The value of the global fitness equipment market is set to reach US$12.89bn (€11.83bn, £10.56bn) by 2022, according to a new report by research company Allied Market Research (AMR).

Asia-Pacific is expected to witness the fastest growth, owing to increasing demand from developing countries such as India and China.

The World Fitness Equipment Market by Type, End-User, and Geography-Global Opportunity Analysis and Industry Forecast report anticipates that the growth will be fostered by the rise in obesity in emerging countries, increase in number of health awareness initiatives by governments and growth in number of health and fitness clubs.

The report also predicts that the growth in demand in emerging nations could present opportunities particularly for mid-price and refurbished equipment providers due to their lower price points.

Bhawna Kohli, research manager at AMR, said: "Medium priced cardiovascular fitness equipment with smarter workout tracking, and entertainment features would attract more customers in developing countries such as India and China, due to price sensitivity.

“However, the developed markets will still be be driven by high-end equipment with advanced and sophisticated user engagement and monitoring features."

The report shows that cardiovascular training equipment still accounts for the largest market, in terms of value. The segment is expected to grow at the highest compound annual growth rate (CAGR) of 4.1 per cent during the forecast period.

The Asia-Pacific region is expected to witness a relatively faster growth of the strength fitness equipment segment, driven by its burgeoning youth population.

• The report covers the study of the world fitness equipment market based on type, end user, and geography. Based on type, it is categorised into cardiovascular training equipment, strength training equipment, and other equipment.

To read the full report, click here for the Allied Market Research website.