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2023

Fitness Equipment Market

Fitness Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Cardiovascular Training Equipment, Strength Training Equipment, and Others), End User (Health Clubs/Gyms, Hospitality, Residential, & Leisure, Health, Corporate, Public, and Home Consumer), and Price Point (Premium/Luxury and Mass): Global Opportunity Analysis and Industry Forecast 2021-2028

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Author's: Vidit Gite| & Shankar Bhandalkar | Roshan Deshmukh
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The fitness equipment market size was valued at $13.2 billion in 2020, and is expected to reach $15.4 billion by 2028, registering a CAGR of 0.3% from 2021 to 2028. The cardiovascular training equipment segment led in terms of fitness equipment market share in 2020 and is expected to retain its dominance throughout the forecast period.

Fitness equipment is any machine or device required for physical exercise to manage overall weight, improve physical stamina, and develop muscular strength. The fitness equipment market demand has increased globally, due to an increase in health awareness. In addition, physical exercise is advised during certain medical treatments. The most commonly used fitness equipment includes treadmills, elliptical, stationary bicycles weightlifting machines & strength building machines, and others. The increase in the prevalence of obesity and the rise in health consciousness have majorly fostered the growth of the global fitness equipment market. Furthermore, a surge in the number of gym memberships, a rise in the sale of in-home equipment, an upsurge in the urban population, and an increase in government initiatives to promote healthy life fuel the adoption of fitness equipment.

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The adoption of fitness equipment at home is expected to increase among the population over the next few years, owing to the increasing impact of COVID-19. Market closures, increasing awareness about self-care products, and growing fitness trends among the public have propelled the at-home fitness equipment in the year 2020. Furthermore, sedentary lifestyles and hectic schedules have led to the adoption of in-home fitness equipment. Exercising at home using fitness equipment saves gym membership expenses. However, space limitations and the high cost of equipment restrain the market growth.

The penetration of home usage fitness equipment is the highest in the U.S. Free weights are among the most commonly used strength equipment and offer fixed as well as adjustable weights.  Home gym equipment is available with cables and adjustable pulleys that provide options for abdominal, arm, shoulder back, and chest exercises, leg presses, and calf raises offering customization in a single multipurpose equipment. Furthermore, leading players in the fitness equipment industry are coming up with innovative solutions. For instance, Life Fitness, one of the major players operating in the market, offers F3 folding treadmills to home consumers with wireless telemetry heart rate monitoring and the convenience of minimal storage space.

Increasing concerns among consumers related to COVID-19 have shifted their preferences toward home fitness equipment worldwide. The home user segment has increased and held more than 60% share of the global fitness equipment market in 2020. The home consumer segment is further fragmented into home, apartment, and gyms in an apartment, whereas another commercial user is subdivided into hotel, corporate office, hospitals & medical center, and public institution.

The fitness equipment market is segmented into type, end user, price point, and region. Depending on type, the fitness equipment market is categorized into cardiovascular training equipment, strength training equipment, and other equipment. By end user, the market is segregated into health clubs/gyms, hospitality, residential, & leisure (Hotels, Residential, and Leisure Clubs), health, corporate, public (Hospitals & Medical Centers, Corporate Offices, and Public Institutions), and home consumers. By price point, the market is segregated into premium/luxury and mass. Each of the segments in end user and price point are further categorized into cardiovascular training equipment, strength training equipment, and other equipment.

As per the fitness equipment market trends, by type, the fitness equipment market is segmented into cardiovascular training equipment, strength training equipment, and other equipment. The cardiovascular training equipment segment accounts for the major fitness equipment market share and is poised to grow with a significant CAGR during the analysis period. The vendors of cardiovascular equipment are renowned companies as well as domestic players. The market has witnessed the entry of various new players such as RFE International, which is a licensee of Adidas. It has launched its array of exercise bikes, treadmills, and cross trainers in the market. Companies such as Precor, Nautilus, ICON Health & Fitness, and Brunswick offer a wide range of cardiovascular products. Key players in the cardiovascular equipment market are focusing on the development of innovative products. For instance, TRUE Fitness Technology, Inc. launched the Alpine Runner, a cardio machine that provides an incline feature, which ranges from -3% to 30% and burns more calories as compared to exercising on walkers and runners.

