Global Fitness Equipment Market Report and Forecast 2024-2032

Global Fitness Equipment Market and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global fitness equipment market size reached approximately USD 12.57 billion in 2023. Aided by the increasing awareness about health and fitness and the growing demand for home fitness equipment, the market is projected to grow at a CAGR of 4% between 2024 and 2032, reaching a value of around USD 17.90 billion by 2032.

Fitness equipment encompasses a wide range of machines and devices used for physical exercise to enhance strength, improve fitness, and aid in weight management. These include treadmills, stationary bicycles, weightlifting machines, elliptical machines, and resistance bands, among others. Fitness equipment is utilised in various settings, including gyms, fitness centres, homes, and rehabilitation centres.

The rising health consciousness among the global population is a primary driver of the fitness equipment market growth. With the growing awareness about the importance of physical activity in preventing chronic diseases such as obesity, cardiovascular diseases, and diabetes, there has been a significant increase in the adoption of fitness routines. This shift towards a healthier lifestyle is driving the demand for fitness equipment.

Additionally, the increasing trend of home fitness is propelling the fitness equipment market development. The COVID-19 pandemic led to the closure of gyms and fitness centres, prompting consumers to invest in home fitness equipment to maintain their workout routines. This trend has continued post-pandemic, with many consumers preferring the convenience and flexibility of exercising at home. The rising popularity of virtual fitness classes and online workout programs is further boosting the demand for home fitness equipment.

The expanding applications of fitness equipment in various sectors also play a significant role in propelling the fitness equipment market expansion. In the healthcare sector, fitness equipment is used for rehabilitation and physical therapy, helping patients recover from injuries and surgeries. The hospitality sector is incorporating fitness equipment in hotels and resorts to cater to the growing demand for wellness services. Moreover, corporate wellness programmes are increasingly incorporating fitness equipment to promote employee health and productivity.

Technological advancements in fitness equipment are contributing to the market growth. The integration of advanced features such as touchscreens, heart rate monitors, and connectivity options in fitness equipment enhances the user experience and provides real-time feedback on workout performance. The adoption of artificial intelligence (AI) and machine learning in fitness equipment is enabling personalised workout plans and improving the effectiveness of fitness routines.

Health clubs and gyms are expected to witness substantial growth during the forecast period, owing to the reopening of gyms and fitness centres post-pandemic. The increasing membership in gyms and fitness clubs is driving the demand for commercial fitness equipment.

As per the fitness equipment market analysis, the online distribution channel is gaining traction, driven by the increasing preference for online shopping. E-commerce platforms offer a wide range of fitness equipment, competitive pricing, and convenient delivery options, driving the demand for fitness equipment through this channel. The offline distribution channel includes speciality stores, hypermarkets, and retail stores. These physical stores provide consumers with the opportunity to try and test the equipment before purchasing, driving the demand for fitness equipment through offline channels.

North America holds a significant portion of the fitness equipment market share, driven by the high awareness of health and fitness and the increasing adoption of home fitness equipment. The presence of key market players and the availability of advanced fitness equipment are also contributing to the market growth in this region. Europe is also a major contributor to the market growth, supported by the growing emphasis on health and wellness. The increasing membership in gyms and fitness clubs and the rising demand for home fitness equipment are driving the market in Europe.

Market Segmentation

The global fitness equipment market can be divided based on end-user, price point, and region.

Market Breakup by End-User

• Health Clubs/Gyms
• Hospitality and Leisure
• Corporates
• Educational Institutes
• Home Consumer/Residential
• Outdoor Parks and Public Places

Market Breakup by Price Point

• Premium/Luxury
• Mass
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global fitness equipment market. Some of the major players explored in the report by Expert Market Research are as follows:

• Core Health & Fitness, LLC
• iFIT Inc.
• Impulse (QingDao) Health Tech CO., LTD
• Johnson Health Tech. Co., Ltd.
• Nautilus, Inc.
• Peloton Interactive, Inc.
• TECHNOGYM S.p.A
• Torque Fitness
• TRUE Fitness Technology, Inc.
• The Treadmill Factory
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.