The global fitness equipment market size was valued at USD 11.88 billion in 2022. It is projected to reach USD 15.50 billion by 2031, growing at a CAGR of 3% during the forecast period (2023-2031). Factors such as Increasing Prevalence of Obesity and Technological Advancements, significantly drives the fitness equipment market demand by 2031.
Today, the market is witnessing a new trend of fitness taking over the population around the world, the health-conscious population is increasing, and more people prefer gyms and health clubs to stay fit. In line with this, the network of fitness technologies, gyms, and fitness clubs is expanding to cater to consumer demand. Moreover, increasing awareness about health and fitness among the geriatric population is having a positive impact on the market. Globally, the revenue for the health and fitness sector is estimated to reach USD 230 million, Health Racquet and Sports Club Associations. In addition, more than a billion healthcare and fitness centers are present globally. The U.S. alone has more than 112676 gyms and health & fitness clubs as of 2022.
The need for fitness equipment is increased by the rising number of obese people because it serves as an essential tool for helping them lose weight at their own pace. For example, according to data from the State of Child Obesity.Org released in September 2020, adult obesity rates in the United States now exceed 35% in 12 states, 25% in 48 states, and 30% in 35 states. Additionally, the growing understanding that a lack of physical activity contributes to a number of health problems, including heart disease, diabetes, cancer, and others, has contributed to an increase in demand for them. For instance, according to information released by the Centers for Disease Control and Prevention in September 2019, inactivity raises the risk of heart disease, several cancers, and type 2 diabetes. In addition, a lack of physical activity contributes to annual healthcare costs of USD 117 billion.
The use of fitness applications on smart devices to improve and maintain personal fitness routines has grown in popularity, and this has had a significant impact on the fitness equipment market's expansion. For instance, according to data from the World Economic Forum published in September 2020, usage of fitness apps increased by 50% in the first half of 2020. Additionally, the demand for the product has grown as online fitness classes become more and more well-liked. For instance, the Jawaharlal Nehru University of New Delhi, India, began offering its students an online fitness class to help them maintain their health and well-being, according to information from the New Indian Express that was published in April 2020.
Some expensive fitness equipment, especially for middle- and low-class consumers in developing and underdeveloped nations, is limiting the market's expansion. For instance, an average treadmill costs around USD 3500-4000. Additionally, as more commercial gyms were built around the world, less money was spent on home fitness equipment, which affected the market adversely. For instance, the United States has more than 39,570 gyms with more than 6 billion visits, according to 2018 data from the International Health, Racquet & Sportsclub Association.
The market is expected to expand as a result of the increased production of smart treadmills that can track heart rate, jog and run speed, and distance traveled and come in a portable, foldable design. The Peloton Tread treadmill, for instance, has the ability to track heart rate, exercise timing, distance traveled, calories burned, and other variables. Additionally, this product includes fitness and life classes on demand. In addition, the production of smart dumbbells, which can connect to other smart electronic devices and have sensors built to track arm movement, is likely to increase demand. For instance, the Bluetooth connectivity and arm movement detection capabilities of the Bowflex SmartTech 560 dumbbell make it a smart device. A new smart jumping rope by Tangram increases the efficiency of cardio exercise, and it connects with android and apple watches via Bluetooth for a better description of the exercise. The jump count burned calories and jumping time are all tracked by the SmartRope app.
| Study Period | 2019-2031 | CAGR | 3% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 11.88 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 15.50 Billion |
| Largest Market | North America | Fastest Growing Market | Asia-Pacific |
The global fitness equipment market share is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America Dominates the Global Market
North America region is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. For instance, the region generated over 4 billion worth of revenue in 2017. North America is further segmented into the U.S., Canada, and Mexico. The U.S. Homes has the largest obese population. For instance, over 70 million people are obese in the region, according to the CDC. However, the increasing awareness about health maintenance among the people is boosting the market demand in the region. Apart from this, the U.S. fitness equipment market is leading the segment as a result of the high presence of market competitors and modern technological advancements.
