Fitness Equipment Market

The global Fitness Equipment Market is valued at USD 13.8 Billion in 2022 and is projected to reach a value of USD 20.54 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.1% between 2023 and 2030.

Premium Insights

Global health and wellness consciousness is becoming more and more important, and this is propelling the Fitness Equipment market. The demand for Fitness Equipment has increased in recent years due to people's growing health consciousness. The International Health, Racquet & Sportsclub Association (IHRSA) reported that the number of health clubs globally increased by 8.7% between 2010 and 2020, indicating significant expansion in the fitness business. Rising obesity rates, an aging population that prioritizes an active lifestyle, and the growing popularity of at-home workouts, particularly during the COVID-19 pandemic, are some of the factors contributing to this increase. The industry has also advanced as a result of the emergence of cutting-edge and technologically sophisticated Fitness Equipment and growing public awareness of the value of physical fitness. This combination of elements highlights the Fitness Equipment market's encouraging future direction.

• The rising global awareness of health and fitness, coupled with a growing preference for home-based workouts due to the COVID-19 pandemic, is a driving force for the global Fitness Equipment market during the projection period from 2023 to 2030.
• The cardiovascular training equipment will continue to assert its dominance by type, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, North America exhibited its market prowess, achieving the highest revenue share of over 40%.
• The Asia Pacific region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. The activity equipment is increasingly being integrated with smart technology, such as activity trackers and smartphone apps. Real-time data from exercises is now demanded by users, which makes it simpler to monitor progress and customize exercise regimens.
2. Consumer decisions are being influenced by environmental awareness. In keeping with the larger sustainability movement, manufacturers are creating exercise equipment with energy-efficient systems and environmentally friendly materials.
3. The establishment of home gyms became popular during the epidemic and is still popular now. Convenience and versatility are two reasons why compact and adaptable home appliances are becoming more and more popular.
4. Workouts and classes conducted virtually are now commonplace. Numerous manufacturers of exercise equipment provide live-streamed or on-demand exercises, allowing customers to get expert advice from the comfort of their homes.
5. Personalized exercise regimens and advice are being given by AI and machine learning, taking into account each person's goals and development. This customization improves long-term commitment to fitness regimens and user engagement.

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Economic Insights

Significant economic consequences were seen in the exercise equipment business, mostly as a result of the COVID-19 epidemic. The epidemic initially caused a spike in demand for exercise equipment as people looked for methods to continue their training regimens at home, which was good news for the fitness sector. However, the pandemic's effects on manufacturing and supply chains also led to higher costs and longer lead times, which has a detrimental impact on accessibility and affordability. Furthermore, the market saw some levelling off in demand when restrictions were relaxed, and gyms reopened, suggesting a possible post-pandemic adjustment. This demonstrates the market's tenacity while also emphasizing how crucial it is to be flexible while dealing with economic ups and downs, as shown during the pandemic.

Market Segmentation

The Global Fitness Equipment Market is segregated into the below-mentioned segments as:

The global Fitness Equipment market can be categorized into Type, End User, Region. The Fitness Equipment market can be categorized into Cardiovascular Training Equipment, Strength Training Equipment, Other Equipment based on Type. The Fitness Equipment market can be categorized into Home Consumer, Health Clubs/Gym, Other Commercial Users based on End User. The Fitness Equipment market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Type

Cardiovascular Training Equipment to Accommodate the Largest Market Share Owing to its Increasing Popularity

In 2022, in the market for Fitness Equipment, cardiovascular training equipment is the industry leader. This is mostly because it is so popular with fitness enthusiasts who want to increase endurance, burn calories, and improve their cardiovascular health. For both home and gym use, elliptical trainers, stationary bikes, and treadmills are popular options because they offer low-impact, efficient exercises appropriate for a variety of fitness levels. Additionally, the need for cardiovascular equipment was further supported by the increased focus on heart health and weight management, particularly during the COVID-19 epidemic. Cardiovascular training equipment is the best available on the market because of its easy-to-use interface, adaptability, and compatibility for a wide range of fitness objectives.

Based on End User

Health Clubs/Gyms to Witness Largest Market Share Owing to Diversified Consumer Base

Health clubs and gyms are the categories that employ Fitness Equipment the most frequently among those on the list. Numerous variables are responsible for this prominence. With a diversified customer with a range of exercise objectives, health clubs and gyms must have a comprehensive selection of equipment, including strength and cardio training machines. These businesses also gain from economies of scale, which allows them to spend money on specialized, high-quality equipment. Additionally, having access to expert advice and a stimulating atmosphere encourages customers to employ a range of equipment, which supports the expansion of the market. Last but not least, these facilities' recurrent membership fees offer a steady stream of income that enables ongoing equipment maintenance and upgrades, thereby securing their status as the market's top consumers of Fitness Equipment.

Based on Region

North America to Lead Global Sales Region Owing to a Stronger Supportive Infrastructure & Widening Consumer Base

In the market for exercise equipment, North America is thought to have the highest sales volume. First off, the demand for exercise equipment is driven by the health-conscious and fitness-aware populace in North America. Second, the area has a strong infrastructure of gyms, health clubs, and people who enjoy at-home exercise, which supports consistent sales. Finally, North America's concentration of top Fitness Equipment producers and innovators spurs the market's expansion and establishes it as a dominant force in the sector.

The Asia Pacific is seeing a sharp increase in the market for exercise equipment. The main cause of this growth is the rising popularity of fitness as a way of life in nations like China and India. There is a growing middle class, urbanization, and rising disposable incomes fuelling the market for Fitness Equipment in this area. Moreover, the COVID-19 epidemic has expedited the transition towards at-home fitness remedies, hence augmenting the sales of fitness apparatus. As a result, the Fitness Equipment market is expanding significantly in Asia Pacific, positioning the region as one of the key development areas.

Competitive Landscape

The exercise equipment market is very competitive, with both well-established industry giants and creative rivals. Large players in the industry with global reach and wide product portfolios, such as Life Fitness, Technogym, and Nautilus Inc., continue to hold dominant positions in the market. They are up against newcomers like Bowflex and Peloton, which are renowned for their tech-savvy approach to fitness. Regional companies make a substantial contribution as well, providing customized tools and taking into account regional tastes. The market is dynamic, emphasizing sustainability, innovation, and technological integration to create a competitive and changing environment.

The key players in the global Fitness Equipment market include - Peloton Interactive Inc. (U.S.), Icon Health & Fitness Inc. (U.S.), Impulse Health Technology Co. Ltd. (China), Core Health & Fitness LLC (U.S.), Nautilus Inc. (U.S.), True Fitness Technology Inc. (U.S.), Johnson Health Tech. Co. Ltd. (U.S.), Torque Fitness LLC (U.S.), Technogym S.P.A. (Italy), Anta Sports Products Limited (China) among others.

Recent Market Developments

• September 2022 saw the release of the Fitness Equipment Peloton Row by Peloton Interactive, Inc. The device features high-end hardware design and cutting-edge software. The apparatus is utilized for full-body, low-impact aerobics and strength training.
• August 2022: JHT became the first Fitness Equipment company with a fully-owned business in Africa when it acquired Matrix Fitness South Africa, which was JHT's distributor prior to the acquisition.
• In March 2021, Peloton Interactive Inc. introduced its products in Australia, thereby broadening its product portfolio in the Asia-Pacific region. With the release of the Peloton Bike, which provides the greatest cardio and strength training, and the Peloton App, which includes content for over ten different exercise styles, such as yoga, cardio, strength training, indoor and outdoor running, and indoor cycling, Peloton made its debut in Australia.

Segmentation of the Global Fitness Equipment Market