The fast-paced life has restricted the movement of a body and has confined the area to the chair for long hours at a stretch and staring at the glaring screens of tablets, smartphones, iPads, and laptops.
To avoid unwelcoming diseases, people are getting health conscious, resulting in the growth of the global healthcare and fitness market.
The overall Indian healthcare market is worth around US $100 billion and is expected to grow to US$ 280 billion by 2020, a Compound Annual Growth Rate (CAGR) of 22.9%.
Awareness in People:
There are people who have enough time to take gym classes, yoga classes or participate in other fitness programs but there exists a parallel world, where people lack enough time.
For such people, there are easy remedies or ways to cut that muffin top from the belly or waist, by using the right fitness equipment. Moreover, the market is in favor of those who want to start a fitness equipment business.
Earlier fitness was seen as luxury or fashion but now it has become the necessity of life. Even many offices provide gym facility in the office building itself.
Technological Invasion:
Since the widespread of health awareness among the population, more and more people are joining gyms, which keeps the equipment pieces running all throughout the day and evening.
Moreover, people of different weight, speed, and preferences keep changing the functions and settings of the equipment regularly, which leads to wear and tear of the equipment.
The equipment manufacturing companies are constantly working on enhancing the efficiency of the product, thereby experimenting with technological changes to make the working out experience suitable for customers.
Multinational fitness chains and gyms are taking the franchisee route to enter the Indian subcontinent. Considering India’s high and middle-class population, there is ample space in the market for more and more such players.
Demand for Personal gym instructor:
One gym instructor has to divide his/her attention for the numerous people flooding in the gym every day, thus one might not get the kind of treatment as expected, which is why people prefer personal gym trainer to train them.
There are many gym instructors for everybody in the market,thereby providing an opportunity for the aspiring gym instructors.
No matter which profession one belongs to, being a fitness freak has become the new generation trend.
Space constraint:
The growing population has left only a little space for the growth of a gym in every locality or society.
Dodging traffic jams and losing time on the road, encourage people to look out for other options, which in a way make space for the fitness equipment business to grow.
Also, there are people, who enjoy training in their personal space rather than in the gym being used multiple times by many people, throughout the day.
As per Althea Shah, Vice President – Marketing, Gold's Gym India, “Foreign manufactured equipment dominates the Indian fitness market to a large extent. The companies are heavily doing research and market surveys to understand customer demands, likes and dislikes. They are also working to modify equipment using technology, design, and comfort.”
