Consumer Goods

Fitness Equipment Market is Expected to Reach USD 21.72 Billion by 2031

May 2024

Consumer Goods

As per the report published by Kings Research, the global Fitness Equipment Market was valued at USD 14.55 billion in 2023 and is estimated to reach USD 21.72 billion by 2031, growing at a CAGR of 5.22% from 2024 to 2031.

The expansion of the fitness equipment market is driven by factors such as increasing health awareness and technological advancements. Key players such as Nautilus, Technogym, and ICON Health & Fitness are focusing on offering a diverse range of products from cardiovascular machines to wearable fitness tech, which is contributing significantly to market growth. Moreover, demand for home fitness equipment demand is rising, mainly fueled by the convenience of at-home workouts, thus supporting market development. Commercial establishments further contribute significantly to market growth, by investing in durable and innovative equipment. However, despite intense competition and economic uncertainties, personalized fitness solutions and sustainability continue to influence the market.

Key Insights

  • Based on product type, the strength training equipment segment accounted for a value of USD 4.52 billion in 2023
  • Based on end user, the residential segment is estimated to register a CAGR of 5.96% between 2024 and 2031
  • Based on distribution channel, the online retail segment is projected to grow at a significant CAGR of 7.21% in 2031
  • On the basis of region, North America led the market in 2023 with a valuation of USD 5.26 billion

BodyKore Unveils its New Product – ‘Smart Sled Pro’ at IHRSA Trade Show

March 2023: At the International Health, Racquet, and Sportsclub Association (IHRSA) Trade Show in March 2023, BodyKore®, a fitness equipment manufacturer situated in California, USA, introduced its newest creation, the Smart Sled Pro. This innovative product integrates advanced technology and a patented app developed by MACH Fitness Lab. Notable features include digital resistance, versatile movement capabilities, dual magnetic motors, real-time data analysis, and adaptable training modes. The company conducted multiple half-hour demonstrations, enabling attendees to experience the product firsthand, with representatives from MACH Fitness Lab available to discuss the app's technology.

Growing Adoption of Sustainable Practices in the Fitness Equipment Industry to Present Lucrative Growth Opportunities

Companies operating in the fitness equipment market have the opportunity to incorporate sustainable practices by offering customized, eco-friendly solutions. The utilization of recycled materials contributes to the formulation of energy-efficient manufacturing processes. This, combined with innovations in product design, results in a reduction in environmental impact. Personalized equipment and customization options, including adjustable features and modular designs, cater to individual needs while prioritizing waste reduction. The integration of sustainability practices aligns with growing consumer demand for eco-products, thereby positioning companies as leaders in environmental stewardship within the fitness industry.

Integration of Virtual Reality (VR) to Support Fitness Equipment Market Development

The integration of virtual reality (VR) technology presents a novel opportunity for the expansion of the fitness equipment market. The incorporation of VR features in exercise equipment allows manufacturers to offer immersive workout experiences. These features engage users in virtual environments, thereby enhancing motivation and improving the quality of workouts. Virtual fitness classes, interactive gaming experiences, and simulated outdoor landscapes provide users with diverse and stimulating workout options. Moreover, VR integration enables real-time performance tracking and feedback, facilitating personalized training programs and improving overall user satisfaction. Leveraging VR technology differentiates products in a competitive market and enhances the effectiveness and appeal of fitness equipment.

Asia-Pacific to Witness Significant Growth, Exhibiting the Highest CAGR of 6.32% Between 2024 and 2031

Based on region, the global fitness equipment market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. The Asia Pacific fitness equipment market is experiencing notable growth due to rising incomes, increasing health awareness, and changing lifestyles among consumers. Raid urbanization has led to sedentary behaviors, highlighting the need for fitness activities and solutions. Expansion of fitness chains, along with favorable government health initiatives, further boost regional market growth. Additionally, technological innovations, including smart connectivity and personalized fitness tracking, appeal to consumers, which is stimulating regional market expansion.

Companies Focus on Launching New & Functional Products to Expand Their Market Reach

The global fitness equipment market reveals a fragmented landscape, featuring prominent companies including 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. Employment of various strategies, including mergers and acquisitions, partnerships and product introductions, and among others to expand the business footprint, enhances the company’s competitive positioning.

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