Future Outlook of Israel Fitness Services Market: Ken Research
1. Israel Fitness Equipment Market generated a revenue of more than $130.0 Mn in 2020 majorly the driven by shift of focus to a healthier lifestyle and the promotion of the new offerings.
Sedentary lifestyles and hectic schedules along with COVID19 Outbreak has resulted a spike in the number of people working out from homes to avoid getting infected, thus fueling the adoption of in-home fitness equipment. Coupled with that, growth in home fitness equipment in the recent past is also the result of the inconvenience of commuting to a gym to use the machines, trainer fees, and membership fees primarily in Israel. In Israel elliptical and fitness machines along with treadmill and cardio training fitness equipment has dominated the overall fitness equipment market with Jerusalem region having majority of health clubs and gyms accounting for extensive revenues in Israel’s fitness equipment market.
2. Growth in the Fitness Industry will be triggered by a ~ % increase in the number of clubs across the country driving a total increase in members by nearly 15 % and contributing ~0.3% to GDP.
Steady increase in demand of certified personal trainers along with advancement of technologies adopted by majority of the fitness center and rising awareness among people about their health will intensify the number of subscribers. Israel Health and Fitness market is expected to witness massive growth in offline centers contributing majority of the revenue share with online fitness market growing at ~25% CAGR in the forecasted year.
3. Commercial Fitness Centres are expected to grow more than 15% CAGR by contributing majority of the revenue in the market generating nearly ~$1800 Mn in the forecasted year.
It is anticipated that the introduction of low-cost multinational fitness chains and the alluring promotions provided by such brands would increase the offline membership participation rate in fitness clubs. Fitness centres would see an increase in income if clients in the organised and unorganised fitness centre markets demanded more REPs certified personal trainers. Coupled with that, consumers would interact with fitness and wellness businesses more frequently than ever before in an effort to embrace better lives and create supportive communities.
4. Israel Fitness Services Markethas more than 9% penetration rate with majority of the population participating in some sort of physical activity daily.
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Members are utilising the resources of numerous facilities to accomplish their fitness and health objectives rather than being loyal to a single institution. In addition to this the fitness and health clubs are creating cutting-edge strategies and activity models to maintain and expand their client bases in order to stay ahead of the competition. In a similar vein, “workout from home” built gyms and studios are becoming more prevalent, offering customers a safer fitness regimen in the convenience of their own homes.
5. Variety of Service Offerings, Growth of Ladies Fitness Center and Increase in Demand for Virtual Sessions are expected to enhance the demand for Fitness Services Market in Israel.
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Major fitness chains such as Lunge Studio and Sky Gym offers a variety of services such as measuring the percentage of fat, muscle mass, abdominal fat, weekly weighing and more and accordingly composes the training and menu for an individual. In addition to this, the benefits of HIIT has been attributed to attract most of the customers resulting into growing popularity in organized fitness centers in Israel as workouts are time efficient and very effective for burning fat. Moreover, Opening up of ladies dedicated gyms such as Fitwell Ladies Fitness Centers with female professional trainers to guide woman’s pursuing exercises has created new segment and increased the female memberships in the country. Simultaneously, higher demand has been observed among people for digital training session for strength building, yoga and pilates at their homes from certified professional trainers rather than joining an offline fitness centre.
