Fitness Equipment Market Size
| Study Period | 2017-2027 |
| Base Year For Estimation | 2021 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fitness Equipment Market Analysis
The fitness equipment market is projected to register a CAGR of 5.8% over the forecast period.
Diabetes, obesity, high blood pressure, and arthritis are some common chronic diseases that are prevailing in the world due to changes in lifestyle, changes in food habits, and overconsumption of high-calorie foods. Due to the prevalence of these diseases, people have become more conscious of their health and fitness. Premature weakness in bones and muscles is a problem in the young generation due to the frequent consumption of fast food and alcoholic beverages. Because of their awareness of such problems, going to fitness centers and working out has become a trend. The growing preference for a healthy and fit lifestyle is the primary factor driving the fitness equipment market’s growth. There is also a surge in the number of fitness centers and health clubs worldwide, further propelling the market's growth. According to IHRSA, in 2022, there will be around 31,000 health clubs in the United States.
Growing government initiatives related to health awareness are also propelling the market's growth. These initiatives aim to promote and protect health by guiding at the individual, national, and global levels in reducing disease and death rates related to unhealthy diets and physical inactivity, which, in turn, boosts consumers’ interest in fitness activities. Investments in at-home fitness equipment are increasing as people wish to continue their old training and gym workout regimes at home. Due to advanced technology, the market players are joining forces to launch new products with developed technologies in them. For instance, in April 2021, Matrix, a Johnson Health Tech Co. brand, formed a partnership with iFIT, a global leader in interactive connected fitness technology and content. The purpose of this partnership is to incorporate iFit's digital technology into Matrix's products.
Fitness Equipment Market Trends
This section covers the major market trends shaping the Fitness Equipment Market according to our research experts:
Consumers’ Inclination Toward a Healthy Lifestyle
Diabetes, obesity, hypertension, and high blood pressure are all on the rise around the world. This is due to an unhealthy diet and physical inactivity. According to StatCan, in 2021, around 29% of adults in Canada aged 18 years and older will be obese, while 36% will be overweight. Thus, people are inclined toward gyms and health clubs or exercising at home. A growing preference for a healthy lifestyle is driving the fitness equipment market. Moreover, increasing government initiatives in various countries to promote a healthy lifestyle have played a key role in driving the market in the last few years. Furthermore, the government encourages more people to get more active by promoting participation in physical activities and strengthening links between the community and various sports and fitness organizations. Due to advanced technology and innovation, the market players are introducing new fitness equipment into the market. For instance, in September 2022, Nautilus Inc. launched the Bowflex BXT8J treadmill with the JRNY adaptive fitness app. The treadmill can pair with a mobile device or tablet to provide access to the fitness app.
Asia-Pacific to Witness Strong Growth in the Fitness Equipment Market
Asia-Pacific is the fastest-growing region in the overall fitness equipment market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. One of the major factors driving the region's growth is an increased inclination toward personal training and instruction services. The Asia-Pacific region has more young and older populations. According to World Bank data from 2021, India has 67.45% of its population between the ages of 15 and 64. Due to environmental conditions, fast food eating habits, and overconsumption of alcohol and other high-calorie drinks, the adults in the region are becoming more obese and overweight. The demand for personal trainers and fitness instructors has grown due to the rise in weight-loss services and high interest in customized workout schedules. As baby boomers actively focus on health, there is a growing demand for trainers with specialized knowledge of safe and effective fitness exercises for senior citizens. Therefore, various global players are expanding their presence in Asia-Pacific to broaden their customer base and gain an edge over their competitors. In June 2022, Johnson Health Tech (JHT) formed an acquisition agreement with the fitness division of Cravatex Brands Limited. JHT became the first company to have a wholly-owned subsidiary in India.
Fitness Equipment Industry Overview
The fitness equipment market is fragmented, with global and regional players dominating the market. The prominent market players are Nautilus Inc., Johnson Health Tech Co., Peloton Interactive, Inc., Icon Health & Fitness, Inc., and Anta International Group Holdings Ltd. (Amer Sports). Because of the increasing trend of fitness and sports, the demand for fitness equipment is increasing around the world. Mergers and acquisitions between companies are driving market growth as innovation and market penetration of the companies are increasing. For instance, in April 2021, Peloton acquired Precor, one of the leading global manufacturers of commercial fitness equipment with a significant United States manufacturing presence. With this acquisition, Peloton expands its manufacturing capabilities in the United States, anticipates collaborating with Precor's team to strengthen its research and development capabilities, and accelerates its commercial market penetration.
