USD 15 billion
Fitness Equipment Market Size, Share, Growth Analysis, By Type(Cardiovascular Training Equipment, Treadmill, Elliptical, Stationary Bike), By End User(Home Consumer, Home, Apartment, Gyms in Apartment), By Distribution Channel(Offline and Online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2194 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
100
|Figures:
70
Fitness Equipment Market Insights
Global Fitness Equipment Market size was valued at USD 15 billion in 2022 and is poised to grow from USD 15.60 billion in 2023 to USD 21.35 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
The global market for fitness equipment has undergone substantial growth, propelled by several key factors. The increasing health consciousness among individuals has played a pivotal role, driving a heightened awareness of the significance of regular exercise for overall well-being. This evolving mindset has spurred a greater inclination towards fitness-related activities and a desire for accessible equipment that facilitates physical wellness. Additionally, rising disposable incomes have afforded individuals the means to invest in their health, leading to increased spending on fitness equipment.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fitness Centers/Gyms
Fastest Growth
Growth Rate
4% CAGR
Global Fitness Equipment Market ($ Bn)
Country Share for North America Region (%)
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Fitness Equipment Market Segmental Analysis
The global Fitness Equipment market is segmented into four segments i.e. by Type, Distribution Channel, End User and Region. Based on Distribution Channel the market is segmented as, Offline and Online. Based on Type the market is segmented as, Cardiovascular Training Equipment, Treadmill, Elliptical, Stationary Bike, Rowing Machine, Others, Strength Training Equipment, Other Equipment. Based on End User the market is segmented as, Home Consumer, Home, Apartment, Gyms in Apartment, Fitness Centers/Gyms, Other Commercial User, Hotel, Corporate Office, Hospitals and Medical Center, Public Institution. Based on Region the market is segmented as, North America, Europe, Asia-Pacific, LAMEA.
Analysis by End-User
In 2022, the home consumers segment emerged as the leader in the market, commanding over 51% of the global revenue share. This dominance within home gym equipment consumers is witnessing rapid expansion, propelled by several influential trends reshaping the fitness landscape. Among these trends, the ascent of connected home devices and an amplified focus on health and wellness stand out as key drivers. The proliferation of online fitness platforms has further fueled this growth, offered a diverse array of workouts while fostering a sense of community among fitness enthusiasts.
The forecasted substantial growth within the fitness centers/gyms segment signifies a burgeoning trend toward prioritizing health and well-being. However, the broader "others" segment encompasses an array of diverse establishments, spanning corporate wellness programs, hotels & resorts, rehabilitation centers, educational institutions, military/law enforcement facilities, and senior living communities, all unified by their shared dedication to promoting holistic health and wellness.
Analysis by Distribution Channel
In 2022, the fitness market saw a marked dominance by offline outlets, commanding a robust revenue share of over 56%. These brick-and-mortar fitness stores have experienced a surge in popularity due to the growing consumer demand for personalized shopping experiences. Customers are drawn to these physical stores that offer a diverse array of products along with expert guidance. This trend underscores a preference for hands-on interactions, reflecting the desire for tailored experiences in selecting fitness equipment.
Simultaneously, the online distribution channel has witnessed remarkable growth driven by several compelling factors. The widespread accessibility of high-speed internet has revolutionized fitness practices, allowing individuals to access live and on-demand fitness classes conveniently from their homes. This accessibility is particularly enticing as traditional gym memberships become increasingly costly, prompting many to opt for the more affordable and accessible online fitness alternatives.
Global Fitness Equipment Market By End-Use
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Fitness Equipment Market Regional Insights
In 2022, North America solidified its market dominance by capturing an impressive share of over 33% of global revenue. This stronghold owes itself to the region's growing health consciousness and widespread adoption of healthier lifestyles, emphasizing weight management, improved physical well-being, heightened body stamina, and muscular strength. Notably, the prevalence of a high proportion of overweight or obese individuals in North America significantly drives demand within this region.
