The scope of our recent study on the "Resistance Bands Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Distribution Channel," includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.
The resistance bands market size is projected to grow from US$ 677.26 million in 2022 to US$ 881.28 million by 2028; it is expected to grow at a CAGR of 4.5% from 2022 to 2028.
Resistance bands are used in various exercises and workout activities to improve strength and help maintain balance while exercising. In addition, resistance bands are used in patients' physical therapy and rehabilitation. The flourishment of e-commerce provides lucrative growth opportunities to the resistance bands market. The market is highly competitive due to the presence of several regional and global players. Players operating in the resistance bands market are competing on the basis of product quality, price, and product differentiation.
The global resistance bands market is segmented on the basis of type, distribution channel, and geography. Based on type, the market is segmented into pull-up bands, tube bands, therapy bands, and others. The pulled-up bands segment held the largest market share in 2021. Pull-up bands are used for resistance training, general conditioning, stretching, and rehabilitation. These bands are available in various types based on resistance and power levels.
The global resistance bands market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific is expected to be the fastest-growing region during the forecast period. Asia Pacific is a significant market for the fitness industry. According to the World Health Organization (WHO) South-East Asia, countries in the region led to lifestyle changes due to unhealthy diets and lack of physical activity. Lifestyle changes, especially after the onset of the COVID-19 pandemic, have influenced the diet of individuals, which is increasing the incidence of obesity and other disorders. Hence, the need to follow proper fitness regimes is expected to create lucrative opportunities for the growth of the fitness industry in the coming years. Thus, such opportunities will likely increase the sales of physical training equipment, such as resistance bands, during the forecast period. These factors are expected to drive the market growth in the region.
Impact of COVID-19 Pandemic on Resistance Bands Market
The global economy was severely disrupted due to the COVID-19 pandemic. The outbreak resulted in a temporary disruption in the operations of industrial bases, which discontinued the expansion of their manufacturing facilities across Europe. In addition, resistance band production was minimal due to the labor shortage, which disrupted the supply chain of the products. However, the demand for resistance bands increased amid the global crisis due to the increasing adoption of physical activities at home and the rising use of cost-effective and comfortable workout products in residential spaces. According to a report published by the World Health Organization (WHO), the COVID-19 pandemic highlighted the importance of environments and access to opportunities to be physically active as part of daily life. These factors are positively impacting the resistance bands market.
The report includes the segmentation of the global resistance bands market as follows:
Based on type, the resistance bands market is segmented into pull-up bands, tube bands, therapy bands, and others. Based on distribution channel, the resistance bands market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The resistance bands market in North America is further segmented into the US, Canada, and Mexico. The Europe market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The resistance bands market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The resistance bands market in South & Central America market is categorized into Brazil, Argentina, and the Rest of South & Central America.
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