Fitness Equipment - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Fitness Equipment - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Fitness Equipment Market size is estimated at USD 34.92 billion in 2024, and is expected to reach USD 44.02 billion by 2029, growing at a CAGR of 4.74% during the forecast period (2024-2029).

Key Highlights

• Diabetes, obesity, high blood pressure, and arthritis are some common chronic diseases that are prevailing in the world due to lifestyle changes, changes in food habits, and overconsumption of high-calorie foods. Due to the prevalence of these diseases, people have become more conscious of their health and fitness. Premature weakness in bones and muscles is a problem in the young generation due to the frequent consumption of fast food and alcoholic beverages.
• Because of their awareness of such issues, going to fitness centers and working out has become a trend. The growing preference for a healthy and fit lifestyle drives the fitness equipment market growth. There is also a surge in fitness centers and health clubs worldwide, further propelling the market growth.
• Growing government initiatives related to health awareness are also propelling market growth. These initiatives aim to promote and protect health by guiding at the individual, national, and global levels in reducing disease and death rates related to unhealthy diets and physical inactivity, boosting consumers’ interest in fitness activities.
• Due to advanced technology, market players are venturing on partnerships to launch new products with advance technologies. For instance, in April 2021, Matrix, a Johnson Health Tech Co. brand, partnered with iFIT, a global leader in interactive connected fitness technology and content. This partnership aims to incorporate iFit's digital technology into Matrix's products.

Fitness Equipment Market Trends

Inclination Toward a Healthy Lifestyle

• The rising prevalence of lifestyle diseases, such as diabetes, obesity, hypertension, and high blood pressure, due to unhealthy dietary patterns and physical inactivity encourages the participation of individuals in fitness regimes. According to StatCan, in 2021, around 29% of adults in Canada aged 18 years and older were obese, while 36% were overweight. Thus, people are inclined toward a healthy lifestyle, driving the fitness equipment market.
• Besides this, government initiatives to promote participation in physical activities and strengthen links between the community and various sports and fitness organizations are propelling the market growth. Moreover, market players are introducing connected fitness equipment.
• For instance, in September 2022, Nautilus Inc. launched the Bowflex BXT8J treadmill with the JRNY adaptive fitness app. The treadmill can pair with a mobile device or tablet to provide access to the fitness app.

Europe is the Largest Market for Fitness Equipment

• Fitness equipment in the United Kingdom reflects a diverse and growing market driven by a heightened awareness of health and wellness. Traditional gym equipment like treadmills, stationary bikes, and weightlifting machines remains popular. Still, home fitness equipment has a rising trend, including smart exercise machines, connected fitness apps, and compact workout gear.
• With a well-established gym culture and a focus on physical fitness, Germany has a wide array of fitness facilities and a strong demand for professional training services. For instance, in 2022, according to EuropeActive, the ​​European Health and Fitness Association (EHFA), the number of fitness club members in Germany was 10.3 million.
• Increased awareness of the benefits of regular exercise for overall health and well-being has encouraged individuals to prioritize physical activity in Spain. For instance, according to a survey by the Ministry of Education, Culture and Sport, nearly 27% of men and 20.7% of women exercised daily in Spain in 2022.
• Governments in different countries of Europe promote healthy lifestyles through public health initiatives and campaigns. This includes encouraging physical fitness and exercise to combat obesity and related health issues. As a result, there is an increasing awareness of the importance of fitness, which drives the demand for fitness equipment in commercial fitness facilities and for personal use.

Fitness Equipment Industry Overview

The fitness equipment market is fragmented, with global and regional players dominating the market. The prominent market players are Nautilus Inc., Johnson Health Tech Co., Peloton Interactive, Inc., Icon Health & Fitness, Inc., and Life Fitness. Because of the increasing trend of fitness and sports, the demand for fitness equipment is increasing worldwide. Mergers and acquisitions between companies are driving innovation and market penetration.

For instance, in April 2021, Peloton acquired Precor, one of the leading global commercial fitness equipment manufacturers with a significant United States manufacturing presence. With this acquisition, Peloton expands its manufacturing capabilities in the United States, anticipates collaborating with Precor's team to strengthen its research and development capabilities, and accelerates its commercial market penetration.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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