Concurrently, the Asia Pacific is poised to showcase the swiftest CAGR throughout the forecast period. Particularly, developed nations such as Japan and South Korea emerge as pivotal players propelling market expansion in this dynamic region. Moreover, markets in rapidly growing countries such as China and India are witnessing remarkable surges in demand.
Global Fitness Equipment Market By Region
- Largest
- Fastest
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Fitness Equipment Market Dynamics
Drivers
Rising Adoption of 5G Internet Connectivity Is Expected To Propel Market Growth
- Recent years have witnessed a proliferation of technological advancements, including the widespread adoption of 5G, internet connectivity, and the ubiquitous presence of smartphones. This tech surge has catalyzed new developments within the fitness equipment landscape. Notably, it has spurred the creation of diverse health-centric platforms and smartphone applications designed to furnish users with precise and comprehensive workout data.
Restraints
High Product Cost to Hamper Market Growth
- The market for fitness equipment faces constraints due to the high costs associated with certain products, posing affordability challenges for middle and low-income earners in developing and under-developed countries. For example, premium offerings such as the Life Fitness F1 Smart Folding Treadmill, priced at USD 3,499, present significant financial barriers for many prospective buyers. Additionally, the proliferation of commercial gymnasiums worldwide has redirected consumer spending away from home fitness equipment.
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Fitness Equipment Market Competitive Landscape
The competitive environment of the global Fitness Equipment Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Life Fitness (KPS Capital)
- Icon Health & Fitness
- Nautilus, Inc.
- Impulse Health Technology Co., Ltd.
- Technogym
- Omron Healthcare, Inc.
- Seca GmbH
- Precor Incorporated
- Johnson Health Tech
- TRUE
- Torque Fitness
- Core Health & Fitness
- Shandong EM Health Industry Group Co., Ltd.
- Others
Recent Developments
- In March 2024, PowerMax, a leading brand in the country's fitness equipment industry, continues to gain momentum since its establishment in 2009. With a mission to transform the fitness sector, PowerMax Fitness has become synonymous with excellence, inventive solutions, and customer fulfillment.
- In December 2023, IKEA unveiled DAJLIEN, an exclusive home training collection featuring 19 adaptable products designed to promote movement in daily routines and facilitate the development of healthy habits at home. Scheduled for release in January 2024, DAJLIEN aims to enhance the well-being and lifestyle of its users through versatile and accessible fitness solutions.
- In October 2023, Nike ventured into the manufacturing and retail of resistance training gear, offering an extensive array of gym essentials. Their product lineup includes barbells, dumbbells, planks, kettlebells, benches, squat racks, and specialized fitness attire tailored for weight training and resistance exercises. This comprehensive range caters to athletes of various skill levels, providing them with the necessary tools to pursue their fitness goals effectively.
Fitness Equipment Key Market Trends
- The market's growth trajectory is further accelerated by a surge in government initiatives focused on health awareness. These concerted efforts aim to promote and safeguard public health across individual, national, and global levels, emphasizing the reduction of disease and mortality rates associated with unhealthy diets and sedentary lifestyles. This concerted advocacy serves to bolster consumers' interest in fitness activities, catalyzing a heightened awareness and inclination towards maintaining healthier lifestyles.
Fitness Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The anticipated growth within the industry is strongly influenced by the escalating incidences of heart disease and obesity, presenting a pressing need for solutions and interventions. Unhealthy lifestyle patterns and dietary habits, characterized by excessive consumption of low-nutrition foods, alcohol, and tobacco use, significantly contribute to the prevalence of cardiovascular diseases, diabetes, and obesity. Recent statistics from the American Heart Association (AHA) in 2022, featured in their heart disease & Stroke Statistics report, reveal alarming figures: approximately 121.5 million individuals in the U.S. grapple with hypertension, while an additional 28 million Americans have been diagnosed with type 2 diabetes.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 15 billion |
| Market size value in 2031 | USD 21.35 billion |
| Growth Rate | 4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fitness Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fitness Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fitness Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fitness Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fitness Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fitness Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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