Published on January 27, 2023
The gymnastics equipment market reached a valuation of $7.1 billion in 2023. Additionally, growth is expected to accelerate by a whopping 4.2% CAGR over the 2023-2033 valuation period, reaching $10.71 billion. According to Fact.MR, the key factors expected to drive the growth of gymnastics equipment market include the development of sports infrastructure, the increase in participation of female athletes in gymnastics, the increase in investments in recreational sports activities, the spread of gymnastics clubs around the world, and the increase in rank of championship initiatives.
In addition, the development in e-commerce has created lucrative avenues for manufacturers and suppliers in the industry. In order to cater to a wide range of customers across the world, gymnastics equipment manufacturers and retailers are focusing on selling their products through e-commerce websites. This factor is expected to create growth opportunities for the market over the analysis period. In addition, the promotion of gymnastics equipment through various online channels and documentaries, movies and shows that highlight the benefits of gymnastics are making a significant impact on youth, which is expected to increase the revenue share of the market in the years to come.
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Moreover, championship initiatives have also pushed individuals to compete in domestic and international events, which is another important factor that is expected to contribute significantly to the growth of the gymnastics equipment market during the forecast period. In November 2018, the Federation Internationale de Gymnastique (FIG) announced its initiative to hold gymnastics championships in China. Similarly, the International Gymnastics Federation also initiated Academy Level 2 Championships in Uzbekistan, adding a premium touch to the event to attract participants and enthusiasts.
The proliferation of social media is expected to accelerate the growth of gymnastics as a fitness sport and consequently complement sales of gymnastics equipment worldwide. In addition, the wide reach of the social media platform is likely to trigger increased participation in sports by individuals, which should boost sales of gymnastics equipment. Several documentaries, shows and films highlight the benefits of gymnastics having a significant impact on youth which will continue to increase demand for gymnastics equipment worldwide.
Important insights from the market study
- According to Fact.MR, the Gymnastic Equipment Market recorded a CAGR of 3% from 2018 to 2022
- In FY2022, the gymnastics equipment market reached a valuation of $6.81 billion
- The market is expected to register a year-on-year growth rate of 4.0% in 2023
- By product type, the balance beam segment is expected to dominate the market, posting a CAGR of 4.1%
- According to Fact.MR forecasts, the North American gymnastics equipment market is expected to grow at a CAGR of 1%
- The gymnastics equipment market in Europe is expected to grow at a CAGR of 4.0%
“Factors such as high penetration of gymnastics federations and increase in disposable income in emerging markets will have a significant impact on the growth of gymnastics equipment market value during the forecast period,” comments an analyst at Fact.MR.
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Celebrity Gymnastics Service Players
- I go SA
- Norbert’s Athletic products
- American Athletics
- Martin Sports
- Continental sport
- Banfer GmbH
- Cool sport
- sports system
- Taishan Sports Industry Group
Prominent players in the gymnastics equipment industry are taking advantage of the rapidly increasing demand for gymnastics equipment in various applications. To expand their reach, players rely on collaborations, partnerships and acquisitions with existing small, medium and large players. Some prominent market developments are as follows:
- In June 2020, Canada’s Lululemon Athletica Inc., a major fitness equipment and product product, acquired fitness start-up “Mirror” to provide users with an at-home fitness experience and sell the exercise equipment to those users.
- In April 2020, Australia-based Burning Warehouse launched various workout equipment and accessories in its online stores. These accessories include exercise mats, resistance bands, and jump ropes.
More insights available
Fact.MR presents in its new offering an unbiased analysis of the global Gym Equipment Market with historical analysis from 2018-2022 and forecast statistics for the period 2023-2033.
The study provides key insights by product type (bars, pommel horse, rings, balance beam, vault and floor), by distribution channel (modern commerce channels, VARs, direct-to-consumer channels, and third-party vendors). online channels) in six major regions (North America, Latin America, Europe, CIS & Russia, Asia Pacific, and Middle East & Africa).
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The domain knowledge of Fact.MR in sports
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