The fitness equipment Market size is valued at US$ 13.18 Bn in 2024 and is expected to reach US$ 17.56 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Market Regional Insights:
Figure 1. Global Fitness Equipment Market Share (%), By Region, 2024
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Analyst’s Views:
Global fitness equipment market is expected to witness significant growth in the near future. One of the key drivers for this growth is the increasing health awareness among people globally. More consumers are focusing on fitness, weight management and adopting an active lifestyle which is positively impacting the sales of fitness equipment. The growing obesity and lifestyle disease rates especially in developed regions are further driving consumers towards gyms and home fitness regimes using equipment. North America dominates the market led by the U.S. However, Asia Pacific region is projected to be the fastest growing market due to rising health consciousness in nations like China and India. The young population in Asia is increasingly taking interest in various fitness activities. The demand is positively influenced by growing disposable incomes and expanding middle class consumers in emerging Asian countries.
On the other hand, factors like expensive equipment prices and limited space in homes pose challenges for the industry. Privacy concerns and preference for outdoor activity is also restraining some consumers from purchasing expensive high-end equipment for home use. Tap water shortage in some regions also acts as a barrier for sales of equipment needing water. However, technology innovations introducing virtual and connected features in equipment are opening new opportunities. Design improvements are making equipment compact and multifunctional also help address challenges around space and portability.
Market Drivers:
Growing health awareness: Growing health awareness among people across the globe is a major driver propelling the growth of the market. With rising health consciousness, many individuals are realizing the need to maintain physical fitness and prevent lifestyle-related diseases. There is a significant increase in the number of people opting for gym memberships and investing in home exercise equipment. The COVID-19 pandemic has further strengthened this trend as it highlighted the importance of building immunity and overall wellness. During the lockdowns, many took to home workouts and continue to do so even for the convenience it offers.
This rising interest in fitness has persuaded equipment manufacturers to innovate and launch a wide variety of technologically advanced products suitable for customers of all ages and needs. The market offers a diverse portfolio of cardiovascular and strength training machines, free weights, desktop gyms, treadmills, elliptical machines, yoga mats and other flexible workout gear. Fitness apps compatible with smart equipment are also gaining popularity among new users. The choices allow people to incorporate physical exercise seamlessly into their daily routines and stick to a workout plan. The growing number of health clubs and gyms along with convenient financing/subscription options has further boosted accessibility.
Growing obese and overweight population: Growing issues of obesity and lack of physical activity have become a major concern globally in recent years. Various statistics show alarming increases in overweight and obese populations worldwide. For example, according to World Health Organization (WHO), worldwide obesity rates have nearly tripled between 1975 to 2016. In 2016, over 1.9 billion adults were overweight out of which over 650 million were obese. This is a serious health crisis as obesity is linked to several life-threatening diseases such as diabetes, heart diseases and cancers.
As people increasingly struggle with their weight due to sedentary lifestyles and junk food consumption, there is rising awareness about health and fitness. Many understand the need to engage in regular exercise to remain fit and lose weight in a healthy manner. This has significantly boosted the demand for various fitness equipments across both commercial and home settings. Gym memberships are at an all-time high as more join gyms and fitness studios to do workouts under trainer guidance using advanced equipment. Growing health concerns of obesity will continue pushing more people to adopt active and healthy lifestyles in the near future. As a result, the demand for high-quality fitness equipment suitable for both commercial and home settings is expected to steadily rise. Various equipment manufacturers are launching innovative products integrated with new technologies for interactive and efficient workouts.
Growing health club memberships: Increasing focus on health and fitness has become a major global trend over 3 years. More and more people are realizing the importance of physical activity and exercise in leading healthy and productive lives. This growing health consciousness has translated into rising memberships across gyms and health clubs worldwide.
According to data 2021 provided by the International Health, Racquet, and Sportsclub Association, the global health club industry grew by 5.5% in 2021 alone to reach a total member count of 185 million. The industry is estimated to add over 10 million new members annually over the next few years. This rapid growth in health club membership is one of the key drivers propelling the market forward. As more people join gyms and exercise facilities, the demand for high-quality cardio and strength machines, free weights, functional training equipment, and others is experiencing significant growth.
