The fitness equipment market comprises products such as cardiovascular training equipment, strength training equipment, and other equipment that help maintain physical fitness and bodyweight. Cardiovascular training equipment includes treadmills, elliptical machines, stationary bikes and other equipment used to maintain or improve cardiorespiratory endurance. Strength training equipment includes free weights, workout machines, and strength training accessories that help build muscle mass and overall body strength. With growing health issues like obesity, diabetes and cardiovascular diseases, people are gaining awareness about the importance of physical fitness and exercise. This is driving significant demand for various types of fitness equipment used at homes, gyms, and other fitness centers. The global demand for accessible and easy to use fitness equipment has increased manifold in recent years.
The global Fitness Equipment Market is estimated to be valued at US$ 20.84 Bn in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. The report provides a comprehensive analysis of the key trends, market drivers, restraints and future opportunities of the market.
Market key trends:
One of the key trends in the fitness equipment market is the growing popularity of technologically advanced connected equipment. Various equipment now come equipped with internet and Bluetooth connectivity that allows syncing workout data with fitness apps. This provides users with a more immersive and engaging experience along with analytics to track metrics like calories burned, distance covered, heart rate etc. Many major brands have incorporated smart features like interactive touchscreens, built-in music players and integration with AI voice assistants. The connected fitness equipment market is expected to witness double digit growth over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the fitness equipment market requires high initial capital investments and distribution costs. However, new players are innovating in niche areas which poses some threat.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as buyers can switch between various brands easily based on features, design and pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials globally. However, a few suppliers control patents for innovative equipment.
Threat of new substitutes: The threat of substitutes is low as fitness equipment has few close substitutes. Virtual classes cannot replace in-person exercise fully.
Competitive rivalry: The competitive rivalry is high as the market is dominated by few global leaders competing on brand, technology and customer experience.
The global fitness equipment market is expected to witness high growth. The global Fitness Equipment Market is estimated to be valued at US$ 20.84 Bn in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030.
Regional analysis Regional analysis Asia Pacific is expected to be the fastest growing region on account rapid urbanization, rising health awareness and increasing disposable incomes.
Key players operating in the fitness equipment market are TechnoGym, Precor Incorporated, Amer Sports, Johnson Health Tech, and Life Fitness.