Any gear or tool used during exercise to increase the intensity of your workout is referred to as fitness equipment. It can provide cardiovascular conditioning (like treadmills or stationary bikes), resistance (like weights or weight machines) to develop strength and muscle, or balance and flexibility (like yoga mats or stability balls). Gyms provide fitness equipment, but you can also find a lot of it at home, which makes it simpler to fit exercise into your everyday schedule.
According to SPER Market Research, ‘South Korea Fitness Equipment Market Size- By Product, By Application, By End User, – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Korea Fitness Equipment Market is estimated to reach USD 173.42 million by 2033 with a CAGR of 9.21%.
In the modern world, people need a smartphone for self-fitness awareness, grocery shopping, doctor consultations, and communication. For many, it is impossible to consider or picture their lives without cellphones. Instead of continuing their fitness journey at the gyms and fitness clubs, people prefer to follow at-home, comfortable methods to get healthy. Therefore, by just using their fitness app, users can receive a diet plan, exercise routine, and fitness schedule, among other things. This makes the fitness app a kind of bridge. As countries progress and grow technologically, the number of individuals using cellphones in their daily lives is rising.
Numerous obstacles prevent the South Korean fitness equipment sector from expanding. Many potential purchasers are put off by the high initial expenses of advanced fitness equipment, particularly those that incorporate cutting edge technology. Bulky home gym setups are also less common in metropolitan households due to space constraints. A high penetration rate of traditional exercise facilities poses another challenge to the market by reducing demand for personal equipment. Market expansion is also impacted by shifts in consumer purchasing power and the state of the economy. Growth is further hampered by a lack of general knowledge of and access to more recent, tech-driven fitness options. Finally, local companies vying for market share face a formidable fight from low-cost multinational manufacturers.
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There has been some beneficial influence on the fitness equipment market due to the COVID-19 pandemic. Lockdowns and social separation are two new rules and regulations brought up by the pandemic to stop the virus from spreading. Due to this, people were forced to stay at home, which led to the emergence of new trends like work from home As at-home workouts are becoming more and more popular, there has been an increase in demand for fitness equipment throughout the pandemic.
Seoul has the highest share for the Fitness Equipment Market, Seoul is home to a large population, affluent people, and a concentration of gyms, exercise facilities, and health-conscious shoppers. Major players in the market are Coulter Ventures LLC (Rogue Fitness), Icon Health & Fitness, Inc. (iFIT Health & Fitness Inc.), Johnson Health Tech Co. Ltd., Life Fitness, Matrix Fitness, Nautilus Inc., Peloton Interactive, Inc., Precor Incorporated, Technogym SpA, True Fitness Technology Inc.
South Korea Fitness Equipment Market Segmentation
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South Korea Home Fitness Equipment Market Outlook
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