Download Sample, Health Awareness Driving Demand in Fitness Equipment Market
Prolonged sedentary behaviour continues to pose a significant global public health challenge, with strong associations to increased risks of non-communicable diseases like cardiovascular illnesses and type 2 diabetes. However, any level of physical activity has demonstrated beneficial impacts on overall health outcomes. The fitness equipment industry includes sales of both home and commercial equipment. Companies serving these sectors often categorize their product lines into three main types cardiovascular equipment, such as treadmills and cycle ergometers, for endurance training; resistance equipment like multi-gyms and weights benches, for strength training; and associated accessories including dumbbells and skipping ropes. These categories complement each other within the market, addressing diverse consumer needs in fitness and training.
In a recent survey, nearly half of adults 18 years and older followed the physical activity guidelines for aerobic exercise. Moreover, 24.2% of individuals in that age range adhered to recommendations that involved both aerobic and muscle-building exercises. However, the regular exercise and fitness activities raise the health benefits awareness among the consumers which potentially drives the global demand for fitness equipment market. As individuals prioritize health, there is a growing trend towards investing in home fitness equipment for convenient maintenance of fitness levels. This shift shows a broader social movement towards proactive health management through accessible and personalized fitness solutions, contributing to the increasing popularity of home-based fitness systems worldwide.
In a recent survey, nearly half of adults 18 years and older followed the physical activity guidelines for aerobic exercise. Moreover, 24.2% of individuals in that age range adhered to recommendations that involved both aerobic and muscle-building exercises. However, the regular exercise and fitness activities raise the health benefits awareness among the consumers which potentially drives the global demand for fitness equipment market. As individuals prioritize health, there is a growing trend towards investing in home fitness equipment for convenient maintenance of fitness levels. This shift shows a broader social movement towards proactive health management through accessible and personalized fitness solutions, contributing to the increasing popularity of home-based fitness systems worldwide.
Partnership Opportunities in Technological Advancements for Fitness Brands
Cardiovascular equipment has emerged as a dominant force driving growth in the global fitness equipment market. This trend is fuelled by its high value proposition and increasing popularity among the obese population seeking effective fitness solutions. For instance, according to World Health Organisation (WHO), about 2.5 billion adults including 18 years and older were overweight and 890 million were living with obesity in 2022, contributing to 1 in 8 people with obesity worldwide. Additionally, cardiovascular training equipment is gaining traction among the geriatric demographic, which is focused on staying physically fit through convenient home-based exercise choices. These factors collectively contribute to the expanding adoption and market influence of cardiovascular fitness equipment worldwide. Furthermore, according to forecasts by the Congressional Budget Office (CBO), about 73 million individuals aged 65 and older are anticipated between 2023 and 2053.
During CES 2023, the Industrial Technology Research Institute (ITRI) showed innovative sports and fitness technologies. The featured advancements showcased iSportWeaR, a wearable gadget that utilizes non-contact low-power radar technology to track physiological information such as heart and breathing rates. This improves exercise health management and prevents injuries for athletes. Another standout was the Digital Twin for Sport Guidance with Vital Sign Sensing, a virtual coach utilizing contactless detection and big data analytics for indoor bike and flywheel training. These advancements, developed in partnership with leading bicycle brands which shows a technological advancement opportunity for global fitness equipment market.
During CES 2023, the Industrial Technology Research Institute (ITRI) showed innovative sports and fitness technologies. The featured advancements showcased iSportWeaR, a wearable gadget that utilizes non-contact low-power radar technology to track physiological information such as heart and breathing rates. This improves exercise health management and prevents injuries for athletes. Another standout was the Digital Twin for Sport Guidance with Vital Sign Sensing, a virtual coach utilizing contactless detection and big data analytics for indoor bike and flywheel training. These advancements, developed in partnership with leading bicycle brands which shows a technological advancement opportunity for global fitness equipment market.
Recent Trends in the Fitness Equipment Industry
- Consumers' investment in home gyms, including treadmills and stationary bikes, is rising.
- Fitness equipment integrates AI, IoT, and wearable tech, enabling data-driven workouts and virtual fitness experiences.
- The fitness equipment industry emphasizes sustainability through eco-friendly materials, durable designs, and equipment recycling initiatives.
- Fitness equipment integrates health monitoring like heart rate, sleep tracking and vitamin biomarker metrics.
Explore Our Breakthrough Market Segmentation and Personalize it to Meet Your Business Needs…!
Premium Pricing and Maintenance Costs Hamper Fitness Equipment Adoption
In the fitness equipment sector, several key restraining factors limit consumer meetings. The premium pricing associated with advanced technology makes such equipment unfeasible for a significant portion of the population, especially in developing regions where income levels are constrained. This financial barrier may prevent consumers from pursuing the adoption of innovative fitness solutions. Moreover, urban residents often face space limitations that hinder the acquisition of bulky workout gear. The refusal to invest in large equipment due to concerns about insufficient living space can limit market opportunities in urban areas.
Additionally, the necessity for regular maintenance and occasional repairs complicates the decision-making process for potential consumers. The continuous financial commitment required for upkeep can discourage consumers from investing in new exercise equipment, particularly if they perceive these costs as an added strain on their budgets. These factors collectively pose significant challenges to market expansion by influencing consumer behaviour and reducing the attractiveness of fitness investments. The fitness sector includes diverse non-traditional workout options like digital workout apps, outdoor exercises, and boutique fitness studios. These alternatives challenge traditional exercise equipment by offering convenience, innovation, and personalized experiences, potentially impacting its market share due to their unique demand and personalized fitness solutions.
Additionally, the necessity for regular maintenance and occasional repairs complicates the decision-making process for potential consumers. The continuous financial commitment required for upkeep can discourage consumers from investing in new exercise equipment, particularly if they perceive these costs as an added strain on their budgets. These factors collectively pose significant challenges to market expansion by influencing consumer behaviour and reducing the attractiveness of fitness investments. The fitness sector includes diverse non-traditional workout options like digital workout apps, outdoor exercises, and boutique fitness studios. These alternatives challenge traditional exercise equipment by offering convenience, innovation, and personalized experiences, potentially impacting its market share due to their unique demand and personalized fitness solutions.
Acquisition and Technological Innovation in Fitness Equipment Industry Fuel Market
Major industry leaders utilize strategies that focus around launching new products, merging with competitors, and purchasing companies to grow their customers and enhance their range of products. In March 2024, Technogym has introduced Checkup, an assessment station utilizing AI to modify training programs for more effective workouts. This innovative system evaluates body composition, balance, mobility, and cognitive abilities, along with analysing strength from resistance equipment exercises within the Technogym Ecosystem. The comprehensive data is synthesized to generate a Wellness Age metric, providing users with a personalized and precise measure of their overall fitness and wellness levels.
However, in Aril 2024, Johnson Health Tech Retail, the U.S. retail subsidiary of Taiwan's Johnson Health Tech, Co., Ltd., has acquired BowFlex for US$37.5 million. The purchase, completed under an Asset Purchase Agreement approved by the U.S. Bankruptcy Court, includes the BowFlex, Schwinn, and JRNY brands along with inventory. The court approved the sale on April 15, with the transaction finalized on April 22. Moreover, in October 2023, Peloton and the National Basketball Association (NBA), alongside the Women's National Basketball Association (WNBA), have announced a strategic multi-year partnership. Beginning in the 2023-24 NBA season, Peloton will become the official fitness partner of both leagues, integrating NBA League Pass into its new entertainment hub. This collaboration aims to offer unique experiences to Peloton Members and basketball fans alike, including NBA- and WNBA-themed fitness classes and special initiatives leading up to the 2024 WNBA season.
