Lateral Fitness Equipment Market

Market Overview

The global lateral fitness equipment market size 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).

Lateral fitness equipment is any equipment or gadget necessary for physical training to regulate body weight, enhance physical stamina, and build muscle strength. A seamless 3D motion is made into lateral fitness equipment transitioning from vertical elliptic stepping to an active side-to-side action for a functional workout. Lateral fitness equipment puts the body through intense physical strain for better conditioning and more fruitful outcomes. The most widely used fitness equipment includes treadmills, stationary bicycles, weightlifting machines and strength building machines, ellipticals, and others.

Compared to standard standing devices, lateral fitness equipment helps users burn more calories, increase heart rate, provide operational challenges, strengthen and protect the knees, etc. They are frequently used by people recovering from an accident or exercising, and they also target the hips, glutes, inner and outer thighs, etc. As a result, lateral workout equipment is widely used in gyms, homes, rehabilitative hospitals, hotels, and businesses.

Highlights

• Treadmill dominates the type segment
• Lower body dominates the body type segment
• Health club/gym dominates the end-user segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Lateral Fitness Equipment Market Drivers

Growth of Gym Culture and Increase in Trend for Home Gym

Globally, the gym culture is expanding as more individuals join the health-conscious gym trend. Many people in metro and Tier-2 areas are fast becoming health concerned and have begun frequenting gyms, driving the expansion of the market for lateral fitness equipment. In addition, technological improvements have altered the pattern of physical routines. People are now employing technical devices such as GPS, pedometers, heart rate monitors, and smartphone apps to measure their workouts in gyms, which is driving market expansion.

Furthermore, the largest and most active group of millennials is more committed to eating healthier food and exercising regularly when compared with other generations. The majority of these millennials prefer practicing at home. Moreover, the home gym's most popular lateral fitness equipment is a treadmill and stationary bike, which help diagnose heart disease, coronary artery blockages, and other cardiac issues. The availability of online fitness training and personal fitness trainer for a home gym is the primary factor that boosts the growth of the lateral fitness equipment market.

Rise in Health and Fitness Awareness

An increase in health awareness and the need for an active, healthy lifestyle worldwide majorly drive the growth of the lateral fitness equipment market. A sedentary lifestyle and changes in eating habits have led to increased health risks. Therefore, raising awareness toward regular physical activities to maintain a healthy lifestyle fosters the growth of the lateral fitness equipment market. In addition, most of the geriatric population in developed and developing countries use unique fitness equipment to improve their cardiovascular conditions. This trend drives the growth of the lateral fitness equipment market.

Global Lateral Fitness Equipment Market Restraint

Availability of Counterfeit Brands

Due to the high prices and growing popularity of lateral fitness equipment brands such as Helix, Nortus, and Precor, counterfeit brands have emerged. In underdeveloped economies, where consumers are highly price-sensitive, it is common to find counterfeit brands. This aspect hinders selling current unique lateral fitness equipment brands in these economies. In addition, imitation brands are of inferior quality and frequently result in annoyance and safety hazards, leading to lousy customer views. The online distribution channel is one of the primary venues where transactions involving counterfeit brands can be easily disguised. Hence, it is projected that the growth of the counterfeit sector will hinder the expansion of the market for lateral fitness equipment.

Global Lateral Fitness Equipment Market Opportunities

Smart Fitness Equipment

Smart gym equipment is a type of equipment that is connected to an app that records workouts and also displays workout data. This connected gym equipment is linked to the internet and records all workout data through cloud-based data, such as workout goals, nutritional habits, and health history. This data helps in creating personalized exercise plans and also tracks the workout. Therefore, such type of technology makes the workout exciting and entertaining.

Furthermore, implementing technologies like IoT and AI in lateral fitness equipment helps connect the machines with a smartphone, which augments the growth of the lateral fitness equipment market. In addition, treadmills, elliptical, and stationary bikes are the most popular high-tech lateral fitness machines owing to television screens, Bluetooth connectivity, iPod compatibility, sound system, CSAFE connectivity, and other features. Therefore, a rise in high-tech features is anticipated to provide a lucrative opportunity for the growth of the lateral fitness equipment market and eventually increase its customer base.

Regional Analysis

North America Dominates the Global Market

Based on region, the global lateral fitness equipment market is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.

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. The North American lateral fitness equipment market comprises the U.S., Canada, and Mexico. Regarding macroeconomic considerations, the United States is the world's biggest economy in terms of GDP, and its businesses are more flexible than those in Western Europe. The region has a higher penetration of fitness-related products. Furthermore, increased expenditure on premium quality lateral fitness equipment is due to high per capita income and the ongoing fitness trend. The rise in population and improved lifestyle are the primary factors that propel lateral fitness equipment market growth. An increase in purchasing power majorly boosts the sale of lateral fitness equipment products in this region. In addition, a rise in obesity rates, increased health consciousness, and awareness of benefits provided by lateral fitness equipment are expected to lead to a more significant number of new fitness facilities.

