Fitness Equipment Global Market Report 2024

The fitness equipment market size has grown steadily in recent years. It will grow from $13.94 billion in 2023 to $14.52 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historical period can be attributed to various factors, including economic factors and disposable income, increased accessibility to fitness resources, evolving fashion and trends in the fitness industry, the aging population's growing health awareness, and the development of the commercial gym industry.

The fitness equipment market size is expected to see steady growth in the next few years. It will grow to $17.51 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The forecasted growth in the period ahead is expected to be driven by prevailing health and wellness trends, the rise of online fitness platforms, an increased focus on personalization in fitness routines, a demand for sustainable and eco-friendly fitness equipment, and the integration of fitness equipment with health monitoring technologies. Key trends anticipated in the forecast period include the proliferation of smart and connected fitness equipment, a revolution in home fitness practices, the emergence of virtual fitness experiences, an increased focus on health monitoring, and a growing emphasis on eco-friendly designs.

The escalating prevalence of obesity is projected to drive the expansion of the fitness equipment market. Obesity, a medical condition associated with various diseases, including heart disease, diabetes, high blood pressure, and cancers, has been identified as a significant risk factor. Fitness equipment, through facilitating aerobic workouts that elevate heart rates, enhance metabolism, and aid in calorie burning for weight loss, addresses this concern. As of March 2022, reports from the World Health Organization highlighted a global count of 650 million obese adults, 340 million obese teenagers, and 39 million obese children. The WHO estimates that by 2025, around 167 million overweight or obese individuals may encounter health complications, underscoring the driving force behind the fitness equipment market's growth.

The burgeoning population of health-conscious consumers is anticipated to propel the fitness equipment market forward. These individuals prioritize their physical and mental well-being, actively seeking means to sustain and enhance their overall health. Such consumers meticulously manage lifestyle choices encompassing diet, exercise, mental health, and holistic wellness. Fitness equipment stands as a pivotal component in the lives of health-conscious consumers, providing convenient and effective tools for home and gym-based workouts, thereby contributing to their physical well-being and the pursuit of a healthy lifestyle. Notably, a July 2022 report from Food Insight, a US-based non-profit organization, revealed that 52% of participants in food and health surveys adhered to specific diets or eating patterns, marking a significant increase from 39% in 2021. This shift encompasses preferences for clean eating, mindful eating, and calorie counting. Additionally, a Poll/HealthDay survey indicated that nearly 63% of American adults planned dietary changes in 2022. Hence, the rise in health-conscious consumers remains a driving force behind the fitness equipment market's growth.

The fitness equipment market is witnessing a prominent trend characterized by product innovation. Key players within this industry are intensifying their positions by introducing innovative products. Notably, in September 2022, Nautilus Inc., a US-based fitness equipment manufacturer, launched the Bowflex BXT8J treadmill integrated with the JRNY adaptive fitness app. This product innovation features a SoftDrop folding system and transport wheels, complemented by a crystal-clear DualTrack LCD display boasting 26 built-in workout programs. This emphasis on innovative advancements underscores the prevailing trend within the fitness equipment market, showcasing a commitment to product evolution and enhancement.

Leading companies within the fitness equipment market are strategically emphasizing the introduction of strength training equipment to fortify their competitive positioning. This category encompasses a range of tools and apparatuses specifically engineered to facilitate resistance-based workouts, aiming to augment muscular strength, endurance, and overall physical fitness. Notably, in October 2023, Nike Inc., a prominent US-based fitness entity, diversified its portfolio by unveiling a new line of strength training equipment termed 'Nike Strength.' Tailored to cater to diverse athlete needs, this line is accessible at selected Nike retail outlets, including Dick's Sporting Goods. It features an array of equipment such as dumbbells, barbells, kettlebells, and bumper plates.

In April 2021, Peloton, a renowned US-based exercise equipment and media corporation, completed the acquisition of Precor for $420 million in cash. This strategic acquisition empowers Peloton to initiate domestic production of exercise equipment in the United States, a departure from its previous reliance on imported products. Precor, a distinguished US-based manufacturer specializing in premium fitness equipment, is recognized for crafting health club fitness gear that offers an elevated and deluxe exercise experience. This move aligns with Peloton's goal of expanding its product line and enhancing accessibility to high-quality fitness equipment for a broader consumer base.

Major companies operating in the fitness equipment market report are Core Health & Fitness LLC, Impulse Health Tech Co. Ltd., Nautilus Inc., Johnson Health Tech. Co. Ltd., Technogym S.p.A, True Fitness Technology Inc., Icon Health & Fitness Inc., Peloton Interactive Inc., Torque Fitness LLC, iFIT.com, Rogue Fitness, Jerai Fitness Private Limited, Cosco Sports Equipment, Shuhua Sports Co. Ltd., Brunswick Corporation, Body-Solid Inc., Precor Incorporated, Shandong Aoxinde Fitness Equipment Co. Ltd., BFT Fitness, Shanghai Define Health Tech Co. Ltd., Realleader Fitness Co. Ltd., Amer Sports Corporation, Afton Health and Fitness, Dyaco International Inc., Decathlon Group, NordicTrack, Matrix Fitness, Horizon Fitness, Synca Wellness, Tempo Fitness, Yanre Fitness, Origin Fitness.

North America was the largest region in the fitness equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the fitness equipment market report during the forecast period. The regions covered in the fitness equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fitness equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of fitness equipment encompass cardiovascular training equipment, strength training equipment, and others. Cardiovascular training equipment is dedicated to providing exercises for cardiovascular workouts. It caters to various buyer types, including both male and female individuals, institutions, and others, who leverage these tools for applications such as weight loss, bodybuilding, physical fitness, and mental fitness. End users, such as health clubs or gyms, home consumers, hotels, corporates, hospitals and medical centers, and public institutions, utilize these fitness equipment for their fitness needs.

The fitness equipment market research report is one of a series of new reports that provides fitness equipment market statistics, including fitness equipment industry global market size, regional shares, competitors with a fitness equipment market share, detailed fitness equipment market segments, market trends and opportunities and any further data you may need to thrive in the fitness equipment industry. This fitness equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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