Global Fitness Equipment Market Size By Type Of Equipment (Cardiovascular Equipment, Strength Training Equipment), By End-User (Home/Consumer, Gyms/Fitness Clubs), By Distribution Channel (Online Retail, Offline Retail), By Geographic Scope And Forecast

Fitness Equipment Market Size And Forecast

Fitness Equipment Market size was valued at USD 13.13 Billion in 2023 and is projected to reach USD 191.82 Billion by 2031, growing at a CAGR of 46.50% from 2024 to 2031.

• Fitness equipment is a collection of instruments and machines designed to enable physical activity, enhance fitness levels, and promote general health. This includes treadmills, stationary bikes, resistance machines, free weights, and functional training equipment. Fitness equipment is used in a variety of contexts, including homes, commercial gyms, rehabilitation centers, and sports fields. These tools are used by people who want to improve their strength, endurance, flexibility, and cardiovascular health, and they are suitable for both amateur and professional athletes.
• This equipment is set to be innovative, fueled by technological improvements and a rising emphasis on personalized workout experiences. With the growth of smart technology, equipment that incorporates AI and data analytics is becoming more common, allowing users to measure their progress and customize workouts to their particular requirements.
• Furthermore, the growing popularity of virtual training and online health clubs is projected to influence the design and functionality of equipment, with an emphasis on versatility and space efficiency for home usage. As awareness of mental health and wellbeing rises, fitness equipment is likely to expand to embrace holistic approaches, such as mindfulness and recovery, making exercise a simpler and happier experience for all.

Global Fitness Equipment Market Dynamics

The key market dynamics that are shaping the global Fitness Equipment Market include

Key Market Drivers

• Increasing Health Awareness and Obesity RatesThe increased concern about obesity and its associated health risks is encouraging more people to invest in workout equipment. According to the World Health Organization (WHO), global obesity has nearly quadrupled since 1975. In 2016, more than 1.9 billion adults were overweight, with over 650 million obese. This frightening trend is encouraging people to live better lifestyles, which include frequent exercise using fitness equipment.
• Rise of Home Gyms and Remote WorkoutsThe COVID-19 epidemic has propelled the trend of home gyms and remote workouts, increasing demand for residential fitness equipment. According to a survey conducted by the International Health, Racquet & Sportsclub Association (IHRSA), 76% of consumers began exercising at home during the pandemic, and 66% prefer a combination of in-person and at-home workouts moving ahead. This shift in consumer behavior is boosting demand for home exercise equipment.
• Growing Geriatric Population and Focus on Active AgingAs the world population ages, there is a greater emphasis on maintaining health and mobility in later life. According to the United Nations, by 2050, one in every six persons worldwide will be over the age of 65, up from one in every eleven in 2019. This demographic shift is increasing the need for low-impact, senior-friendly fitness equipment. A study published in the Journal of Aging and Physical Activity discovered that regular exercise can reduce the incidence of falls in older persons by up to 23%.

Key Challenges

• Market Saturation The Fitness Equipment Market is highly competitive, which leads to saturation. With so many brands selling identical products, differentiating offerings becomes tough. Companies must constantly innovate to catch consumer attention and maintain market share, which can put a burden on resources and reduce profitability.
• Economic fluctuations Economic downturns can hurt consumer expenditure on non-essential items, such as fitness equipment. During a recession, buyers may prioritize essential products over gym equipment, resulting in lower sales and greater inventory for producers, limiting growth and investment in new product development.
• High Maintenance Costs Many workout devices require frequent maintenance and servicing, which may dissuade customers. Maintenance-intensive equipment may cause user unhappiness and greater long-term costs, influencing purchasing decisions and brand loyalty in a competitive market.
• Market Penetration in Emerging Regions Expanding into emerging markets brings challenges due to differences in customer behavior, income levels, and infrastructure. Companies must modify their strategies and goods to satisfy the specific needs of various regions while negotiating diverse regulatory frameworks and distribution networks. 

Key Trends

• Home Fitness SolutionsThe growth of remote work and lifestyle changes has increased demand for home fitness equipment. Consumers want compact, versatile equipment that fits in smaller places, which has resulted in creative designs and solutions that meet home training needs while improving convenience and accessibility.
• Sustainability InitiativesEnvironmentally friendly workout equipment manufactured from sustainable resources is gaining popularity. Brands are increasingly emphasizing environmentally responsible manufacturing techniques to appeal to consumers who value sustainability. This trend increases brand loyalty and attracts environmentally conscious shoppers desiring products that reflect their ideals.
• Recovery and Wellness Equipment Foam rollers, massage guns, and stretching devices are all becoming increasingly popular. Consumers recognize the need for recovery in exercise routines, which drives demand for goods that promote relaxation, flexibility, and overall well-being.
• Youth Fitness Engagement As childhood obesity and health issues become more widely known, there is an increased emphasis on youth fitness equipment. Companies are creating interesting, engaging goods for children that encourage physical exercise and promote healthy habits from a young age, leading to lifetime fitness routines.

Global Fitness Equipment Market Regional Analysis

Here is a more detailed regional analysis of the global Fitness Equipment Market

North America

• North America currently holds the largest market share in the Fitness Equipment Market. The growing emphasis on healthy living in North America is driving increase in investment in fitness equipment. As of 2020, just 23.2% of American adults fulfilled the CDC’s requirements for aerobic and muscle-strengthening exercises, emphasizing the need for improved fitness options. However, involvement in physical activities increased from 68.7% in 2020 to 72.5% in 2021, according to the Physical Activity Council. This spike in engagement is driving up demand for a wide range of workout equipment.
• Furthermore, the US Bureau of Labor Statistics showed a 17.4% increase in consumer expenditure on sports and leisure equipment between 2019 and 2020, indicating a greater propensity to engage in personal fitness. The combination of low physical activity rates and rising health awareness is driving the North American Fitness Equipment Market forward.
• Gyms and home exercise routines are strongly ingrained in North American culture, resulting in tremendous development in the Fitness Equipment Market. The International Health, Racquet & Sportsclub Association (IHRSA) reported that the U.S. health club business serviced 66.5 million members in 2022, a 3.6% increase over 2021, demonstrating a strong fitness culture that drives equipment demand. According to the U.S. Bureau of Labor Statistics’ American Time Use Survey, 19.3% of Americans aged 15 and up will participate in sports, exercise, or recreation daily in 2021, spending an average of 1.19 hours doing so. This ongoing engagement drives the demand for a variety of equipment solutions.
• Furthermore, the Sports & exercise Industry Association (SFIA) reported that total wholesale sales of exercise equipment in the United States exceeded $5.5 billion in 2021, a 20.7% increase over 2020. This large market size and growth rate demonstrate North America’s established fitness culture and its considerable impact on the fitness equipment industry.

Asia Pacific

• Asia Pacific is projected to experience the fastest growth in the coming years. Rapid urbanization in the Asia-Pacific region has a considerable impact on the Fitness Equipment Market, notably the need for compact home fitness solutions. The urban population is predicted to rise from 2.3 billion in 2019 to 3.5 billion by 2050, with restricted living space driving an increase in space-efficient fitness equipment. Apartment sizes in major cities have reduced by 15-20% over the last decade, contributing to increased demand.
• The world’s population, the Asia-Pacific area presents a tremendous opportunity for fitness equipment makers, With an estimated 4.3 billion people, or roughly 60%. The World Health Organization (WHO) found that 27.9% of individuals in the Western Pacific Region were physically inactive in 2016, indicating a huge untapped market for fitness solutions. Furthermore, a study in the Lancet Global Health journal discovered that the incidence of insufficient physical activity in East and Southeast Asia increased from 16% in 2001 to 17.3% in 2016. This increased inactivity, along with a growing knowledge of the health benefits, is boosting demand for fitness equipment throughout the region.

Global Fitness Equipment MarketSegmentation Analysis

The Global Fitness Equipment Market is Segmented on the basis of Type of Equipment, End-User, Distribution Channel, And Geography.

Fitness Equipment Market, By Type of Equipment

• Cardiovascular Equipment
• Strength Training Equipment
• Body Composition Analyzers
• Fitness Monitoring Equipment

Based on Type of Equipment, the market is bifurcated into Cardiovascular Equipment, Strength Training Equipment, Body Composition Analyzers, and Fitness Monitoring Equipment. Cardiovascular equipment dominates the Fitness Equipment Market. This is most likely because cardio provides well-known benefits such as weight loss and enhanced cardiovascular health. However, strength training equipment is expected to be the fastest-expanding area. The fitness industry is recognizing the value of muscle training for both overall health and attractiveness, which is driving up demand for weights, machines, and other strength-building equipment.

Fitness Equipment Market, By End-User

• Home/Consumer
• Gyms/Fitness Clubs

Based on End-User, the market is segmented into Home/Consumer, and Gyms/Fitness Clubs. Gyms and fitness clubs now represent the majority of the Fitness Equipment Market, but the home/consumer segment is expanding the fastest. This transition is fueled by factors such as a greater emphasis on convenience, time restrictions, and the growing popularity of virtual exercises and fitness applications. Many people benefit from home equipment’s flexibility and cost-effectiveness, especially with the introduction of smart and linked fitness machines that deliver a gym-like experience at home.

Fitness Equipment Market, By Distribution Channel

• Online Retail
• Offline Retail
• Third-Party Retail

Based on Distribution Channel, the market is segmented into Online Retail, Offline Retail, and Third-Party Retail. Traditionally, offline retail outlets dominated the Fitness Equipment Market, allowing customers to test equipment before purchasing. However, online shopping is enjoying the most rapid expansion. Convenience, a greater product selection, and competitive prices are driving the trend toward online buying. Although some people prefer in-person interactions, online businesses are increasingly providing benefits like as virtual consultations and hassle-free returns to help bridge the gap.

Key Players

The “Global Fitness Equipment Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Precor Incorporated, Life Fitness (KPS Capital), Shandong EM Health Industry Group Co., Ltd., Icon Health & Fitness, Johnson Health Tech, Nautilus, Inc., TRUE, Technogym, Torque Fitness, Core Health & Fitness, and Impulse Health Technology Co., Ltd. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Fitness Equipment Market Recent Developments

• In April 2023, Life Exercise collaborated with Bayerwaldhof, a wellness hotel, to outfit its new exercise area with high-quality fitness equipment, guaranteeing that visitors had an exceptional wellness experience.
• In September 2022, Peloton Interactive, Inc. introduced Peloton Row, a breakthrough exercise equipment with cutting-edge software and a premium hardware design for low-impact, full-body cardio and strength workouts.
• In August 2021, Johnson Health Tech (JHT) bought Matrix Exercise South Africa, a former distributor, making JHT the first exercise equipment company with a wholly-owned business in Africa.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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