Consumer Goods

Fitness Equipment Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : April 2024

Format :Pdf Ppt Xls

Report ID:KR662

Author : Ashim L.

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Base Year

2023

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Forecast Year

2024-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 14.55 Billion

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Forecasted Value (2031)

USD 21.72 Billion

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CAGR (2024 - 2031)

5.22%

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Fastest Growing Region (2024 - 2031)

Asia Pacific

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Largest Region

North America

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By Product Type

Cardio Equipment, Strength Training Equipment, Other Equipment

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By End User

Residential, Commercial

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By Distribution Channel

Specialty Fitness Equipment Stores, Department Stores, Online Retailers, Others


Fitness Equipment Market Size

The global Fitness Equipment Market size attained a valuation of USD 14.55 billion in 2023 and is expected to reach approximately USD 21.72 billion by 2031, growing at a CAGR of 5.22% from 2024 to 2031. The fitness equipment market is primarily driven by increasing health consciousness among individuals, rising obesity rates, and growing awareness of the importance of regular exercise for overall well-being. Additionally, technological advancements in fitness equipment, such as smart features and connectivity options, are driving market growth. Moreover, the rise of home gym setups due to the convenience they offer is contributing significantly to market expansion.

The fitness equipment industry is influenced by several key factors, including the rise in health consciousness and the ongoing shift toward home-based workouts, especially post-pandemic, which significantly boosts the demand for personal fitness equipment. Advancements in technology, including smart equipment integrated with AI for personalized workouts, are rapidly transforming the fitness industry. 

However, global supply chain disruptions, which have posed several challenges, are affecting both equipment availability and costs. Additionally, the industry is witnessing growing competition from app-based fitness programs and virtual classes. Furthermore, fitness solution providers are increasingly focusing on the development of applications and custom workout solutions. Sustainability and eco-friendly products are emerging as key differentiators in the global marketplace as consumers place greater emphasis on environmental impact in their purchasing decisions, thereby shaping the growth trajectory of the industry.

Fitness equipment includes a broad range of machines and devices specifically designed to promote health and facilitate exercise and physical training. These include cardio equipment, strength training equipment, and other equipment to cater to various workout goals such as strength building, cardiovascular health, flexibility, and weight loss. The innovations in fitness equipment provide a convenient method for regular exercise, thereby enabling customized workouts tailored to individual needs and time constraints. Thus, fitness equipment plays a crucial role in promoting overall well-being and mitigating the risk of lifestyle-related diseases.

Analyst’s Review 

The fitness equipment market shows promising growth prospects due to an increase in health awareness, rising disposable incomes, and surging popularity of home-based workouts. Technological innovations such as smart equipment and virtual training are further driving market expansion. Additionally, partnerships with healthcare organizations are enhancing consumer engagement and promoting holistic wellness. However, certain market segments are experiencing saturation due to the presence of established players, underscoring the need for innovation and the introduction of new products.

Fitness Equipment Market Growth Factors

Technological innovation is primarily driving and reshaping the fitness equipment industry. The integration of technologies such as artificial intelligence (AI), virtual reality (VR), and IoT connectivity into fitness equipment is revolutionizing user experience. Smart treadmills, bikes, and weight systems offer immersive, interactive workouts, adapting to user performance in real-time while monitoring health metrics with precision. These offerings cater to the growing demand for personalized, efficient, and engaging home workout solutions. As consumers increasingly seek equipment that fits into a digitally connected lifestyle, manufacturers are compelled to innovate continuously, thereby making technology a critical factor for sustaining competitive differentiation and market leadership.

The increased global emphasis on health and wellness significantly impacts various industries, notably the fitness equipment industry. Rising awareness regarding the importance of physical health and its connection with mental well-being is prompting individuals to prioritize fitness as a preventive measure against lifestyle-related conditions such as obesity, diabetes, and heart diseases, among others. This shift has led to an increase in the demand for fitness equipment across all age groups. Moreover, remote workers are seeking convenient ways to remain physically active, which is further driving product demand. The growing focus on holistic health is driving diversification in equipment offerings, ranging from high-intensity training machines to wellness-oriented products such as yoga mats and balance boards, indicating the expansion of the market.

Fitness Equipment Market Trends

Sustainability is gaining immense popularity in the fitness equipment industry, with a surge in the availability of eco-friendly product offerings from manufacturers. Consumers are increasingly attracted to equipment made from recycled materials, biodegradable yoga mats, and low-energy-consuming machines. This trend appeals to environmentally conscious buyers and incentivize manufacturers to innovate sustainable production processes, thereby setting new standards for ecological responsibility in the sector.