Fitness Equipment Market
By Type
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Cardiovascular Training Equipment segment held the major share of 63.0% in 2020, owing to the increased demand for the cardiovascular equipments for at-home use.

By end user, home consumer segment held the major share of 55.9% in 2020, owing to the closure of commercial gyms and fitness centers, which encouraged the growth of home gyms. An increase in the number of health clubs and gyms significantly drives the growth of the global fitness equipment market. Health clubs drive the market for both cardiovascular and strength training exercises. In the U.S., fitness clubs and membership rates have witnessed a decent increase in recent years owing to a rise in the incidence of obesity, with 34,460 clubs and 55 million members in 2015. However, COVID-19 has impacted the health clubs/gym market due to market closures and the imposition of social distancing all across the world.

Fitness Equipment Market
By End User
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Home consumer segment held the major share of 55.9% in 2020, owing to the closure of commercial gyms and fitness centres, which encouraged the growth of the home gyms

In LAMEA, the adoption of fitness equipment in health clubs is relatively higher as compared to home and other commercial user segments. Brazil has one of the highest numbers of fitness and health clubs with 34,509 in 2017 and has been significantly driving the market, owing to the strong fitness culture in the country. Increase in health awareness among the population has increased the number of people going to the gym. Increase in per capita income, surge in urbanization rates, and growth in the youth population in developing economies are expected to offer lucrative opportunities to market players.

By price point, the mass segment dominated the market with 55.3% of the market share in 2020, owing to the higher preference for affordable fitness equipment among the majority of consumers. This is the most preferred price range among global consumers because, at this price range, the customer can acquire a go quality loaded with features fitness equipment. Most of the major players such as ICON Health & Fitness, Life Fitness, Brunswick, and True Fitness offer their fitness equipment products at a mid-price range.

Fitness Equipment Market
By Price Point
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Mass segment held the major share of 55.3% in 2020, owing to the presence of huge number of low and middle-income consumers and demand for quality equipment at affordable prices

Mid-price segment is the most preferred segment by both the buyers and the manufacturers. North America and Europe are the top markets for this segment due to the high purchasing capacity of consumers, demand for advanced technological equipment, and growing cases of obesity. Moreover, the preference for high-quality fitness equipment is driving the market for this segment in developed countries such as U.S., UK, Canada, Germany, and France. Asia-Pacific nations such as China and India seem to offer lucrative growth opportunities for this segment due to the increasing youth population and rising disposable income.

By region, the fitness equipment market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America is the largest market for fitness equipment across the globe. A larger base of obese population in the region leads to higher adoption of fitness equipment. Obesity has long-term negative effects on health including but not limited to heart disease, stroke, type 2 diabetes, high blood pressure, cancer, and other bone & joint diseases. In 2014, as per an analysis by the National Center for Weight & Wellness, the annual cost of obesity was valued at $305 billion, which included direct medical and non-medical services, worker productivity losses, disability issues, and premature death. This has led to an increased need for weight management in the region. As per the statistics, the U.S. and Canada collectively have the largest number of fitness clubs across the world (in the range of 35,000-38,000) and report the highest membership rates. As per the International Health, Racquet & Sportsclub Association (IHRSA), in 2017, the number of individual members in the U.S. totaled 60.9 million, up 6.3% from 57.3 million in 2020. Cardiovascular training is the most preferred equipment in both regions.

