Fitness Equipment Market Size, Share, and Trends 2024 to 2034

The global fitness equipment market size was evaluated at USD 13.8 billion in 2022 and is expected to hit around USD 15.62 billion by 2032, growing at a CAGR of 1.3% during the forecast period 2023 to 2032.

Key Takeaways

• North America contributed more than 39% of revenue share in 2022.
• Asia-Pacific region is expected to expand at the fastest CAGR during the forecast period.
• By Type, the cardiovascular training equipment segment captured over 59% of revenue share in 2022.
• By Type, the strength training equipment segment is predicted to grow at a significant CAGR of 3.5% during the projected period.
• By End User, the home consumer segment generated more than 53% of revenue share in 2022.
• By End User, the healthcare segment is expected to expand at the fastest rate over the projected period.
• By Price Point, the standard segment had the largest market share of 63% in 2022.
• By Price Point, the premium/luxury segment is anticipated to expand at the quickest CAGR over the projected period.

Fitness Equipment Market in the U.S. 2023-2032

The U.S. fitness equipment market size accounted for USD 3.77 billion in 2022 and is estimated to reach around USD 4.35 billion by 2032, growing at a CAGR of 1.5% from 2023 to 2032.

North America has held the largest revenue share of 39% in 2022. In North America, the fitness equipment market is witnessing several notable trends. There's a growing emphasis on connected fitness equipment, with consumers demanding integrated technology for tracking workouts and accessing virtual fitness content. The pandemic has accelerated the popularity of home fitness solutions, driving sales of residential fitness equipment. Additionally, sustainability is gaining importance, with eco-friendly and energy-efficient equipment options becoming more prevalent. These trends reflect evolving consumer preferences and a continued focus on health and wellness in the region.

Asia-Pacific is estimated to observe the fastest expansion. In the Asia-Pacific region, the fitness equipment market is experiencing robust growth due to rising health awareness and increasing disposable incomes. There is a growing preference for home fitness solutions, driving demand for innovative and space-efficient equipment. Moreover, urbanization, changing lifestyles, and a focus on preventive healthcare are contributing to the fitness equipment market's expansion in the Asia-Pacific region, making it a dynamic and competitive market landscape.

Fitness Equipment Market Overview

The fitness equipment market encompasses the production and sale of various exercise machines and accessories for individuals and fitness facilities. It is a dynamic and growing sector driven by increasing health awareness. Key trends include a shift towards smart and connected equipment, integrating fitness technology such as wearables and apps. Additionally, eco-friendly and sustainable equipment is gaining popularity. The market also sees a surge in home fitness equipment purchases, driven by the rise of remote and home-based workouts, a trend accelerated by the COVID-19 pandemic.

Growth Factors

• The growing emphasis on health and fitness, coupled with the increasing awareness of the benefits of regular exercise, is a significant growth driver. Consumers are actively seeking ways to maintain a healthy lifestyle, boosting the demand for fitness equipment.
• In addition, the integration of technology into fitness equipment, such as touchscreens, interactive workouts, and connectivity with fitness apps, has become a major trend. Smart fitness equipment offers users an engaging and personalized exercise experience.
• Gyms, fitness centers, and health clubs are continuously upgrading their equipment to attract and retain members. The commercial segment of the fitness equipment market remains robust as businesses invest in modern and innovative equipment.
• The fitness equipment market is expanding globally, driven by urbanization, rising disposable incomes, and increasing health consciousness in emerging markets. This globalization presents opportunities for both established and new market players to enter and grow in various regions.
• Moreover, many fitness equipment manufacturers are adopting subscription-based models, offering access to exclusive content, live classes, and workout programs. This ongoing revenue stream complements equipment sales and enhances customer engagement, driving sustained growth in the market.

Fitness Equipment Market Scope

Fitness Equipment Market Dynamics

Driver

Health and wellness trends

Health and wellness trends have surged market demand for fitness equipment by fostering a culture of proactive self-care. Consumers prioritize their physical and mental well-being, and they increasingly seek fitness solutions to meet their lifestyle goals. Surge in consumers investing in fitness equipment for home use, enabling them to exercise conveniently and consistently.

