Vietnam Fitness Equipment Market
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Vietnam Fitness Equipment Market, By Product Type (Treadmills, Elliptical Machines, Stationary Cycles, Rowing Machines, Stair Stepper, Strength Training Equipment); By Category (Residential, Commercial); By End User (Health Clubs/Gyms, Home Consumer, Hotels, Corporates, Hospital & Medical Centers, Public Institutions, Universities); By Distribution Channel (Retail Stores, Specialty & Sports Shops, Department & Discount Stores, Online), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: July 2024
- Report ID: BWC24545
- Available Format: PDF
- Page: 200
Report Overview
Urban lifestyle changes, rising health awareness, growing disposable income, and expanding fitness centers are expected to fuel the growth of Vietnam Fitness Equipment Market during the forecast period between 2024 and 2030.
Vietnam Fitness Equipment Market – Industry Trends & Forecast Report, 2030
Vietnam Fitness Equipment Market size by value was estimated at USD 209 million in 2023. During the forecast period between 2024 and 2030, Vietnam Fitness Equipment Market size is expected to expand at a CAGR of 5.20% reaching a value of USD 284.2 million by 2030. Major factors driving the growth of Vietnam Fitness Equipment Market include growing health consciousness, awareness of exercise, and disposable incomes. The market caters to individuals, fitness centers, gyms, and sports clubs. E-commerce platforms have made fitness equipment more accessible, and the focus on corporate wellness programs has increased demand. Businesses are investing in on-site fitness facilities, and manufacturers collaborate with businesses to offer customized fitness solutions. The shift toward remote work has also increased the demand for home gym equipment, with companies offering allowances for employees to set up or purchase equipment.
Fitness Equipment – Overview
Fitness equipment encompasses a wide range of devices and machines designed for physical exercise and training. It includes cardio machines like treadmills, ellipticals, and stationary bikes, as well as strength training equipment such as weight machines, free weights, and resistance bands. Fitness equipment is used in gyms, fitness centers, and increasingly in home settings, catering to diverse fitness goals from cardiovascular health and endurance to muscle strength and flexibility.
Vietnam Fitness Equipment Market
Growth Drivers
Increasing Disposable Income and Growing Middle Class Population
Increasing disposable incomes and a growing middle class population across the country are significant drivers propelling Vietnam Fitness Equipment Market. As more individuals seek to adopt healthier lifestyles, there is a rising demand for home fitness solutions. This trend is bolstered by urbanization and changing consumer preferences towards fitness and wellness activities. Additionally, advancements in fitness technology and increasing awareness about health benefits contribute to the market's expansion, promising robust growth opportunities for fitness equipment manufacturers and retailers in Vietnam.
Challenges
Limited Availability of Fitness Equipment in Smaller Cities and Rural Areas
For Vietnam Fitness Equipment Market, a significant growth restraint is the limited availability and accessibility of fitness equipment in smaller cities and rural areas. The geographical disparity hinders market penetration and growth opportunities, as these regions often lack adequate infrastructure and retail outlets to cater to fitness enthusiasts. The challenge lies in logistics and distribution, impacting the ability of vendors to reach potential customers outside major urban centers, thereby restricting market expansion and adoption of fitness equipment in Vietnam.
Impact of Escalating Geopolitical Tensions on Vietnam Fitness Equipment Market
Intensifying geopolitical tensions among countries and spreading across the major regions could significantly affect the growth of Vietnam Fitness Equipment Market, deterring foreign investments, disrupting global supply chains, and affecting availability and pricing. Economic uncertainties could also reduce consumer spending on fitness equipment. Government policies, such as import tariffs or regulatory changes, could also influence market dynamics. These factors could slow market expansion, dampen consumer demand, and create challenges for industry stakeholders in Vietnam Fitness Equipment Market.
Vietnam Fitness Equipment Market
Segmental Coverage
Vietnam Fitness Equipment Market – By Product Type
By product type, Vietnam Fitness Equipment Market is divided into Treadmills, Elliptical Machines, Stationary Cycles, Rowing Machines, Stair Stepper, and Strength Training Equipment segments. The treadmills segment is the largest product type in Vietnam Fitness Equipment Market. The dominance of treadmills in the fitness equipment market is driven by the growing popularity of indoor cardiovascular exercises, increasing health awareness, and the convenience treadmills offer for home workouts. Additionally, advancements in treadmill technology, such as integration with fitness apps and interactive screens, further enhance their appeal, contributing significantly to their market leadership.
Vietnam Fitness Equipment Market – By Category
On the basis of category, Vietnam Fitness Equipment Market is split into Residential and Commercial segments. The commercial segment holds a higher share in Vietnam Fitness Equipment Market. The dominance of commercial category is driven by the rising number of gyms, fitness centers, and wellness clubs, as well as increased investments in health and wellness infrastructure. The commercial segment benefits from higher demand for advanced and diverse fitness equipment, catering to the growing fitness culture and health conscious population in Vietnam.
Vietnam Fitness Equipment Market – By End User
Based on end user, Vietnam Fitness Equipment Market is divided into Health Clubs/Gyms, Home Consumer, Hotels, Corporates, Hospital & Medical Centers, Public Institutions, and Universities segments. The health clubs/gyms segment is the largest end user in Vietnam Fitness Equipment Market. This dominance is driven by increasing health consciousness, urbanization, and the expansion of fitness centers across the country. Health clubs and gyms invest heavily in advanced fitness equipment to attract and retain members, making this segment the most significant in terms of market share and revenue generation.