Fitness Equipment Market
By Region
2028
North America 
Europe
Asia Pacific
LAMEA

North America segment held the major share of 44.7% in 2020 due to the presence of largest number of fitness clubs across the world

Japan and Korea are the leading markets for fitness equipment in the Asia-Pacific region. Increase in disposable income and rapid economic growth in the region have led to sedentary lifestyles and increased spending on fast foods, leading to unhealthy lifestyles.

This has increased the incidence of lifestyle diseases such as obesity, diabetes, heart disease, hypertension, and other bone diseases. Growing awareness among people about long-term consequences of such diseases has encouraged people to stay fit by working out at gyms and fitness centers. The use of strength training equipment among the youth population is expected to increase at a faster pace in the near future.

The growth of the Asia-Pacific market is driven by increased awareness of fitness among the youth population. Adoption of western culture and growing need to improve external appearance have led to increase in gym memberships. Moreover, about 80% of the market growth is expected to take place in the emerging economies for the next 20 years. The per capita disposable income of Asia-Pacific region increased by 19.3% during 2007-2012. Rapid urbanization in developing economies, increasing youth population, and rising per capita disposable income are expected to propel the adoption of fitness equipment in the region.

The report focuses on the growth prospects, restraints, opportunities, and fitness equipment market forecast. The study provides Porters five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the fitness equipment market. Some of the key players in the fitness equipment market analysis includes ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., Technogym S.p.A, Amer Sports Corporation, Nautilus, Inc., Core Health and Fitness, LLC, TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd., and Torque Fitness, LLC.

The fitness equipment market is moderately fragmented with the top ten players accounting for 53.6% of the market share. Peloton Interactive, Inc. garnered the leading position across global fitness equipment market with 16.3% of the market share in 2021.

ICON Health & Fitness, Inc. (iFit) occupied the second largest position in the global fitness equipment market, with global market share of 14.9%. The company has a wide range of products marketed under different brands such as NordicTrack, Pro Forms, Health Rider, Weslo, and iFit. Manufacturing facilities installed at key geographies have made ICON a market leader. In addition, the brand image across the market and wide distribution network have contributed toward the growth of its overall business in fitness equipment manufacturing.

Key benefits for the stakeholder

  • This study provides an in-depth analysis of the global fitness equipment market with current trends and future estimations to elucidate the investment pockets in this market.
  • The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
  • The value chain analysis of the industry highlights the key intermediaries involved and elaborates their roles and value addition at every stage in the value chain.
  • The quantitative analysis of the market during the period of 2017–2028 has been provided to elaborate the market potential.

Fitness Equipment Market Report Highlights

Aspects Details
Fitness Equipment Market By Type
By Type
  • CARDIOVASCULAR TRAINING EQUIPMENT
    • TREADMILLS
    • STATIONARY CYCLES
    • ELLIPTICAL & OTHERS
  • STRENGTH TRAINING EQUIPMENT
    • FREE WEIGHTS
    • OTHER MACHINES
  • OTHER EQUIPMENT
    • ACTIVITY MONITORS
    • BODY ANALYZERS
Fitness Equipment Market By End User
By End User
  • Home consumer
    • Home
    • Apartment
    • Gyms in Apartment
  • Health clubs/gym
  • Other commercial user
    • Hotels
    • Corporate offices
    • Hospitals & Medical Centers
    • Public Institutions (Schools, Universities, and Others)
Fitness Equipment Market By Region
By Region
  • NorthAmerica  (U.S., Canada, Mexico)
  • Europe  (UK, France, Germany, Italy, Spain, Portugal, Benelux, Rest of Europe)
  • Asia-pacific  (Japan, Korea, China, India, HongKong, Indonesia, Vietnam, Australia, Malaysia, Rest o f Asia-Pacific)
  • LAMEA  (Brazil, Rest of LAMEA)
Key Market Players
Key Market Players

TRUE FITNESS TECHNOLOGY, INC., ICON HEALTH & FITNESS, INC., IMPULSE HEALTH TECHNOLOGY CO., LTD., TORQUE FITNESS, LLC, NAUTILUS, INC., TECHNOGYM S.P.A., CORE HEALTH & FITNESS, LLC, PELOTON INTERACTIVE INC., JOHNSON HEALTH TECH. CO., LTD., ANTA SPORTS PRODUCTS LIMITED

