Global Lateral Fitness Equipment Market Grows at a Staggering CAGR of 9.9%

Introduction

Lateral fitness equipment is any equipment or device required for physical training to regulate body weight, improve physical stamina, and construct muscle strength. A 3D motion is seamlessly integrated into lateral fitness equipment, changing from vertical elliptic stepping to active side-to-side action for a functional workout. Lateral fitness equipment places the body under significant physical stress for enhanced conditioning and greater productivity. Treadmills, stationary bicycles, weightlifting, and strength-building machines, ellipticals, and other fitness equipment are among the most often utilized fitness equipment. Compared to normal standing workout equipment, lateral fitness equipment allows users to burn more calories, boost their heart rate, face operational hurdles, strengthen and protect their knees, etc.

Market Dynamics

Growth of Gym Culture and Increasing Trend for Home Gym Drives the Global Market

An increasing number of people in metropolitan and Tier-2 areas are becoming health-conscious and frequent gyms, fueling the market's growth for lateral fitness equipment. Moreover, individuals are using technological gadgets such as GPS, pedometers, heart rate monitors, and smartphone applications to track their gym exercises, boosting the market growth. Compared to other generations, the largest and most active group of millennials is more committed to consuming healthy foods and exercising consistently. In addition, the most popular lateral fitness equipment in the home gym is a treadmill and stationary bike, which aid in the diagnosis of heart disease, coronary artery blockages, and other cardiac disorders. The availability of online fitness training and personal fitness trainers for home gyms is the key reason driving the expansion of the market for lateral fitness equipment.

Smart Fitness Equipment Creates Tremendous Opportunities

Smart gym equipment is a form of apparatus linked to an application that captures and displays workout data. This gym equipment is connected to the internet and captures all workout data via cloud-based data, including exercise objectives, dietary habits, and health history. This information aids in creating individualized fitness plans and serves as a workout log. Moreover, incorporating technologies such as IoT and AI into lateral exercise equipment enables the devices to be connected to a smartphone, boosting the market for lateral fitness equipment. Nevertheless, treadmills, elliptical machines, and stationary bikes are the most popular high-tech lateral fitness machines due to their television screens, Bluetooth connectivity, iPod compatibility, sound system, CSAFE connectivity, and other features.

Regional Analysis

North America is the most significant global lateral fitness equipment market shareholder and is expected to grow at a CAGR of 8.4% over the forecast period. In terms of GDP, the United States has the largest economy in the world, and its enterprises are more adaptable than those in Western Europe. Also, this region has a greater prevalence of fitness-related products. In addition, rising expenditures on premium quality lateral training equipment result from a high per capita income and the current fitness trend. Population increase and improvements in lifestyle are the key factors driving the expansion of the lateral fitness equipment market. An increase in purchasing power significantly increases the demand for lateral fitness equipment in this region. A considerable increase in new exercise facilities is anticipated due to increased obesity rates, heightened health consciousness, and an understanding of the benefits of lateral workout equipment.

Europe is anticipated to exhibit a CAGR of 9.9% over the forecast period. The European market is mature. Europe has witnessed a transitory shift in recent years due to its stakeholders' emphasis on harnessing new technology. The rise in popularity of fitness routines has contributed to expanding the European lateral fitness equipment market. In addition, government funding for health-related activities has also increased the number of fitness centers at super-specialty hospitals. In Europe, the demand for lateral fitness equipment is bolstered by a rise in health and fitness consciousness among the populace and an increase in obesity rates. According to the WHO, 59 million Europeans suffered from obesity in 2016, which is anticipated to increase to 71.1 million by 2040. In addition, numerous government organizations have invested in fitness facilities, which is expected to support the growth of the European market for lateral fitness equipment.

Key Highlights

• The global lateral fitness equipment market was valued at USD 6.5 billion in 2022. It is estimated to reach USD 15.2 billion by 2031, growing at a CAGR of 9.9% during the forecast period (2023–2031).
• Based on type, the global lateral fitness equipment market is divided into the treadmill, elliptical, exercise bike, shoulder press machine, and chest press machine. The treadmill segment is the highest contributor to the market and is estimated to exhibit a CAGR of 10.3% over the forecast period.
• Based on body type, the global lateral fitness equipment market is bifurcated into the upper body and lower body. The lower body segment owns the highest market share and is projected to grow at a CAGR of 10.6% over the forecast period.
• Based on end-user, the global lateral fitness equipment market is bifurcated into homes, apartments, health clubs/gyms, hotels, corporate offices, and public institutions, hospitals and medical centers. The health club/gym segment is the highest contributor to the market and is predicted to grow at a CAGR of 8.8% over the forecast period.
• Based on the distribution channel, the global lateral fitness equipment market is divided into online and offline channels. The offline segment owns the highest market share and is anticipated to exhibit a CAGR of 9.9% during the forecast period.
• North America is the most significant global lateral fitness equipment market shareholder and is expected to grow at a CAGR of 8.4% over the forecast period.

Competitive Players

The key players in the global lateral fitness equipment market are ICON Health & Fitness, Inc., TECHNOGYM S.P.A., Johnson Health Tech Co., Ltd., Amer Sports Corporation, Core Health & Fitness, LLC., Nautilus, Inc., Impulse (Qingdao) Health Tech Ltd. Co., True Fitness Technology, Inc., and Cybex International Inc.

Competitive Players

1. ICON Health & Fitness Inc
2. TECHNOGYM S.P.A.
3. Johnson Health Tech Co. Ltd.
4. Amer Sports Corporation
5. Core Health & Fitness LLC.
6. Nautilus Inc.
7. Impulse (Qingdao) Health Tech Ltd. Co.
8. True Fitness Technology, Inc.
9. Cybex International Inc.

Recent Developments

Recent Developments

• June 2022- Johnson Health Tech (JHT) announced that they had acquired the fitness section of Cravatex Brands Limited, a former distributor for JHT. With this acquisition, JHT becomes the first fitness equipment manufacturer to have a wholly-owned subsidiary in India.

• February 2023- Technogym, the world's leading manufacturer of design- and technology-driven exercise equipment and solutions, unveiled Biostrength REV, the quickest and most effective method to recover and enhance performance. Biostrength REV is a professional, comprehensive, and incredibly user-friendly tool that allows one to collect vital data to optimize training efficacy, ranging from workout output to specific limb data.

Segmentation

1. By Type
   
   1. Treadmill
   2. Elliptical
   3. Exercise Bike
   4. Shoulder Press Machine
   5. Chest Press Machine
2. By Body Type
   1. Upper Body
   2. Lower Body
3. By End-User
   1. Home
   2. Apartment
   3. Health Club/Gym
   4. Hotel
   5. Public Institutions, Hospitals, and Medical Centers
4. By Distribution Channel
   1. Online
   2. Offline