Europe is anticipated to exhibit a CAGR of 9.9% over the forecast period. Stakeholders in Europe are focusing on leveraging new technology, owing to which Europe is witnessing a transitional shift in recent years. The increase in the adoption of fitness exercises has contributed to the growth of the lateral fitness equipment industry across Europe. There is also a rise in the number of fitness centers at super specialty hospitals due to government support for health-related initiatives. In addition, a rise in awareness of health and fitness among the European population and an increase in obesity levels in the region supplements the demand for lateral fitness equipment in Europe. As per WHO, 59 million people in Europe suffered from obesity in 2016, and it is projected to reach 71.1 million by 2040. Moreover, various government agencies have invested in fitness facilities, which is expected to drive the growth of Europe's lateral fitness equipment market.

In Asia-Pacific, the demand for lateral fitness equipment has increased in the last two to three years due to a surge in people's interest in physical fitness. In developing countries such as India and China, there is an increase in the number of clubs or gyms due to a surge in the participation of members. An increase in digital advertisement by owners of gyms or clubs increases customer reach, which fuels the growth of the lateral fitness equipment market. Moreover, an increase in clubs or gyms in housing societies fosters the development of the lateral fitness equipment market. In addition, the youth population's rise in the use of training equipment such as treadmills, stationary cycles, and ellipticals is anticipated to increase faster soon. Rapid urbanization in developing economies, an increase in the youth population, and a rise in per capita disposable income are expected to propel the adoption of lateral fitness equipment in the region.

The LAMEA lateral fitness equipment market includes countries such as Latin America and the Middle East and Africa. Stakeholders in this region are significantly investing in marketing and advertising to increase customer awareness regarding the health benefits, which significantly contribute toward the market's growth. A drastic customer lifestyle change has been witnessed due to high urbanization in Africa. A surge in consciousness about physical fitness among individuals has increased the demand for lateral fitness equipment in this region. In addition, an increase in spending capabilities due to a considerable rise in disposable incomes in this region supplements the growth of the lateral fitness equipment market in LAMEA. Moreover, the rapid increase of online and offline sales channels boosts the sales of lateral fitness equipment in LAMEA.

Segmental Analysis

The global lateral fitness equipment market is bifurcated into type, body type, end-user, and distribution channel.

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. A treadmill is a device that is generally used for running, walking, or climbing. Treadmills are not used to increase power but as exercise machines for walking or running in one place. It offers a moving platform along with a wide conveyor belt driven by a flywheel or electric wheel. The rate at which the belt moves corresponds to the speed of running or walking, which aids in managing and gauging speed. The increase in health and fitness awareness and the rise in the number of obese people drive the growth of the fitness equipment market. Moreover, the surge in government initiatives to promote health and increase disposable income in developing and developed countries augment the development of the fitness equipment market. Likewise, the current trend in the fitness equipment market is the availability of treadmills with the latest technology, like Wi-Fi connectivity, Bluetooth connectivity, and iFit technology, along with a smart touchscreen display.

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. The lower body includes the lower back, calves, glutes, hamstrings, and quadriceps. Machines like a seated calf raise machine, seated leg extension and supine curl machine, leg press/hack squat machine, cam series leg extension and leg curl machine, and others are used for gaining a healthy and fit lower body. The use of lower body lateral machines helps stabilize knees and hips, bone density, and strengthen connective tissue, muscles, and tendons, owing to which these machines are preferred mainly by athletes. Moreover, these machines are user-friendly due to their ergonomic design and superior biomechanics, which help increase muscle interaction, muscular strength, and endurance in the lower body. This boosts the growth of the lateral fitness equipment market.

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. A health club is also known as a fitness center, health spa, or fitness club and is commonly called a gym. It is a place that accumulates exercise equipment for physical exercise. Health clubs/gyms offer several services and facilities with various price points for different services. Some services have various price levels or tiers like platinum, regular, pro and gold facilities, or packages. An expansion in the number of health clubs and gyms drives the global market for lateral fitness equipment considerably. Health clubs drive the demand for both cardiovascular and strength training routines. People's gym attendance has increased due to increased public health consciousness. The rise in per capita income, the surge in urbanization rates, and the growth in developing economies' youth populations are expected to offer lucrative opportunities to the market players.

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. The offline segment includes brand outlets and specialty stores. Brand outlets are company-owned stores through which the manufacturers directly sell their goods to the customers. Market players establish new brand outlets across various regions to extend their reach and increase their customer base. Furthermore, specialty stores are retail outlets engaged in selling a particular range of products, including sports goods, furniture, bookstores, fitness equipment, and others. Increased disposable income and rapid urbanization resulted in the emergence of specialty stores. In addition, longer open hours, serving more locations, and having shorter cashier lines increase the popularity of specialty stores.

Furthermore, these stores are replacing the old-fashioned general stores. Therefore, specialty stores are expected to emerge as the fastest distribution channels in the upcoming years. The presence and popularity of specialty stores is the primary factor that boosts the development of the lateral fitness equipment market for the offline distribution channel.

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.