Competitive Landscape
Key players in the highly competitive Vietnam Fitness Equipment Market include ARC Group, QLI FITNESS EQUIPMENT, Nortus Fitness, At Ti Vo International Company Limited, Johnson Health Tech., Ziva Vietnam, Kidzlet Play Structures Pvt. Ltd, Trademo, and Tung Khanh Limited Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
Vietnam |
Product/Service Segmentation |
Product Type, Category, End User, Distribution Channel |
Key Players |
ARC Group, QLI FITNESS EQUIPMENT, Nortus Fitness, At Ti Vo International Company Limited, Johnson Health Tech., Ziva Vietnam, Kidzlet Play Structures Pvt Ltd, Trademo, Tung Khanh Limited Company |
By Product Type
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Treadmills
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Elliptical Machines
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Stationary Cycles
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Rowing Machines
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Stair stepper
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Strength Training Equipment
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By Category
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Residential
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Commercial
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By End User
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Health Clubs/Gyms
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Home Consumer
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Hotels
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Corporates
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Hospital & Medical Centers
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Public Institutions
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Universities
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By Distribution Channel
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Retail Stores
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Specialty & Sports Shops
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Department & Discount Stores
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Online
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- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Vietnam Fitness Equipment Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Rising health consciousness and wellness trends among Vietnamese consumers
- Increasing disposable incomes and growing middle-class population
- Expansion of commercial gyms and fitness centers across major cities
- Restraints
- High costs of premium fitness equipment limit affordability for individual consumers
- Limited availability and accessibility of fitness equipment in smaller cities and rural areas
- Lack of awareness about benefits of regular exercise and fitness activities
- Opportunities
- Increasing demand for home fitness equipment due to pandemic-driven shift in consumer behavior
- Untapped potential in tier–2 and tier-3 cities with rising urbanization
- Emergence of online platforms for fitness equipment sales and rentals
- Collaborations between fitness brands and e-commerce players for wider reach
- Challenges
- Intense competition from both domestic and international fitness equipment brands
- Lack of standardization and quality control in the fitness equipment market
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Vietnam Fitness Equipment Market: Marketing Strategies
- Vietnam Fitness Equipment Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share and Forecast
- By Product Type
- Treadmills
- Elliptical Machines
- Stationary Cycles
- Rowing Machines
- Stair Stepper
- Strength Training Equipment
- By Category
- Residential
- Commercial
- By End User
- Health Clubs/Gyms
- Home Consumer
- Hotels
- Corporates
- Hospital & Medical Centers
- Public Institutions
- Universities
- By Distribution Channel
- Retail Stores
- Specialty & Sports Shops
- Department & Discount Stores
- Online
- By Product Type
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- Vietnam Fitness Equipment Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on Vietnam Fitness Equipment Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- ARC Group
- QLI FITNESS EQUIPMENT
- Nortus Fitness
- At Ti Vo International Company Limited
- Johnson Health Tech.
- Ziva Vietnam
- Kidzlet Play Structures Pvt. Ltd
- Trademo
- Tung Khanh Limited Company
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Vietnam Fitness Equipment Segmentation
Figure 2 Vietnam Fitness Equipment Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 Vietnam Fitness Equipment Market Size, By Value (USD Million), 2019–2030
Figure 5 Vietnam Fitness Equipment Market Share, By Product Type, By Value, 2019–2030
Figure 6 Vietnam Fitness Equipment Market Share, By Category, By Value, 2019–2030
Figure 7 Vietnam Fitness Equipment Market Share, By End User, By Value, 2019–2030
Figure 8 Vietnam Fitness Equipment Market Share, By Distribution Channel, By Value, 2019–2030
List of Tables
Table 1 Vietnam Fitness Equipment Market Size, By Value (USD Million), 2019–2030
Table 2 Vietnam Fitness Equipment Market Share, By Product Type, By Value, 2019–2030
Table 3 Vietnam Fitness Equipment Market Share, By Category, By Value, 2019–2030
Table 4 Vietnam Fitness Equipment Market Share, By End User, By Value, 2019–2030
Table 5 Vietnam Fitness Equipment Market Share, By Distribution Channel, By Value, 2019–2030
Table 6 ARC Group Company Overview
Table 7 ARC Group Financial Overview
Table 8 QLI FITNESS EQUIPMENT Company Overview
Table 9 QLI FITNESS EQUIPMENT Financial Overview
Table 10 Nortus Fitness Company Overview
Table 11 Nortus Fitness Financial Overview
Table 12 At Ti Vo International Company Limited Company Overview
Table 13 At Ti Vo International Company Limited Financial Overview
Table 14 Johnson Health Tech. Company Overview
Table 15 Johnson Health Tech. Financial Overview
Table 16 Ziva Vietnam Company Overview
Table 17 Ziva Vietnam Financial Overview
Table 18 Kidzlet Play Structures Pvt. Ltd Company Overview
Table 19 Kidzlet Play Structures Pvt. Ltd Financial Overview
Table 20 Trademo Company Overview
Table 21 Trademo Financial Overview
Table 22 Tung Khanh Limited Company: Company Overview
Table 23 Tung Khanh Limited Company Financial Overview
Market Segmentation
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