Resistance Bands Market Outlook
The global resistance band market size is expected to reach a value of USD 1.74 Billion by the end of the forecast period, at a CAGR of 12.25%. Resistance bands are elastic bands that were first used in rehabilitation exercises for injured people. Consumers, on the other hand, have incorporated these bands into their daily routines. Colors, widths, lengths, and strengths of resistance bands are all available. Resistance bands are available in many shapes, such as straight, flat, and tubular, and can be used for a range of exercises. Resistance bands are more portable, easier to transport, and less expensive than free weights. These key variables drive resistance band sales all across the world. However, the risk of harm from snagged bands could hinder market growth shortly.
COVID-19 has had a substantial impact on the distribution and sales of a wide range of products in a variety of industries. To prevent the virus from spreading, many countries are on lockdown and have closed their borders. Because of COVID-19’s impact on logistics, raw material supplies have been disrupted, resulting in reduced manufacturing capacity and, as a result, product shortages. These factors are expected to cause a jump in the price of resistance bands in the short term. Furthermore, as a result of the COVID-19 outbreak, gyms and training centers have been designated as gathering places in various countries and have been closed. As a result, as people have begun to work out at home, the demand for resistance bands has skyrocketed.
Market Segmentation
Based on the Type, the market has been segmented into Therapy Bands, Tube Bands, Fit Loop Bands, Pull-Up Bands, and Others.
Based on the Category, the market has been segmented into Light, Medium, and Heavy.
Based on the market Distribution Channel, the market has been segmented into Store-Based and Non-Store-Based.
Based on the Region, the market has been segmented into North America, Asia-Pacific, Europe, and the Rest of the World.
Regional Classification
During the historic forecast period, the worldwide resistance band market was dominated by North America. Obesity and weight-related disorders have become more common in the United States, affecting Americans’ lifestyles. Due to the increased importance of physical fitness and weight training in the region, resistance bands are in great demand. Asia-Pacific is a new revenue stream for the resistance band market. The growing populations of China and India have created a lucrative market for current firms. The growing need for physical activities has resulted in a desire to stay active, moving the market ahead in the region.
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Industry News
The major key players in the market are Performance Health Holding, Inc., Wacces, Inc., Black Mountain Products, Inc., ProsourceFit, Zaj Fit, Xtremebands, Bodylastics USA Inc., and Fitness Anywhere LLC, Decathlon S.A., and The Peach Builder Co. As the need for resistance bands grows, market participants are spending on research and development to offer new technologies and improve the band material. Consumers are responding positively to new and inventive products, which is propelling the global market growth. Sensor-based devices to track body mass index (BMI) and related measures, for example, are being introduced by market companies.
