The fitness equipment market comprises of various types of equipment and products utilized for physical training and exercise such as treadmills, elliptical machines, stationary cycles, weightlifting machines & free weights, and cardiovascular training equipment. Increasing health consciousness among people and growing obesity rates across countries have fueled the demand for fitness equipment over the years. The benefits of fitness training and exercise such as maintaining overall health and wellness, managing weight, reducing stress levels and enhancing physical strength have compelled individuals to extensively use fitness equipment at both commercial fitness centers and homes. The global fitness equipment market is estimated to be valued at US$ 20.84 Bn in 2024 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030.
Key Takeaways
- Key players operating in the fitness equipment market include Technogym S.P.A.,Johnson Health Tech. Co., Ltd.,True Fitness Technology, Inc.,Peloton Interactive Inc.,Anta Sports Products Limited,Precor Incorporated,Life Fitness (KPS Capital),Shandong EM Health Industry Group Co., Ltd,Icon Health & Fitness,Johnson Health Tech,Nautilus, Inc.,Technogym,Torque Fitness,Core Health & Fitness,Impulse Health Technology Co., Ltd.
- Rising health consciousness combined with increasing sedentary lifestyle and obesity rates present lucrative opportunities for players in the fitness equipment space.
- With growing global health concerns, companies are expanding their footprint across regions to tap the rising demand from international markets for varied fitness training solutions.
Market Drivers
- Increasing prevalence of lifestyle diseases such as cardiovascular disorders, diabetes and obesity has fueled demand for fitness equipment for maintaining overall health and wellness. Growing health awareness through social media and fitness communities has also augmented the demand.
- Low manufacturing and operational costs coupled with rising incomes in developing nations have enabled manufacturers to offer affordable and innovative fitness solutions, driving widespread adoption of home fitness equipment.
PEST Analysis
Political: The fitness equipment market is subjected to various political factors such as trade policies, tariffs, and safety standards implemented by governments around the world which directly impact the manufacturing and trade of fitness equipment across borders.
Economic: Economic growth and increasing disposable incomes are fueling the demand for premium and high-end fitness equipment from consumers. Rising health awareness is also encouraging individuals to spend more on fitness activities and equipment.
Social: Changing lifestyles and increasing focus on health and wellness are driving greater participation in fitness activities. Rapid urbanization is reducing outdoor play areas for children and leading to a proliferation of fitness centres and in-home exercise options.
Technological: Advancements in materials and design are enabling manufacturers to develop sleek, connected, and multi-functional equipment. The integration of artificial intelligence and interactive features are augmenting the user experience and helping establish new brands.
The market in Asia Pacific is concentrated in countries like China, India, and Japan in terms of value, propelled by rising health consciousness, growing millennial population, urbanization and improving economic conditions in the region. The fitness equipment market is witnessing fastest growth in the South America region fueled by increasing obesity levels, expanding middle class and participation in sports and fitness.
