PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1534465
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1534465
Vietnam Fitness Equipment Market, By Product Type; By Category; By End User; By Distribution Channel, Trend Analysis, Competitive Landscape & Forecast, 2019-2030
Vietnam Fitness Equipment Market Size Expands at CAGR of 5.2% to Cross USD 284 Million by 2030
Vietnam Fitness Equipment Market is flourishing due to growing health trends, increasing dispensable income, rapid urbanization, and fitness center proliferation.
BlueWeave Consulting, a leading strategic consulting, and Market research firm, in its recent study, estimated Vietnam Fitness Equipment Market size by value at USD 209 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Vietnam Fitness Equipment Market size to expand at a CAGR of 5.20% reaching a value of USD 284.2 million in 2030. The demand for fitness equipment in Vietnam is driven by increasing health and wellness awareness, rising disposable income, urban population growth, and the country's young population. Government initiatives like encouraging physical activities and accelerating fitness equipment demand boost the market growth. The growing gym/fitness centers due to personal grooming consciousness and easy access also drive the market growth further. In addition, government policies and foreign investment drive competition, with online platforms and low-cost imported products boosting business opportunities in smaller cities.
Opportunity - Rising demand for home fitness equipment post COVID-19 pandemic
COVID-19 pandemic significantly altered consumer behavior, leading to a surge in the demand for home fitness equipment in Vietnam. With lockdowns and gym closures, individuals turned to home-based workouts to maintain their fitness regimes. This shift has been fueled by health-conscious consumers seeking convenient and safe exercise alternatives. Consequently, the Vietnam Fitness Equipment Market experienced robust growth, as manufacturers and retailers responded with innovative, space-saving products tailored for home use.
Online Distribution Channel Segment Gaining More Market Share
Vietnam Fitness Equipment Market by distribution channel consists of major segments including retail stores, specialty & sports shops, department & discount stores, and online. The online segment is the largest distribution channel segment in Vietnam Fitness Equipment Market. The segment is experiencing rapid growth due to the increasing penetration of internet usage, the convenience of online shopping, and the availability of a wide variety of fitness equipment at competitive prices. Online platforms also offer detailed product information and customer reviews, enhancing the purchasing experience for consumers. These favorable features help online distribution channels in gaining more market share in Vietnam.
Impact of Escalating Geopolitical Tensions on Vietnam Fitness Equipment Market
Escalating geopolitical tensions can significantly impact the Vietnam Fitness Equipment Market. Trade disruptions, such as tariffs and import restrictions, can lead to higher costs for fitness equipment, affecting both supply and pricing. For instance, tensions between major global economies like the United States and China can create ripple effects, as Vietnam often imports components from these countries. Additionally, geopolitical instability can affect investor confidence, potentially slowing down market growth. For example, during the United States-China trade war, Vietnam experienced shifts in trade policies that influenced its import-export dynamics. Moreover, heightened tensions might divert government focus and resources from market development initiatives towards defense and security, indirectly stalling market growth and innovation within the fitness equipment sector.
Competitive Landscape
Vietnam Fitness Equipment Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the 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. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Vietnam Fitness Equipment Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Fitness Equipment Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Vietnam Fitness Equipment Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the Market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. Vietnam Fitness Equipment Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Rising health consciousness and wellness trends among Vietnamese consumers
- 3.2.1.2. Increasing disposable incomes and growing middle-class population
- 3.2.1.3. Expansion of commercial gyms and fitness centers across major cities
- 3.2.2. Restraints
- 3.2.2.1. High costs of premium fitness equipment limit affordability for individual consumers
- 3.2.2.2. Limited availability and accessibility of fitness equipment in smaller cities and rural areas
- 3.2.2.3. Lack of awareness about benefits of regular exercise and fitness activities
- 3.2.3. Opportunities
- 3.2.3.1. Increasing demand for home fitness equipment due to pandemic-driven shift in consumer behavior
- 3.2.3.2. Untapped potential in tier-2 and tier-3 cities with rising urbanization
- 3.2.3.3. Emergence of online platforms for fitness equipment sales and rentals
- 3.2.3.4. Collaborations between fitness brands and e-commerce players for wider reach
- 3.2.4. Challenges
- 3.2.4.1. Intense competition from both domestic and international fitness equipment brands
- 3.2.4.2. Lack of standardization and quality control in the fitness equipment market
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. Vietnam Fitness Equipment Market: Marketing Strategies
5. Vietnam Fitness Equipment Market Overview
- 5.1. Market Size & Forecast, 2019-2030
- 5.1.1. By Value (USD Million)
- 5.2. Market Share and Forecast
- 5.2.1. By Product Type
- 5.2.1.1. Treadmills
- 5.2.1.2. Elliptical Machines
- 5.2.1.3. Stationary Cycles
- 5.2.1.4. Rowing Machines
- 5.2.1.5. Stair Stepper
- 5.2.1.6. Strength Training Equipment
- 5.2.2. By Category
- 5.2.2.1. Residential
- 5.2.2.2. Commercial
- 5.2.3. By End User
- 5.2.3.1. Health Clubs/Gyms
- 5.2.3.2. Home Consumer
- 5.2.3.3. Hotels
- 5.2.3.4. Corporates
- 5.2.3.5. Hospital & Medical Centers
- 5.2.3.6. Public Institutions
- 5.2.3.7. Universities
- 5.2.4. By Distribution Channel
- 5.2.4.1. Retail Stores
- 5.2.4.2. Specialty & Sports Shops
- 5.2.4.3. Department & Discount Stores
- 5.2.4.4. Online
- 5.2.1. By Product Type
6. Competitive Landscape
- 6.1. List of Key Players and Their Offerings
- 6.2. Vietnam Fitness Equipment Market Share Analysis, 2023
- 6.3. Competitive Benchmarking, By Operating Parameters
- 6.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on Vietnam Fitness Equipment Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 8.1. ARC Group
- 8.2. QLI FITNESS EQUIPMENT
- 8.3. Nortus Fitness
- 8.4. At Ti Vo International Company Limited
- 8.5. Johnson Health Tech.
- 8.6. Ziva Vietnam
- 8.7. Kidzlet Play Structures Pvt. Ltd
- 8.8. Trademo
- 8.9. Tung Khanh Limited Company
- 8.10. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
- 10.1. Qualitative Research
- 10.1.1. Primary & Secondary Research
- 10.2. Quantitative Research
- 10.3. Market Breakdown & Data Triangulation
- 10.3.1. Secondary Research
- 10.3.2. Primary Research
- 10.4. Breakdown of Primary Research Respondents
- 10.5. Assumptions & Limitations
*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
