As a part of the sports industry, fitness equipment has gradually expanded the consumer market. The market size of China's fitness equipment industry has increased from 25.2 billion yuan in 2010 to 38.79 billion yuan in 2017, with a compound annual growth rate of 6.4%. : 1. "Several Opinions on Accelerating the Development of the Sports Industry and Promoting Sports Consumption" clearly states that the total scale of the sports industry will exceed 5 trillion yuan by 2025. After calculation, it is estimated that the compound annual growth rate of the sports industry will remain at 9.4 from 2018 to 2025 The growth of the sports industry as a whole will lead to the growth of the fitness equipment industry; 2. The current fitness population in China is relatively low. At present, the proportion of the fitness population in mainland China is only 3.1%, which is far lower than the United States' 20.3%; 3. At present, the average urban household in China has only 4 sets of fitness equipment per 100 households, the penetration rate is less than 5%, and the penetration rate of fitness equipment is low.

 

3. Low concentration of domestic fitness equipment industry

 

The domestic fitness equipment industry has a large number of participants, and the high-end, low-end market is clearly differentiated. International brands such as ICON, Life Fitness, Qiaoshan, Precor, Technogym and BH occupy most of the domestic high-end market share. Domestic brands such as Shuhua, Goodfamily, and Jinling Sports are occupying relatively moderate competition in the high-end market; competition in the low-end market is relatively fierce due to relatively low industry barriers. Most domestic manufacturers mainly participate in international market competition through OEM processing for well-known brands, with relatively low added value. In recent years, domestic production enterprises have gradually completed the accumulation of production systems, product lines, sales channels and brand operations. A few domestic comprehensive fitness equipment manufacturers such as Impex, Roewe International, Jinling Sports, etc., are outside the OEM business. Successfully penetrated the private label into the consumer market in some countries or regions, and the private label operation gradually achieved results.