Fitness equipment such as treadmills, elliptical machines, stationary bikes and weight machines help people stay fit and maintain good health. The growing consciousness about health and preference for home workout routines among busy people is driving the demand for these products.
The global Fitness Equipment Market is estimated to be valued at US$ 20.84 billion in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing popularity of connected fitness equipment is one of the key trends driving growth of the fitness equipment market. Connected equipment has in-built sensors and software that tracks various metrics related to exercise such as calories burned, heart rate, distance covered etc. This data can be synced with mobile apps and shared on social media platforms. This has made workout routines more engaging and competitive. Many people are opting for connected equipment to efficiently track their progress towards fitness goals. Major players are focused on integrating their equipment with apps and virtual platforms to capitalize on this growing demand. For instance, Technogym offers a wide range of connected equipment with dedicated mobile apps and online class content.
Strength: Fitness equipment provides full body exercise and helps maintain physical and mental health. Equipment such as treadmills, elliptical machines, stationary bikes etc. help burn calories and maintain cardiovascular fitness.
Weakness: High installation and maintenance cost of equipment like treadmills or elliptical machines. Larger equipment require more space for installation.
Opportunity: Increasing health awareness and changing lifestyles are driving the demand for home fitness equipment. Growth in affordable equipment segment also presents an opportunity.
Threats: Changing consumer preferences towards other forms of exercise like gym memberships, yoga classes etc. Economic slowdowns can impact discretionary spending on fitness equipment.
The global fitness equipment market is expected to witness high growth. Growing obesity rates, rising health consciousness and increasing number of fitness centers are fueling demand for fitness equipment worldwide. The global Fitness Equipment Market is estimated to be valued at US$ 20.84 billion in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023-2030.
Regional analysis: North America currently dominates the global market led by the US. This is attributed to high consumer spending on health and fitness. Asia Pacific is expected to be the fastest growing regional market over the forecast period driven by countries like India and China. Rapid urbanization and improving economic conditions are creating more opportunities in the APAC fitness equipment industry.
Key players: Key players operating in the fitness equipment market are TechnoGym, Cybex International, NordicTrack, Precor, Body-Solid, Body by Jake, Life Fitness, and True Fitness. These leading manufacturers are focusing on developing innovative products with ergonomic designs and adding smart connectivity features to their equipment. They are also expanding into untapped regional markets through strategic partnerships and collaborations.