Europe is expected to witness dynamic growth in the market during the forecast period. This can be attributed to the increasing fitness trend in the region. Apart from this, the European fitness market generated over EUR 25 million in 2017. Moreover, the region is also witnessing an increase in club membership from 11.5% to 11.7% in 2017. The region is surging with acquisitions and mergers from major players, which in turn is boosting the market.
Asia-Pacific is expected to witness significant growth in the Fitness Equipment market during the forecast period. Population growth and rising disposable income in Asia Pacific's developing nations will create lucrative business opportunities. With growing interest in regular exercise, health and fitness remain a megatrend in the area. In comparison to April of the prior year, more people visited fitness apps in nations like India, Japan, China, Vietnam, Singapore, Hong Kong, Australia, Taiwan, Indonesia, and Malaysia. The number of health and fitness app downloads increased by 157% just in India. A 2022 study by Flipkart found that 57% of India's demand for exercise bikes, treadmills, and other fitness equipment came from tier 3+ cities.
The LAMEA region is expected to witness moderate growth in the global fitness equipment mobility market during the forecast period. The adoption of a healthier lifestyle would result from the rapid growth of the urban population. This includes maintaining a suitable exercise regimen, which has helped the region's market for fitness equipment grow. Take, for instance, the World Bank's data. According to Org, 67 percent of South Africa's population lived in urban areas in 2019.
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The global fitness equipment market is segmented by type and end-user.
The global fitness equipment market is bifurcated into cardiovascular, strength training equipment, and other training equipment.
The cardiovascular segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. The rising trend for bodybuilding and personality development among youngsters is boosting the demand for fitness equipment. Apart from this, this equipment helps to stay fit and can also be used to burn calories, maintain overall health, and increase core cardiovascular strength. According to OECD, by 2030, obesity levels are expected to be particularly high in the United States, England, and Mexico, where 47%, 35%, and 39% of the population, respectively, are projected to be obese in 2030. Apart from this, West Virginia has the highest adult obesity rate, which is 38.1%, and Colorado has the lowest at 22.6 %. An increase in bad cholesterol (LDL) leads to heart diseases such as heart attacks, coronary artery disease, and heart failure. In the United States, heart disease is the most common cause of death. Cardiovascular disease claims one life in the United States every 34 seconds. In the United States, heart disease claimed the lives of about 697,000 people in 2020, accounting for about 1 in 5 fatalities.
The strength training segment is expected to witness a higher CAGR. Strength training can improve insulin sensitivity, strengthen bones, and improve cardiovascular stability and neuromuscular development. Increasing awareness about health and growing lifestyle diseases such as diabetes, obesity, and cancer among the adult population increases the demand for strength training equipment.
The global fitness equipment market is bifurcated into Home, Health Club/Gym, and Other.
The health club/gym segment is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period as a result of increasing demand for fitness equipment with expanding gym and fitness club market. Health clubs and gyms are seeing significant increases in membership as people become more aware of the advantages of fitness and healthy living. Customers can engage in a variety of exercise routines thanks to the wide range of services and equipment provided by these facilities. Health clubs also address personal health issues, assisting members in creating individualized fitness plans.
The home segment is expected to grow at a significant rate. After the COVID-19 pandemic, there has been a sharp rise in the sales of fitness equipment for home. The most popular at-home exercise machines include treadmills, stationary bikes, stair climbers, rowing machines, ellipticals, and free weights. Due to increased health consciousness, there is a greater demand for at-home exercise equipment worldwide. The home segment has been greatly boosted by the rise in obesity prevalence and health consciousness.
As part of steps to control the transmission of the COVID-19 pandemic, governments in several nations have limited the movement of commodities and people and suspended the functioning of manufacturing facilities. It has impacted power usage throughout the world. As per the short-term forecast of the United States Energy Information Administration (EIA), electricity consumption in the United States is expected to fall by a record 4.5% by the end of 2020, as businesses have temporarily shut down due to the government lockdowns to stop the prevalence of the coronavirus. As a result, global demand for and manufacturing instrument transformers is expected to fall.