Analyst Review

To cater to the changing trends for physical activity and exercises across the globe, the fitness equipment industry is continuously developing innovative exercise products for both home use and commercial gym environments. The aim is to maximize fitness results while enhancing overall workout experience. For instance, earlier, fitness equipment had a standard user interface; however, these user interfaces are now evolving to include more sophisticated smartphone-like features. In addition, to allow users to customize and monitor individual workouts, fitness machines provide advanced entertainment functionality, such as the ability to watch live TV, listen to music, and access the internet during workout.

Major manufacturers of fitness equipment are exploring options to improve overall user satisfaction and machine equipment effectiveness (OEE) by developing a next-generation fitness machine product line that has reduced machine down time and improved user engagement.

In addition, they are seeking for a reliable and durable touch solution, which can withstand rigors of a typical commercial gym environment, while maintaining consistent optical clarity of the LCD and touch interface. To meet this requirement, OEMs have selected microtech system based on 3M Surface Capacitive Technology (3M SCT).

This robust touch interface can withstand rigors of commercial environment and offers easy cleaning after use. Along with developing innovative products, OEMs have adopted acquisition, partnership, and expansion as their key growth strategies to access other geographies, extend product lines, and garner maximum market share.

Author Name(s) : Vidit Gite| & Shankar Bhandalkar | Roshan Deshmukh
Frequently Asked Questions?

The fitness equipment market size was valued at $13.2 billion in 2020, and is expected to reach $15.4 billion by 2028, registering a CAGR of 0.3% from 2021 to 2028. The cardiovascular training equipment segment led in terms of fitness equipment market share in 2020 and is expected to retain its dominance throughout the forecast period.

The fitness equipment market report is available on request on the website of Allied Market Research.

The forecast period considered in the global fitness equipment market report is from 2021 to 2028. The report analyzes the market sizes from 2017 to 2028 along with the upcoming market trends and opportunities. The report also covers the key strategies adopted by the key players operating in the market.

Some of the key players in the fitness equipment market analysis includes ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., Technogym S.p.A, Amer Sports Corporation, Nautilus, Inc., Core Health and Fitness, LLC, TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd., and Torque Fitness, LLC.

The fitness equipment market is segmented into type, end user, price point, and region. Depending on type, the fitness equipment market is categorized into cardiovascular training equipment, strength training equipment, and other equipment. By end user, the market is segregated into health clubs/gyms, hospitality, residential, & leisure (Hotels, Residential, and Leisure Clubs), health, corporate, public (Hospitals & Medical Centers, Corporate Offices, and Public Institutions), and home consumers. By price point, the market is segregated into premium/luxury and mass. Each of the segments in end user and price point are further categorized into cardiovascular training equipment, strength training equipment, and other equipment.

Japan and Korea are the leading markets for fitness equipment in the Asia-Pacific region. Increase in disposable income and rapid economic growth in the region have led to sedentary lifestyles and increased spending on fast foods, leading to unhealthy lifestyles.

North America is the largest market for fitness equipment across the globe. A larger base of obese population in the region leads to higher adoption of fitness equipment. Obesity has long-term negative effects on health including but not limited to heart disease, stroke, type 2 diabetes, high blood pressure, cancer, and other bone & joint diseases.

Increasing concerns among consumers related to COVID-19 have shifted their preferences toward home fitness equipment worldwide. The home user segment has increased and held more than 60% share of the global fitness equipment market in 2020. The home consumer segment is further fragmented into home, apartment, and gyms in an apartment, whereas another commercial user is subdivided into hotel, corporate office, hospitals & medical center, and public institution.

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Fitness Equipment Market

Global Opportunity Analysis and Industry Forecast 2021-2028