The fitness equipments industry is riding high. Gradually emerging as an organised industry, the sector is all set to cash in on the Gym fervor spread across the country.
The leading gym chains established in India thrive on the basis of the fitness equipments at their centres. Read on to know more about the significance of fitness equipments in the thriving fitness industry.
Fitness equipments are designed to give fitness workout so that the fitness freak can have a desired work out. The objects help in weight loss and toning up. Fitness equipments have two sub-segments i.e. cardiovascular equipments (including treadmills, ellipticals, stationary bikes etc.) and weight training equipments (including dumbbells, barbells).
Fitness equipments are designed as per the requisite. Cardio exercises, which are to keep one fit, include machines like treadmills, cycles, cross trainers and others. While, strength exercises, which are for building muscles, include machines like home gyms, benchpress, dullness and others.
Cardio fitness equipments are more in demand in metros, whereas the demand of strength improving equipment is higher in tier-II and III cities. According to the players, the commercial sector sale has been rising by about 60 to 70 percent for last few years.
Biz muscle growth
Fitness and health market industry in India is estimated at about Rs 2,900 crore and is growing at an annual rate of 15 per cent. The study of Bharat Book Bureau, a business information facilitator, states Indian fitness and slimming industry constitutes about 8 per cent of the wellness market. The industry is fairly fragmented and organized fitness services account for only about 25 per cent of the overall fitness industry.
The average annual spend on health and fitness by an individual is of about Rs 2,600. With people across the nation becoming more health conscious, the sales in the fitness equipment segment soared. Now, with many international and domestic gym chains strengthening their network, the demand for the same has raised manifold.
Time has gone by when Gyms too prefer a limited number of treadmills but now the number of households which own treadmill has increased tremendously.
The growth has been immense in the business of fitness equipments industry, especially in tier-II and III cities. As per industry players, most of the equipments used presently are imported. Even though, the foreign fitness equipments are very costly but people are opting for them as they do not want to compromise with quality when it comes to fitness.
Affirming this, Althea Shah, Vice President – Marketing, Gold's Gym India, says, “Foreign manufactured equipment dominates the Indian fitness market to a large extent. The companies are heavily doing research and market surveys to understand customer demands, likes and dislikes. They are also working to modify equipment using technology, design and comfort.”
There are many manufacturers/retailers that are providing the fitness equipments alongwith guidance. Brands that are manufacturing the equipments used at a gym are Cybex International, ICON Health & Fitness, Life Fitness, Nautilus, and Precor (all based in the US), Motus (South Korea), Nantung Yida Sports (China), Northern Lights (Canada), SCHNELL Trainingsgeräte (Germany), and Tonic.
Preethi, Head-Marketing, Fluid-Tech Fitness, tells Franchise India, “In this sector, Hydraulic equipments are in demand. This trend is fast picking up in India.”
Sharing same thoughts, Manisha Ahlawat, MD, Vivafit, shares “Hydraulic resistance equipments are the safest and are powerful as well. Women cannot pull very heavy weight so this option for an all-women gym like us is suitable. These equipments are made for average women height and weight.” Vivafit uses its own brand made equipments in its centres and these are made in Portugal.
Opportunity to stay fit
The fitness equipments sector has many opportunities as this fragmented industry is fast becoming an organised sector.
“A huge demand is there for the industry as India has a large population and urbanisation has opened doors for fitness centres and equipments. On the other hand, problem of obesity is rising among people. This is the result of awareness among people that more than 70 per cent of people in our gym are those who have never been to the gym before,” adds Manisha Ahlawat.
Althea Shah also agrees, ““There are multiple opportunities in the market today. Gyms are increasing their number of outlets so there is a huge demand for fitness equipments.”
Gold’s Gym runs a National vendor program and signs agreements with equipment vendors so as to get the best deal for the franchisees. “Via this agreement–we ensure that we get competitive rates for our franchisees, after sales service, spares as required and get training updates on how to use equipment and up gradation of fitness knowledge in a train the trainer program,” adds Althea Shah. Gold’s gym is associated with–Matrix, Star Trac, Free Motion & Precor.
According to the leading players operating chain of fitness centres, the demand of fitness equipments is based on consumer income and demographic trends thus the profitability of individual companies depends on product designs and marketing.
The biggest challenges faced are availability of spare parts and after sales service. Import duties are huge making the landing cost of equipment almost 1.5 times the actual cost with the increasing dollar rate, feels Althea Shah.
-Fitness and health market industry in India is estimated at about Rs 2,900 crore and is growing at an annual rate of 15 per cent
- The industry is fairly fragmented and organized fitness services account for only about 25% of the overall fitness industry.
-Due to increasing urbanization and growing disposable income in the country, the fitness equipment industry is growing
-Growing demand from corporate houses, entry of foreign fitness chains and reduction in the import duties on the health equipment have blossomed the demand
-Educational institutes and group housing societies are also becoming major players for the fitness equipment industry