Singapore: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Singapore

In 2022, the Singaporean gym and fitness equipment market decreased by -45.3% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Exports of Gym and Fitness Equipment

Exports from Singapore

In 2022, shipments abroad of gym and fitness equipment increased by 91% to X tons, rising for the third consecutive year after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, gym and fitness equipment exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a slight setback. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X tons), the United States (X tons) and Indonesia (X tons) were the main destinations of gym and fitness equipment exports from Singapore, together accounting for 68% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +51.1%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), the United States ($X) and Indonesia ($X) constituted the largest markets for gym and fitness equipment exported from Singapore worldwide, together comprising 69% of total exports.

Hong Kong SAR, with a CAGR of +49.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gym and fitness equipment export price stood at $X per ton in 2022, shrinking by -1.8% against the previous year. Overall, the export price recorded a slight descent. The most prominent rate of growth was recorded in 2018 an increase of 22% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Brunei Darussalam ($X per ton) and Vietnam ($X per ton), while the average price for exports to Malaysia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-1.4%), while the prices for the other major destinations experienced a decline.

Imports of Gym and Fitness Equipment

Imports into Singapore

After two years of growth, overseas purchases of gym and fitness equipment decreased by -20.6% to X tons in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 68%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, gym and fitness equipment imports contracted to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 60% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gym and fitness equipment to Singapore, with a 44% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-2.1% per year) and the United States (-9.2% per year).

In value terms, the largest gym and fitness equipment suppliers to Singapore were China ($X), the United States ($X) and Indonesia ($X), with a combined 60% share of total imports. Taiwan (Chinese), Malaysia, Italy, France, Germany and Canada lagged somewhat behind, together comprising a further 26%.

France, with a CAGR of +17.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gym and fitness equipment import price stood at $X per ton in 2022, rising by 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 an increase of 9.9% against the previous year. As a result, import price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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