Market Opportunities:
Increasing number of fitness centers and health clubs: Increasing health awareness among people globally coupled with busy lifestyle is leading more individuals to join fitness centers and health clubs. With rising income levels, people are willing to spend more on maintaining fitness and health. The need to tackle obesity and promote healthy living has resulted in proliferation of fitness centers worldwide. According to International Health, Racquet and Sportsclub Association, number of health clubs globally grew over 4% yearly during 2015-2020 periods. This growth is expected to accelerate in coming years due to continued rising health consciousness.
Emergence of online fitness training platforms: The rapid spread of online connectivity through smartphones and easy access to internet around the world has opened up new avenues for businesses to reach customers in innovative ways. The fitness industry which has traditionally relied on gyms and workout centers is well placed to leverage the possibilities of the digital domain. Online fitness training platforms are emerging as a promising disruption bringing personalized training experiences to people's homes.
Through live streamed and on-demand workout videos, users can participate in diverse workout routines led by expert trainers as per their schedule and convenience. Mobile apps have further enhanced the accessibility by allowing people to incorporate fitness into their daily lives seamlessly. This shift to digital is a boon especially since the COVID-19 pandemic highlighted the importance of exercising at home for health and wellness. As social distancing became imperative, virtual classes helped many stay active and motivated to workout remotely. In 2021, according to a study by Zenoti, 81% of fitness facility operators started offering virtual or on-demand classes due to the pandemic, thereby indicating the demand for remote options.
Fitness Equipment Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 13.18 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 - 2031 |
Forecast Period 2024 to 2031 CAGR: | 4.2% | 2031 Value Projection: | US$ 17.56 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Brunswick Corp, Technogym SpA, Nautilus, Inc, Amer Sports Oyj, Health & Fitness, Inc., TRUE Fitness Technology, Inc., SportsArt Fitness, Inc., Iron Grip Barbell Company, The Kurt J. Lesker Company, and Adidas AG |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends:
Growing popularity of connected gym equipment and IoT based equipment: With more people wanting to stay fit and healthy while also seeking convenience, connected gym equipment and internet-of-things (IoT) based fitness solutions have been gaining immense popularity globally. This trend is having a significant impact on the overall fitness equipment market.
Many gym goers and individual fitness enthusiasts prefer equipment that can track metrics like calories burned, heart rate, repetitions, and others share workouts on social media or sync data with various apps and platforms. This allows users to monitor progress, stay motivated, and engage in virtual fitness challenges. Equipment manufacturers are investing heavily in incorporating various smart and connected features in products. For example, popular brands offer smart treadmills, exercise bikes, and strength machines that can be unlocked and controlled through mobile apps. Some even come with integrated screens and onboard coaches or workout programs.
Rising popularity of indoor cycling equipment: The indoor cycling equipment market has witnessed tremendous growth in recent years as more people look for convenient ways to work out from home during the pandemic. Stationary bikes that allow replica indoor cycling classes have surged in popularity. Companies like Peloton introduced commercially successful connected bikes that stream live and on-demand classes right to the user's home. The ability to participate in studio-style cycling classes without leaving home has resonated strongly with customers. Peloton reported explosive growth with revenues increasing more than 200% in 2020 as compared to the previous year. The demand has also increased manufacturing of less expensive stationary and smart indoor bikes from other brands. Cycling provides a full-body cardio workout with low impact on the joints, thus making it appealing for a wide demographic. Peloton Interactive, Inc. is an American exercise equipment and media company based in New York City. The company's products include stationary bicycles, treadmills, and indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes through a monthly membership fee
Market Restraints:
Figure 2. Global Fitness Equipment Market Share (%), By Equipment Type, 2024
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Recent Developments:
New facility launches:
Top Companies in this Market
Definition: Fitness equipment refers to the machines, devices, and accessories that are used during physical activity to enhance the strength or conditioning effects of any exercise. Fitness equipment is used in various settings, such as gyms, fitness centers, and homes, to help individuals achieve their fitness goals and maintain a healthy lifestyle.
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