The gamification of fitness equipment marks a transformative trend, incorporating entertainment into exercise to enhance user engagement. Interactive fitness platforms offer competitive games, virtual reality cycling paths, and leaderboard challenges on smart equipment, making workouts more dynamic and enabling greater participation. This trend responds to the rising inclination toward immersive experiences, significantly boosting user retention and attracting a younger demographic in the fitness industry.

Segmentation Analysis

The global fitness equipment market is segmented based on product type, end user, distribution channel, and geography.

By Product Type

Based on product type, the market is segmented into cardio equipment, strength training equipment, and other equipment. The cardio equipment segment led the market in 2023, reaching a valuation of USD 6.16 billion. This considerable growth is mainly attributable to increasing health awareness, coupled with the growing trend of at-home workouts. Furthermore, the integration of advanced technology, such as interactive screens and virtual training, promotes health and overall wellbeing. These advancements encourage individuals to invest in specialized cardio equipment, including treadmills, elliptical trainers, and stationary bikes, which provide effective and convenient cardiovascular workouts, thereby supporting the growth of the segment.

By End User

Based on end-user, the market is bifurcated into residential and commercial. The commercial segment secured the largest revenue share of 60.39% in 2023 due to the high individual costs associated with specialized equipment. Furthermore, commercial environments such as gyms and other training areas provide consumers with access to specialized equipment designed to facilitate targeted workouts. Furthermore, commercial gymnasiums and training grounds offer users access to other services, including personalized nutrition and trainers, which significantly enhance workout experiences while providing a dedicated space for fitness recreation. These factors are expected to contribute substantially to the growth of the segment in the foreseeable future. 

Fitness Equipment Market Regional Analysis

Based on region, the global fitness equipment market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Fitness Equipment Market Size & Share, By Region, 2024-2031

North America emerged as the leading region in the fitness equipment market in 2023, attaining a valuation of USD 5.26 billion. The region is experiencing robust growth, mainly driven by a strong culture of health consciousness, along with investments in premium equipment and continuous innovation in technology and product development. The region benefits from the institutional demand from the healthcare and corporate sectors, resulting in a surge in home-based workout activities, especially in the post-pandemic landscape.

Asia-Pacific is estimated to witness notable growth at a CAGR of 6.32% over the forecast period due to the increasing health awareness among consumers. Countries such as India and China are experiencing rapid economic development, leading to rising disposable incomes. The prevalence of sedentary lifestyles in urban areas has spurred the adoption of fitness trends. Furthermore, public sector initiatives aimed at promoting physical activity are estimated to contribute to rapid growth in the region in the forecast period.

Competitive Landscape

The global fitness equipment market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities along with the establishment of new manufacturing facilities, enable optimization in the supply chain while creating new growth opportunities in the market.

List of Key Companies in Fitness Equipment Market

  • Life Fitness
  • TECHNOGYM S.p.A
  • JOHNSON HEALTH TECH INDIA, PVT. LTD.
  • BowFlex Inc.
  • Jerai Fitness Pvt. Ltd.
  • NOHRD GmbH
  • Total Gym
  • Powertec
  • Gungnir of Norway
  • MIM-USA

Key Industry Developments in Fitness Equipment Market

  • September 2023 (Partnership): Echelon Fit US announced its partnership with AdventHealth, a prominent healthcare organization to promote collective health and wellness. The first step of this partnership involved a collective challenge in support of breast cancer research. This initiative fostered community engagement and offered participants opportunities to engage in physical activities while promoting their fundraising activities.

The global Fitness Equipment Market is segmented as:

By Product Type

  • Cardio Equipment
  • Strength Training Equipment
  • Other Equipment

By End User

  • Residential
  • Commercial

By Distribution Channel

  • Specialty Fitness Equipment Stores
  • Department Stores
  • Online Retailers
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global fitness equipment market is projected to reach USD 21.72 billion by 2031, growing at a CAGR of 5.22% from 2024 to 2031.
The global fitness equipment market was valued at USD 14.55 billion in 2023.
Technological advancements in fitness equipment providing specialized equipment along with personalized healthcare solutions are driving growth in the fitness equipment market.
Top manufacturers of fitness equipment market are Life Fitness, TECHNOGYM S.p.A, JOHNSON HEALTH TECH INDIA, PVT. LTD., BowFlex Inc., Jerai Fitness Pvt. Ltd., NOHRD GmbH, Total Gym, Powertec, Gungnir of Norway, MIM-USA and others.
Asia-Pacific is the fastest growing region with the CAGR of 6.32% in the forecast period (2024-2031) with the market value forecast to reach at USD 5.01 billion.
By distribution channel, specialty fitness equipment will hold the maximum share in the fitness equipment market with the revenue value of USD 7.92 billion in 2031.
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