June 16, 2024

The Fitness Equipment Market is Projected to Driven by Growing Health Consciousness

Fitness equipment such as treadmills, stair steppers, stationary bikes, ellipticals and weights enables users to maintain their health through regular physical exercise. These equipment allow people to work out comfortably in their homes or professional fitness centers. Treadmills are widely used for cardiovascular exercise sessions, allowing users to walk or run on a continuous belt system. Elliptical trainers involve an elliptical foot motion for low-impact aerobic exercise. Stationary bikes provide a low-impact option to cyclists who want to workout indoors. Weight lifting equipment ranging from dumbbells and barbells to weight plates enable muscle strengthening activities.

The global fitness equipment market is estimated to be valued at US$ 20.84 Bn in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The rising awareness about health and fitness amongst individuals worldwide is expected to drive the global fitness equipment market growth over the forecast period. With growing health consciousness, people are focusing on weight management and staying active through regular workout routines. This presents potential opportunities for fitness equipment manufacturers. Moreover, growing obese and overweight population has prompted many to opt for home-based workout options using versatile fitness equipment like multi-gym machines. Changing lifestyles have reduced outdoor activities, necessitating indoor exercise regimes using treadmills, ellipticals and other equipment. The market is expected to gain substantial demand due to such health-driven consumer behavior.

Segment Analysis

The global fitness equipment market is dominated by the cardiovascular equipment sub segment. Cardiovascular equipment such as treadmills, elliptical trainers and exercise bikes account for over 50% share of the market. They are the most popular category owing to increasing health awareness and growing obese population who prefer doing cardio exercises for weight management and improving heart health.

PEST Analysis

  • Political: The government initiatives promoting health and fitness through gym memberships and sports facilities is driving the market growth. Various policies encourage production of quality fitness products.
  • Economic: Rising income levels and growing health expenditure is increasing the affordability of premium fitness equipment. Higher disposable incomes allow customers to invest more on their fitness regimes.
  • Social: Changing lifestyles, increased work pressure and less time for outdoor activities is accelerating the demand for home fitness solutions. People prefer working out in the comfort of their homes using various equipment.
  • Technological: Integration of new technologies like AI, virtual reality and smartphone connectivity in products is expanding their functionality. This enhances user experience and engagement while working out.

Key Takeaways

The global fitness equipment market is expected to witness high growth over the forecast period of 2023 to 2030. The global Fitness Equipment Market is estimated to be valued at US$ 20.84 Bn in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030.

North America currently dominates the market attributed to growing health awareness and increasing obese population in countries like US. The regional market is supported by presence of major players and availability of innovative products catering to diverse customer needs.

Key players operating in the fitness equipment market are Technogym, Peloton Interactive, Nautilus, Precor, Johnson Health Tech and Concept2. Technogym holds a leading position owing to its vast product portfolio and strong global distribution network. Peloton Interactive has gained immense popularity for its connected fitness bikes and treadmills that offer live and on-demand workout classes.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it