Fitness Equipment Market Leaders
Nautilus Inc.
Johnson Health Tech Co.
Peloton Interactive, Inc.
Icon Health & Fitness Inc.
Anta International Group Holdings Ltd. (Amer Sports)
*Disclaimer: Major Players sorted in no particular order
Fitness Equipment Market News
- September 2022: Peloton Interactive, Inc. launched Peloton Row, a fitness equipment. The equipment has innovative software and premium hardware design. The equipment is used for low-impact, full-body cardio and strength workouts.
- August 2021: The acquisition of Matrix Fitness South Africa by Johnson Health Tech (JHT), a distributor for JHT before the acquisition, enabled JHT to become the first manufacturer of fitness equipment to have a fully-owned subsidiary in Africa.
- March 2021: Peloton Interactive Inc. expanded its product offerings in Asia-Pacific by launching its products in Australia. Peloton made its debut in Australia with the introduction of the original Peloton Bike, the Peloton Bike, which offers the best cardio and strength workout, and the Peloton App, which offers content for more than 10 different types of exercise, including yoga, cardio, strength exercises, indoor and outdoor running, and indoor cycling. Consumers in Australia will have access to thousands of innovative workouts with real-time motivation and carefully curated playlists featuring their favorite artists, such as The Beatles and Beyoncé.
Fitness Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Treadmills
5.1.2 Elliptical Machines
5.1.3 Stationary Cycles
5.1.4 Rowing Machines
5.1.5 Strength Training Equipment
5.1.6 Other Product Types
5.2 End User
5.2.1 Residential
5.2.2 Commercial
5.3 Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Stores
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Spain
5.4.2.2 United Kingdom
5.4.2.3 Germany
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 South Africa
5.4.5.2 Saudi Arabia
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Technogym SpA
6.3.2 Nautilus Inc.
6.3.3 Johnson Health Tech Co.
6.3.4 Anta International Group Holdings Ltd. (Amer Sports)
6.3.5 Icon Health & Fitness Inc.
6.3.6 Body-Solid Inc.
6.3.7 Jerai Fitness Pvt. Ltd.
6.3.8 Dyaco International Inc.
6.3.9 Peloton Interactive, Inc.
6.3.10 Decathlon S.A.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Fitness Equipment Industry Segmentation
Fitness equipment is used during physical activity to enhance the strength of the body while exercising. The equipment is designed in such a way that it can be controlled manually according to the requirements and strength of the user. The fitness equipment market is segmented by product type, end-user, distribution channel, and geography. By product type, the market is segmented into treadmills, elliptical machines, stationary machines, rowing machines, strength training equipment, and other product types. By end user, the market is segmented into residential users and commercial users. By distribution channel, the market is segmented into offline retail stores and online retail stores. The market is segmented by geography into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecast have been done on the basis of value (in USD million).
| Product Type | |
| Treadmills | |
| Elliptical Machines | |
| Stationary Cycles | |
| Rowing Machines | |
| Strength Training Equipment | |
| Other Product Types |
| End User | |
| Residential | |
| Commercial |
| Distribution Channel | |
| Offline Retail Stores | |
| Online Retail Stores |
| Geography | |||||||||
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Fitness Equipment Market Research FAQs
What is the current Fitness Equipment Market size?
The Fitness Equipment Market is projected to register a CAGR of 5.8% during the forecast period (2023-2027).
Who are the key players in Fitness Equipment Market?
Nautilus Inc., Johnson Health Tech Co., Peloton Interactive, Inc., Icon Health & Fitness Inc. and Anta International Group Holdings Ltd. (Amer Sports) are the major companies operating in the Fitness Equipment Market.
Which is the fastest growing region in Fitness Equipment Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Fitness Equipment Market?
In 2023, the North America accounts for the largest market share in the Fitness Equipment Market.
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