Moreover, the desire for a holistic approach to wellness, which includes regular exercise, has amplified the demand for fitness equipment that caters to diverse fitness needs, such as cardio, strength training, and flexibility, thereby driving the sustained growth of the fitness equipment market. Moreover, the aging population fuels fitness equipment demand by promoting active aging. Older adults seek equipment to maintain mobility, strength, and overall health, contributing to sustained growth in the market.

Restraint

High cost and competition from gyms

The high cost of fitness equipment can significantly restrain market demand by limiting accessibility to a broad consumer base. It acts as a barrier for individuals with lower disposable incomes, reducing their ability to invest in fitness equipment. Many potential customers opt for more budget-friendly fitness alternatives or gym memberships, making it challenging for equipment manufacturers to capture a broader market share. Additionally, the high cost can deter impulse purchases, and consumers may delay or forego buying fitness equipment altogether, negatively impacting market growth and sales volumes.

Moreover, competition from gyms constrains the fitness equipment market as consumers can access a variety of exercise equipment at fitness facilities without the need for ownership. Gym memberships offer cost-effective alternatives, reducing the incentive for individuals to invest in expensive home fitness equipment, thus limiting market demand for home-based fitness equipment.

Opportunity

Health tech integration and online retail

Health tech integration drives market demand in the fitness equipment sector by enhancing user experiences and providing data-driven workouts. Smart equipment with features like real-time performance tracking, AI-driven coaching, and compatibility with fitness apps offers users interactive and personalized workouts. This integration caters to tech-savvy consumers seeking advanced fitness solutions.

Additionally, health tech enables remote training and virtual classes, making fitness more accessible. As individuals increasingly prioritize data-driven wellness, fitness equipment manufacturers can capitalize on this trend to meet evolving consumer demands, thereby expanding their market share and driving growth in the industry. Moreover, online retail boosts fitness equipment market demand by offering a convenient and extensive shopping experience. Consumers can easily browse, compare, and purchase a wide range of equipment, expanding access to fitness products and driving sales, especially among those who prefer the convenience of shopping from home.

Impact of COVID-19

Despite the global economic challenges posed by the COVID-19 pandemic, the fitness equipment market has shown resilience and continued growth. On both the supply and demand sides, leading companies in the fitness equipment industry have continued to invest in innovative technologies, much like the military industry's investment in AI capabilities. Prominent fitness equipment manufacturers have been channeling significant resources into emerging technologies such as IoT integration, augmented reality for workouts, and AI-powered fitness coaching. These advancements have allowed the fitness industry to adapt to changing consumer preferences, particularly the rise of home-based workouts during lockdowns.

Governments and healthcare institutions have also recognized the importance of fitness and wellness in promoting public health, leading to increased investment in fitness programs and facilities. Furthermore, the emphasis on preventive healthcare, driven in part by the pandemic's impact on health systems, has created opportunities for fitness equipment manufacturers to collaborate with healthcare providers.

Type Insights

According to the type, the cardiovascular training equipment segment held a 59% revenue share in 2022. Cardiovascular training equipment refers to machines designed to improve cardiovascular health, including treadmills, stationary bikes, and elliptical trainers. In the fitness equipment market, trends include the integration of digital and interactive features, enabling users to access virtual workouts and track performance. Sustainable and eco-friendly designs are also emerging as a priority, aligning with the growing demand for environmentally conscious fitness solutions.

The strength training equipment segment is anticipated to expand at a significant CAGR of 3.5% during the projected period. Strength training equipment refers to machines and devices designed to increase muscle strength, endurance, and overall fitness. Examples include free weights, weight machines, resistance bands, and kettlebells. Trends in the fitness equipment market include a shift toward compact and versatile strength training equipment for home use, integration of smart technology for tracking progress and providing personalized workouts, and a focus on sustainability by using eco-friendly materials and manufacturing processes.

End User Insights

Based on the end user, the home consumer segment is anticipated to hold the largest market share of 53% in 2022. The "home consumer" segment in the fitness equipment market comprises individuals who purchase fitness equipment for personal use in their homes. Recent trends in this segment include a growing demand for compact and space-saving equipment, such as folding treadmills and portable exercise devices. Additionally, integration with fitness apps and virtual fitness classes has become increasingly popular, providing users with interactive and guided workouts from the comfort of their homes.

