Fitness Equipment Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Fitness Equipment Market size is projected to reach a CAGR of 7.0% from 2023-2030.

Home exercise/fitness equipment is any apparatus or device used during physical activity to enhance the strength or conditioning effects on the body. Fitness equipment mainly consists of weightlifting machines, treadmills, stationary bikes, and others for physical exercise and is specifically used in fitness clubs, homes, hotels, gyms, and corporate offices. Such equipment help maintains weight, reduce excessive fat, and boost stamina.

Growth of the Fitness Equipment Market is due to various factors such as increasing sedentary lifestyle is driving the demand for fitness equipment across the world. Also, rising number of fitness service providers and centers. Furthermore, growth in the prevalence of cardiovascular diseases is also providing an impetus to the demand for fitness equipment.

On the other hand, a lot of people are inclined toward exercises such as dancing, aerobics, Pilates, and yoga, which require minimal use of fitness equipment. This has made fitness clubs buy less equipment and provide more & more open spaces. This is further expected to hinder the growth of the global fitness equipment market. There is difficulty in procuring parts/components utilized for fitness equipment such as heart rate grips, LED consoles, handlebars, tension knobs, motors, and so on, and most of these are complex to repair. This results in the replacement of the whole unit, increasing overall maintenance costs. This factor is estimated to restrain the growth of the fitness equipment market in the near future.

The COVID-19 pandemic has wreaked havoc across the world. GDP growth worldwide was already not great, and this outbreak has further worsened the situation. Restrictions on trade, export, and manufacturing activities have led to supply chain disruptions. Besides, with the shutting down of non-essential facilities across the world to contain the virus spread, gymnasiums, and health clubs have been badly affected, leading to sluggish growth of the fitness equipment market. As lockdowns slowly ease across the world, market growth is expected to pick pace.

Delvens Industry Expert's Standpoint

The market for fitness equipment is a quickly expanding sector of the economy that provides a wide range of goods intended to support physical fitness and exercise. The market is driven by the rising trend of exercise and wellness activities, the rising trend of public health consciousness, and the rising demand for home gym equipment as a result of the COVID-19 epidemic. In order to better understand market dynamics and consumer behaviour, the market is categorized based on product type, end-user, distribution channel, and geography. The home/residential end-user sector, the online distribution channel segment, and the cardiovascular training equipment segment are predicted to have the biggest market shares. Overall, the fitness equipment market is anticipated to develop steadily over the next few years, offering several chances for manufacturers and distributors to increase their operations and meet changing customer expectations.

Market Portfolio

Key Findings

• The product type segment is further fragmented into Cardiovascular training equipment, Strength training equipment, and other equipment. The cardiovascular training equipment segment is expected to hold the largest market share in the coming years, driven by the increasing demand for treadmills, stationary bikes, and ellipticals. The segment is expected to grow at a CAGR of 3.3% from 2023 to 2030. The strength training equipment segment is also expected to witness significant growth, fuelled by the growing trend of strength training and bodybuilding. The segment is projected to grow at a CAGR of 2.2% from 2023 to 2030.
   
• The End-User segment is further fragmented into home/residential, commercial, and institutional. The home/residential segment is expected to hold the largest market share in the coming years, driven by the increasing demand for home gym equipment due to the COVID-19 pandemic. The segment is expected to grow at a CAGR of 3.3% from 2023 to 2030. The commercial and institutional segments are also expected to witness significant growth, driven by the increasing number of fitness centers, gyms, and hospitals.
   
• The Distribution Channel segment is further fragmented into online and offline. The online segment is expected to hold the largest market share in the coming years, driven by the increasing trend of e-commerce and the convenience it offers to consumers. The segment is expected to grow at a CAGR of 3.6% from 2023 to 2030. The offline segment is also expected to witness significant growth, driven by the increasing number of specialty stores and department stores.
   
• The Region segment is further fragmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. North America is expected to hold the largest market share in the coming years, driven by the increasing health consciousness among the population and the availability of advanced fitness equipment. The region is expected to grow at a CAGR of 2.6% from 2023 to 2030. Europe and the Asia Pacific are also expected to witness significant growth, driven by the increasing adoption of fitness and wellness activities.

Regional Analysis

North America to Dominate the Market

• The North American market witnessed significant growth due to the rising health awareness among consumers, with the growing adoption of exercises related to physical well-being, weight management, improving body stamina, and muscular strength. The rising obese population and increasing health concerns are other major factors driving the home fitness equipment market in the region.
   
• The rising preventive healthcare measures and the augmenting healthcare costs are enabling consumers to engage in regular workouts to remain fit. Additionally, with the growing demand, manufacturers operating in the global market are expanding their presence to achieve a competitive advantage in the market. Moreover, due to the consumer's growing interest in in-home workouts, the demand for such home equipment is growing, which is also driving the global home equipment market simultaneously.

Competitive Landscape

• ICON Health & Fitness
• Life Fitness
• Peloton
• Technogym
• Precor
• Nautilus
• Johnson Health Tech
• Dyaco
• Impulse
• Shuhua Sports.

Recent Developments

• In 2021, Nautilus launched its connected Bowflex Max Trainer M9 machine and Bowflex T22 treadmill with an enhanced JRNY digital fitness platform, offering curated workouts and entertainment options that stream while being coached.
   
• In 2021, Johnson Health Tech (JHT) announced its acquisition of Matrix Fitness South Africa, a distributor for JHT before the acquisition, becoming the first fitness equipment company to have a wholly-owned subsidiary in Africa.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
   
• Gain authentic and granular data access for Fitness Equipment Market so as to understand the trends and the factors involved in changing market situations
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope