many people at gym, there are very high chances of spread of corona virus disease. That is why several travel restrictions were imposed. Since gyms are categorized under non-essential services, governments have put serious restrictions on them, and they are facing serious issues from almost a year now. The travel bans, factory shutdowns, border lockdowns and import-export restrictions to combat the outbreak of corona virus have impacted the supply, production and sales of various raw material that are needed for the manufacturing of gym equipment. However, this market seems to have a promising future when situation comes back to normal. Major companies in the market Icon Health & Fitness Inc, Life Fitness, Johnson Health Tech Co. Ltd, Technogym S.P.A, Amer Sports Corporation, Core Health & Fitness LLC, Precor Incorporated Considered in the report • Geography: Latin America • Base year: 2021 • Historical year: 2016 • Estimated year: 2022 • Forecasted year: 2027 Aspects covered in the report • Global fitness equipment market Research Report • Latin -America fitness equipment market Research Report • Latin -America cardiovascular fitness equipment market Research Report • Latin -America strength fitness equipment market Research Report • Brazil fitness equipment market Research Report • Argentina fitness equipment market Research Report • Chile fitness equipment market Research Report • Rest of Latin America fitness equipment market Research Report • Policy & regulations • Porters five force model • Company profile of top players • Strategic recommendation Segments covered in the market By Country • Brazil • Argentina • Chile By Type • Cardiovascular • Strength By Cardiovascular fitness equipment • Treadmill • Stationary bike • Elliptical trainer • Rowing machine • Cross Country ski • Stair stepper By Strength fitness equipment • Dumbbells • Weight plates • Hydraulic equipment • Resistance band & tubes By End-User • Commercial • Residential The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the fitness equipment industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.