On the other hand, the health care segment is projected to grow at the fastest rate over the projected period. In the fitness equipment market, the healthcare end user segment comprises hospitals, clinics, and rehabilitation centers. These institutions utilize fitness equipment for physical therapy, patient recovery, and promoting overall wellness. A significant trend within this segment is the integration of advanced technology, such as tele-rehabilitation platforms and AI-powered monitoring systems, to enhance patient outcomes and provide remote healthcare services, making fitness equipment a vital component of modern healthcare practices.

Price Point Insights

In 2022, the standard segment had the highest market share of 63% on the basis of the price point. Standard fitness equipment typically offers basic functionality at lower price points, appealing to budget-conscious consumers. However, a key trend in the fitness equipment market is the integration of advanced features, such as touchscreen interfaces, smart connectivity, and personalized workouts. While premium equipment remains popular, the demand for affordable, entry-level options with these modern features is growing, bridging the gap between price and innovation.

The Premium/Luxury segment is anticipated to expand at the fastest rate over the projected period. Premium/Luxury fitness equipment refers to high-end, top-quality exercise machines and accessories designed for discerning consumers who prioritize premium features, aesthetics, and performance. Trends in this segment include the integration of cutting-edge technology such as touchscreen displays and AI-powered coaching, sustainable and eco-friendly materials, bespoke customization options, and exclusive partnerships with luxury brands to create unique, high-value fitness solutions. These trends cater to affluent individuals seeking the ultimate fitness experience.

Recent Developments

• In 2022, NordicTrack, a brand under Icon Health & Fitness Inc., has introduced the NordicTrack iSelect Adjustable Dumbbells to its product lineup. These innovative dumbbells offer users the flexibility to adjust weights, making it easier to customize and vary their workout routines, catering to the diverse needs of fitness enthusiasts.
• In 2022, Johnson Health Tech's acquisition of Cravatex Brands Limited's fitness division marks a strategic move to expand its presence in the fitness industry. This acquisition aligns with JHT's growth strategy, allowing them to broaden their product offerings, reach new markets, and strengthen their position as a leading player in the global fitness equipment market.
• In 2022, Peloton's release of Peloton Row and new features on Peloton Guide demonstrates the company's commitment to diversifying its product line and enhancing the user experience. Peloton Row will likely introduce a rowing machine to its fitness equipment lineup.
• In 2022, Bridge Lifestyle Hub has chosen Technogym as its exclusive wellness partner, reflecting their commitment to providing top-tier fitness and wellness solutions. This partnership promises to deliver premium experiences and services to Bridge Lifestyle Hub members.
• In 2021, Johnson Health Tech's acquisition of Matrix Fitness South Africa represents a strategic move to expand its footprint in the fitness equipment market. This acquisition allows JHT to tap into the South African fitness industry, offering a broader range of products and services to meet the growing demand for fitness equipment and wellness solutions in the region.
• In 2021, Nautilus, Inc., known for innovation in home fitness, has unveiled the Bowflex BXT8J treadmill, combining cutting-edge technology with high-performance features, enhancing the home workout experience for fitness enthusiasts.
• In 2019, Brunswick Corporation, a leading global recreational products company, has entered a partnership with KPS Capital Partners. This collaboration aims to drive growth and innovation in the marine and recreation sectors, leveraging KPS's expertise in private equity.

Fitness Equipment Market Players

• 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.

Segments Covered in the Report

(Note*: We offer reports based on sub-segments as well. Kindly, let us know if you are interested)

By Type

• Cardiovascular Training Equipment
  • Treadmills
  • Stationary Cycles
  • Elliptical & Others
• Strength Training Equipment
  • Free Weights
  • Other Machines
• Other Equipment
  • Activity Monitors
  • Body Analyzers

By End Users

• Home consumer
  • Home
  • Apartment
• Health clubs/gym
• Others commercial user
  • Hotels
  • Corporate offices
  • Hospitals & Medical Centers
  • Public Institutions (Schools, Universities, and Others)

By Price Point

• Standard
• Premium/Luxury

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa