February 26, 2024

Increasing Health Awareness To Spur Growth Of Fitness Treadmills Market

Fitness treadmills are the equipment commonly used for walking or running on a moving belt against a controlled uphill or level grade. They simulate walking or running in place. Fitness treadmills help in burning calories and improving cardiovascular endurance and mobility. Growing health consciousness among people is driving their demand for treadmills. Treadmills offer the convenience of doing exercise at home without depending on weather conditions. Various types of treadmills available are manual treadmills, motorised treadmills, folding treadmills, and curved treadmills. Motorised treadmills are the most popular as they allow adjusting speed and incline according to one’s workout goals.

The global Fitness Treadmills Market is estimated to be valued at US$ 3.76 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Sedentary lifestyles have compelled people to opt for treadmill workouts to ensure daily exercise regime. Advanced features such as touchscreen displays, workout programs, Bluetooth connectivity and calorie counters are augmenting their popularity. Folding treadmills have gained traction owing to space constraints at homes. Manufacturers are focusing on innovation by developing space-saving, lightweight and affordable treadmills. Smart treadmills integrated with artificial intelligence are being introduced to offer personalised training experience based on parameters like speed, incline, heart rate etc. The use of interactive displays streamlines indoor workout sessions and enhances motivation levels.

Porter’s Analysis

Threat of new entrants: The fitness treadmills market has moderate barriers for new entrants due to the presence of established brands. New companies would require substantial investment to gain brand recognition and compete with existing brands.

Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous brands that offer similar treadmill products at competitive prices. However, switching costs for buyers are low as quality and performance are major decision factors.

Bargaining power of suppliers: A few key suppliers dominate the market for critical components like motors and electronic parts. This provides them significant bargaining power over brands.

Threat of new substitutes: Products like elliptical machines, stationary bikes, rowing machines provide alternatives. However, treadmills are considered the most effective full-body low-impact cardiovascular exercise equipment.

Competitive rivalry: The fitness treadmills market is highly competitive with the presence of numerous global and regional brands. Companies compete based on product quality, reliability, design and price.

Key Takeaways

The Global Fitness Treadmills Market Size is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing health consciousness among consumers. Rapid urbanization and growing disposable income have boosted the sales of advanced fitness equipment across major cities.

Regional analysis: North America dominates the global fitness treadmills market currently. However, Asia Pacific is expected to emerge as the fastest growing market, led by countries like China, India and Japan. Increasing spending on health and wellness products coupled with rising obesity rates will drive sales in the region.

Key players: Key players operating in the fitness treadmills market are Johnson Health Tech, ICON Health & Fitness, Technogym, Precor, Nautilus, Cybex, True Fitness, Amer Sports, Sole Fitness and Life Fitness. These market leaders are focusing on product innovation and the use of cutting-edge technologies to gain competitive advantage.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it