Fitness Equipment Market is transforming Consumer Lifestyle Trends By Digitalization

The fitness equipment market comprises cardiovascular and strength training equipment such as treadmills, elliptical machines, stationary cycles, weight machines, and free weights. These devices help burn calories and improve overall fitness. Fitness equipment provides advantages like convenience, portability, effective results, and privacy. Growing health awareness among individuals about the importance of exercising regularly is a key factor driving the demand for various fitness equipment. The Global Fitness Equipment Market is estimated to be valued at US$ 20.84 Bn in 2024 and is expected to exhibit a CAGR of 1.3% over the forecast period from 2023 to 2030.

Key Takeaways

Key players in the fitness equipment market: Key players operating in the fitness equipment market include Technogym S.P.A.,Johnson Health Tech. Co., Ltd.,True Fitness Technology, Inc.,Peloton Interactive Inc.,Anta Sports Products Limited,Precor Incorporated,Life Fitness (KPS Capital),Shandong EM Health Industry Group Co., Ltd,Icon Health & Fitness,Johnson Health Tech,Nautilus, Inc.,Technogym,Torque Fitness,Core Health & Fitness,Impulse Health Technology Co., Ltd. These key players are focusing on new product launches and strategic partnerships to expand their reach globally.

Growing demand: There is growing demand for advanced strength and cardio machines integrated with digital technologies and apps for an engaging experience. Features like virtual coaching, live and on-demand classes are gaining popularity. The pandemic has further accelerated this transition with more people adopting digital platforms for home workouts.

Global expansion: Major players are expanding their manufacturing and distribution footprint globally to tap into international markets. Fitness startups are also raising funds to enhance digital capabilities and scale brick-and-mortar establishments. Countries like China, USA, India, Brazil, and UK are expected to see increased adoption of connected gym equipment and subscriptions.

Market Key Trends

Digitization is a key trend in the fitness equipment market. Manufacturers are launching products integrated with smart technology, internet connectivity, and interactive features. This allows users to access customized workout plans, monitor metrics, engage in virtual classes, and compete on leaderboards. Features such as artificial intelligence for personalized training are expected to enhance the user experience in the coming years. Such digital innovations are transforming the industry and consumer preferences.

Porter's Analysis
Threat of new entrants: High capital requirements and existing players' economies of scale pose challenges for new players.
Bargaining power of buyers: Buyers have high bargaining power given the availability of substitutes and their price sensitivity.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to low differentiation in components and availability of substitutes.
Threat of new substitutes: Substitutes like outdoor fitness equipment, home workout programs etc. pose moderate threat.
Competitive rivalry: Intense competition due to existence of global and regional players offering similar products and services.

Geographical regions:
North America currently dominates the fitness equipment market in terms of value, accounting for about 35% of the global market. In the region, the U.S. holds the major share due to rising health awareness and focus on preventive healthcare.
Asia Pacific is expected to be the fastest growing region for the fitness equipment market during the forecast period. Presence of rapidly developing economies like India and China along with rising income levels supporting individuals’ spending on fitness is driving the Asia Pacific market. Rising health consciousness and growing population in countries like India are expected to significantly contribute to the Asia Pacific fitness equipment market growth in the coming years.