“Emerging trends for smart exercise equipment is driving the exercise resistance bands market globally”
The global exercise resistance bands market is, expected to grow at a CAGR of 11.5% during the estimated period from 2023 to 2030, starting from US$ 390.8 Mn in 2021.
The inclination of customers towards smart exercise equipment is one of the key factors for the growth of the market. Manufacturers are focusing on the incorporation of IoT in conventional exercise resistance bands. The incorporation of IoT aims to enhance the performance and connectivity of conventional resistance bands by equipping them with motion sensors and Bluetooth transmitters. Moreover, initiatives by various health organizations to reduce rising physical inactivity among people across the world. For instance, The World Health Organization introduced a program, The Global Action Plan on Physical Activity was launched to reduce physical inactivity 10% by 2025 to 15% by 2030. The aforementioned factors going to propel the growth of the market.
“Cost-effectiveness associated with exercise resistance bands is a key factor supporting the growth of the market”
Resistance bands are inexpensive in nature, thereby customers tend to purchase it more in comparison with bulky gym equipment. Resistance bands are available at multiple resistance level such as high, medium and heavy. Moreover, the portability accomplices with resistance bands is another factor driving the market growth. Additionally, increasing trend for home fitness globally is also considered for the growth of the exercise resistance bands market.
“Expanding Health Awareness globally adds to market growth”
Consumers nowadays are becoming more health-conscious due to increasing obesity among the population. For instance, according to the report “the State of Obesity” by Trust for America’s Health around 100 million people in America suffer from obesity. The report also suggests, in 2015-2016, 93.3 million adults and 13.7 million children in the U.S. had obesity. The aforesaid reason is one of the key factors supporting the growth of the market.
“Convince of using resistance bands is major factor supporting market growth”
The application segment is further classified into individual user, gyms and health clubs others. Individual user segment holds the major share for exercise resistance bands market in 2021. The dominance is supported by reasons such as exercise resistance bands are easy to carry. Consumers prefer exercise resistance bands due to its portability. Consumers can travel with resistance bands and can use them whenever they want.
Individual consumers are more inclined towards using exercise resistance bands as they require very less or no space for storing or keeping them. In Addition, low price associated with exercise resistance bands is major factor for the dominance of individual segment.
“Multiple fitness usage of exercise resistance bands will drive the market among individuals”
The main benefit of using exercise resistance bands is, that a single band can be used for various exercises. Consumers can use same band for upper as well as lower body workouts. Moreover, exercise resistance bands can be used for treating injuries and chronic diseases is the key factor for the growth of the market.
“Trends for Home-Fitness drives the growth of the market”
In 2021, North America dominated the exercise resistance bands market, increase awareness of the people towards living a healthy and fit lifestyle is increasing the growth for exercise resistance bands market. Additionally trend for smart fitness equipment is increasing the demand for smart exercise resistance bands in North America. As people in North America are early adopters of new and improved technology.
According to research study, flourishing trends for home-fitness classes is also booming the demand for exercise resistance bands market. The studies also suggests that men in North America are more inclined towards working out at home thereby, likely to purchase at home-fitness equipment. Moreover, increasing demand from women including young mothers, who prefers the convenient living room workouts is also a major factor for the dominance of exercise resistance bands in North America region.
List of Companies Covered:
Key Industry Developments:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Exercise Resistance Bands market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
| |
Application
| |
Distribution Channel
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
