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(IndustryNews247.Com, June 29, 2020 ) Market Overview
• The Global Rowing Machines Market is expected to grow at a CAGR of 5% during the forecasting period (2020-2027).
• This is mainly due to increase in the awareness about physical fitness, therefore, encouraging health enthusiasts to look for innovative and superior quality gym equipment that offer optimum results.
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• Global rowing machine market is primarily driver by rapid urbanization, rising awareness of health and fitness, hectic work schedules, and growing health issues are among the factors promoting the growth of fitness centers and health clubs globally. People enroll in gyms and health clubs to remain fit and maintain proper body structure.
• Health and fitness clubs provide their customers with the infrastructure for their workouts and physical activity in exchange for a membership fee. In 2017, a total of more than 200 thousand fitness & health clubs were in operation worldwide, of which about 38.5 thousand are located in the United States. These clubs in the U.S. had about 55 million members. Globally more than 170 million people were members of a health/fitness club.
• Moreover, factors like collaborations with fitness applications and increasing awareness about ill-effects of diabetes and obesity are expected further boost demand for rowing machine over the forecast period.
• However, fluctuation in raw material prices such as hardened steel, cast iron, brass, and others; is expected to restraint the market growth over the forecast period.
Market Segmentation Analysis
• By type, the global Rowing machines market is segmented into hydraulic rowing machine, air rowing machine, water rowing machine, and others. Hydraulic based indoor rowers are low-cost, they differ from air, magnetic and water rowers because the rowing machine technique doesn’t allow a person to pull in a straight line. Moreover, Consumers are willing to spend more on premium health and fitness equipment, with health aspect playing as a key role to drive the market growth across the world.
• By distribution channel, the global rowing machine market is segmented into online and offline distribution channels. Offline distribution channel includes Supermarkets, Specialty stores, exclusive stores, and hypermarkets, while online distribution channel includes distribution through e-commerce platforms. Offline distribution channel holds the dominant position in the market due to the rise in the specialty stores culture all around the world. However, with the rise in e-commerce the Online distribution channel segment is expected to witness double digit growth over the forecast period.
Market Geographical Analysis
• By geography, the global Rowing Machines Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• In 2018, North America accounted for the majority share in the global Rowing Machines Market. The United States is the single biggest market regards to the number of members in health & fitness clubs, resulting in more number health clubs and demand for rowing machines. Moreover, now individuals can purchase indoor rowing machines and exercise at home at their convenience. These factors are expected to propel the sales volume of rowing machines in the region over the forecast period.
Market Competitive Trends
• Global Rowing Machines Market is a concentrated market with the major share held by key players in the market. The market is quite competitive and to gain competitive advantage, the major Rowing Machines manufacturers adopt several strategies such as M&A, joint ventures, contracts, and agreements to help them sustain the market’s competitive environment.
• The major players include Concept2, WaterRower Club, LifeSpan Fitness, Stamina Products, First Degree Fitness, Lifecore Biomedical, Bodycraft, Kettler, ProForm, Velocity Exercise, and among others.
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