However, in Aril 2024, Johnson Health Tech Retail, the U.S. retail subsidiary of Taiwan's Johnson Health Tech, Co., Ltd., has acquired BowFlex for US$37.5 million. The purchase, completed under an Asset Purchase Agreement approved by the U.S. Bankruptcy Court, includes the BowFlex, Schwinn, and JRNY brands along with inventory. The court approved the sale on April 15, with the transaction finalized on April 22. Moreover, in October 2023, Peloton and the National Basketball Association (NBA), alongside the Women's National Basketball Association (WNBA), have announced a strategic multi-year partnership. Beginning in the 2023-24 NBA season, Peloton will become the official fitness partner of both leagues, integrating NBA League Pass into its new entertainment hub. This collaboration aims to offer unique experiences to Peloton Members and basketball fans alike, including NBA- and WNBA-themed fitness classes and special initiatives leading up to the 2024 WNBA season.
Know Your Competitors and Strengthen Market Share Effectively
North America's Diverse Product Portfolio and Singapore's Active Health Programs Drive the Fitness Equipment Market
North America dominates the global fitness equipment market, driven by a robust cultural prominence in health and fitness. Government initiatives, established by the President's Council on Sports, Fitness, and Nutrition, actively promote physical activity, despite the significant challenges with obesity reported by the CDC. This health concern has increased demand for products facilitating weight management and overall wellness. Domestic brands like Precor Incorporated and Life Fitness offer diverse product portfolios, boosting consumer interest. With higher disposable incomes compared to other regions, North Americans readily invest in home gym equipment and memberships, promoting market growth. The region's role as an innovation hub further endures market dynamics, with United States manufacturers developing innovative advanced fitness technologies to meet evolving consumer preferences.
However, the Asia Pacific region is projected to witness the most rapid growth in the fitness equipment market during the forecast period. In the Asia-Pacific region, the growing number of dual-income families has particularly boosted home fitness equipment sales, leading to significant market expansion. Simultaneously, governmental initiatives aimed at promoting fitness and physical education in schools have further propelled consumer interest in these products. Singapore's "Active Health" program stands out as a pivotal driver within this landscape, promoting for healthier lifestyles through enhanced awareness of fitness benefits and a focus on preventative healthcare measures. These efforts collectively raise a favourable environment for the fitness equipment market, encouraging greater adoption of home-based exercise solutions and supporting overall market expansion in the region.
However, the Asia Pacific region is projected to witness the most rapid growth in the fitness equipment market during the forecast period. In the Asia-Pacific region, the growing number of dual-income families has particularly boosted home fitness equipment sales, leading to significant market expansion. Simultaneously, governmental initiatives aimed at promoting fitness and physical education in schools have further propelled consumer interest in these products. Singapore's "Active Health" program stands out as a pivotal driver within this landscape, promoting for healthier lifestyles through enhanced awareness of fitness benefits and a focus on preventative healthcare measures. These efforts collectively raise a favourable environment for the fitness equipment market, encouraging greater adoption of home-based exercise solutions and supporting overall market expansion in the region.
Searching for a Country or Region-Specific Report?
Unlock industry complexities with reports crafted for selected countries and regions at Reduced Cost
The report provides a detailed overview of the fitness equipment market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for fitness equipment market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the fitness equipment market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the fitness equipment market. Some key country and region included in the fitness equipment market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Fitness Equipment Market Research Report Covers In-depth Analysis on:
- Fitness equipment market detailed segments and segment-wise market breakdown
- Fitness equipment market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in fitness equipment industry)
- Current, historical and forthcoming 10 years market valuation in terms of fitness equipment market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Fitness equipment market demand analysis
- Fitness equipment market pricing analysis over forecast period (by key segment and by region)
- Fitness equipment market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in fitness equipment market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in fitness equipment market
- Fitness equipment market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on fitness equipment market forecast by countries
- Mergers and acquisitions in fitness equipment market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the growth of the fitness equipment market?
Increasing health-consciousness, rising disposable incomes, technological advancements, and the growing popularity of home fitness are key factors driving the market growth.
What are the major challenges facing the fitness equipment industry?
Key challenges include high initial costs, increasing competition from low-cost brands, and the rising popularity of fitness apps and virtual training, which may reduce demand for physical equipment.
What is the future outlook for the fitness equipment market in the next decade?
The fitness equipment market is expected to continue growing, driven by trends such as personalized fitness solutions, digital integration, and the rise of hybrid fitness models blending home and gym workouts.
