1. Fitness Equipment Industry in KSA expanded with a CAGR of ~13% in 2021 and is expected to grow at a CAGR of ~18% by 2026E.
KSA Fitness Equipment Market was growing rapidly at an impressive growth rate between 2016 and 2021 on the basis of revenue generated through sales of fitness equipment with considerable expansion in commercial fitness centers. Moreover, the progressive outlook of the government to launch women-centric fitness clubs to raise awareness of the importance of physical activity acted as a major catalyst for the surge in demand for fitness equipment in Saudi Arabia.
Further, the launch and expansion of hotel projects such as Radisson and Hyatt by 2030, coupled with various government initiatives such as “Your Home, Your Gym” campaign is expected to contribute to the increased demand for fitness equipment in coming years which will induce the growth of the fitness equipment industry in the future.
2. Revenue generated through the sales of fitness equipment in commercial fitness centres and health clubs accounted for the highest market share in 2021.
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The government has played a key role in promoting public participation in sports and fitness activities. It is because the Saudi government wants to reduce dependency on oil and promote economic diversification. As a result, the KSA government proposed “Saudi Vision 2030”. The promotion of sporting activities and allied sectors recognized as one of the key aspects of economic diversification. This surged the demand for fitness equipment in the country. Presently, commercial fitness centres and health clubs accounted for the highest market share of 68% among all the other types of end users based on revenue generated in 2021.
3. Sales of fitness equipment through the B2C channel captured a small market share based on revenue in 2021.
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Sales of fitness equipment through the B2B channel accounted for the highest share of 92% based on revenue in 2021, attributed to the surging establishments of commercial and hotel-based fitness centres demanding advanced fitness equipment where B2C channels occupy a very low share in the market. Private fitness centres such as EMAAR, Bupa Arabia, Alaqeeq Holding, and hotel chains such as Voyage Hotel, Four Points by Sherton, and Melissa Hotel among others were the major B2B clients in 2021.