ASEAN: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in ASEAN

In 2022, after two years of growth, there was significant decline in the ASEAN gym and fitness equipment market, when its value decreased by -11.4% to $X. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +16.5% against 2019 indices. As a result, consumption attained the peak level of $X, and then fell in the following year.

Production of Gym and Fitness Equipment in ASEAN

In value terms, gym and fitness equipment production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Exports of Gym and Fitness Equipment

Exports in ASEAN

In 2022, approx. X tons of gym and fitness equipment were exported in ASEAN; increasing by 10% compared with the previous year. Over the period under review, exports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2019 when exports increased by 48%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, gym and fitness equipment exports soared to $X in 2022. In general, exports saw a strong expansion. The pace of growth was the most pronounced in 2020 when exports increased by 48% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam represented the major exporting country with an export of around X tons, which finished at 66% of total exports. Malaysia (X tons) took the second position in the ranking, distantly followed by Singapore (X tons). All these countries together took approx. 31% share of total exports. Thailand (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the gym and fitness equipment exports, with a CAGR of +24.6% from 2012 to 2022. At the same time, Malaysia (+8.1%) and Thailand (+3.1%) displayed positive paces of growth. Singapore experienced a relatively flat trend pattern. While the share of Vietnam (+41 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-3.6 p.p.), Malaysia (-12.5 p.p.) and Singapore (-22.6 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest gym and fitness equipment supplier in ASEAN, comprising 63% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 23% share of total exports. It was followed by Singapore, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam totaled +33.3%. In the other countries, the average annual rates were as follows: Malaysia (+13.5% per year) and Singapore (-1.0% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, growing by 5.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2018 an increase of 16% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Thailand ($X per ton) and Malaysia ($X per ton), while Singapore ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+7.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Gym and Fitness Equipment

Imports in ASEAN

In 2022, purchases abroad of gym and fitness equipment decreased by -17.7% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, posted a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of 55%. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced notably in the following year.

In value terms, gym and fitness equipment imports shrank to $X in 2022. Overall, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2020 when imports increased by 41%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

The purchases of the three major importers of gym and fitness equipment, namely Malaysia, Indonesia and Vietnam, represented more than two-thirds of total import. It was distantly followed by Thailand (X tons) and Singapore (X tons), together making up an 18% share of total imports. The following importers - the Philippines (X tons) and Myanmar (X tons) - together made up 6.1% of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +31.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest gym and fitness equipment importing markets in ASEAN were Vietnam ($X), Malaysia ($X) and Indonesia ($X), with a combined 68% share of total imports.

Among the main importing countries, Vietnam, with a CAGR of +23.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, rising by 4.2% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by 17% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+20.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform