Revenue generated from the sales of fitness equipment in KSA is expected to stand at nearly USD 230 Mn by the end of 2026, as per findings released by Ken Research.
1. Approximately, 2.5 million inhabitants in KSA are Expected to Join Gym and Fitness Centers by the End of 2026.
The fitness industry in KSA was once dominated by the wealthy and expats, now a new wave of local gyms and dance and martial arts studios are emerging to serve a fast-rising number of young, less affluent fitness enthusiasts. It is estimated that in between 2021 and 2026, total number of members availing of fitness services will be expanding at a CAGR of over 10%. With the rapid expansion in the number of total members, the demand for fitness equipment is expected to surge in coming years.
2. Nearly, 19k total employments generated in 2020; Growing Working Age Population Sets the Path for the Fitness Equipment in Industry in KSA to Generate Robust Growth.
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Over 45% of the overall population in KSA belonged to the working age population aged 25-54 years as of 2021, which is estimated to contribute to more than 50% by the end of 2030. Consumers belonging to this age group in KSA are health-conscious individuals who in order to maintain physical health resort to various fitness related activities such as cycling, walking and working out among others. With the rise in awareness on the importance of physical health, the demand for high end fitness equipment will witness a surge driven by consumers belonging to this age group.
3. “Your Home, Your Gym” Campaign along with Covid-19 Pandemic has Risen the Importance of Home-Based Fitness Equipment in KSA.
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COVID-19 era has witnessed businesses strengthening their digital presence in order to attract consumers as their preferences have shifted to home-based fitness activities as per their convenience. The shift in preference towards availing fitness services at the comfort of home has contributed in the increased demand of fitness equipment suitable for home and residential purposes such as yoga mats, resistance bands and dumbbells along with exercise bike, elliptical and treadmills. Moreover, “Your Home, Your Gym” Campaign, launched in mid-march 2020 followed by the advent of COVID-19, the campaign focuses on encouraging people to participate in regular fitness activities at the comfort of home due to the restrictions in physical movements.