by Rubber dumbbells offer versatile strength training and toning of muscles due to their lightweight and non-corrosive nature. Available in various weight increments, rubber dumbbells help perform a variety of exercise routines including bicep curls, shoulder presses, lunges, and more. The soft textured handles provide a secure, non-slip grip. With rising health consciousness among people of all age groups, there is an increasing preference for home-based workouts using multipurpose equipment like rubber dumbbells. This has propelled the demand for rubber dumbbells in the global market.
The global Rubber Dumbbells Market is estimated to be valued at US$ 199.6 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the rubber dumbbells market is the rising demand for adjustable dumbbells. Adjustable dumbbells allow changing the weight from light to heavy with just a turn of the dial. This makes adjustable dumbbells a versatile and space-saving option for home gyms. Leading manufacturers are developing innovative products with adjustable plates that can be added or removed according to the workout needs. The convenience of adjustable dumbbells over fixed weight dumbbells is driving their demand among home gym enthusiasts and personal trainers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the rubber dumbbells market requires high initial investment and regulations which make it difficult for new players to enter.
Bargaining power of buyers: The bargaining power of buyers is high as there are numerous established players providing similar rubber dumbbells at competitive prices giving buyers choice.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few raw material suppliers and switching costs are low.
Threat of new substitutes: The threat of substitutes is moderate as there are alternatives like steel and plastic dumbbells however rubber dumbbells have better grip.
Competitive rivalry: The competitive rivalry is high due to presence of numerous players competing on pricing and product quality.
Key Takeaways
The Global Rubber Dumbbells Market Growth is expected to witness high growth. The global Rubber Dumbbells Market is estimated to be valued at US$ 199.6 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.
North America currently dominates the market due to high popularity of home fitness equipment. Factors such as rising health concerns, growing gym culture and increasing disposable income are driving the regional market. Asia Pacific is expected to be the fastest growing market for rubber dumbbells due to rising middle class population and increasing penetration of fitness clubs and gyms. Countries like China, India and Japan are expected to offer lucrative growth opportunities for market players in the coming years.
Key players operating in the rubber dumbbells market are BASF S.E., Bayer Cropscience AG, FMC Corporation, DowDuPont, Monsanto Company, Nufarm, SinoHarvest Corporation, Syngenta A.G., Sumitomo Chemical, and United Phosphorus. The market players are focusing on new product launches, mergers, acquisitions and partnerships to gain competitive edge. For instance, in 2019, Ntaional Dumbbell Company launched eco-friendly rubber hex dumbbells.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
