Treadmill Market

Market Overview

The global treadmill market size was valued at USD 3,797 million in 2021. It is expected to reach USD 5,946 million by 2030, growing at a CAGR of 5.11% during the forecast period (2022-2030).

The treadmill is extensively used as physical fitness gear to manage weight and develop energy and muscular power. There are two types of treadmills; one is manual, which offers users control, and the other one is motorized or electronic. Electronic treadmills deliver highly advanced features to users. An increase in consciousness concerning health and fitness, a rise in the obese population, government programs to encourage a healthy lifestyle, and a rise in the health-conscious adolescent population are the primary aspects that drive the global treadmill market growth. Nevertheless, the treadmill is generally a high-end and expensive product, a critical preventive factor in the market.

Contrarily, an upsurge in the young, health-conscious population, enhanced lifestyle, and increase in disposable earnings of individuals in developing countries are likely to put forward enormous opportunities for the market players. The treadmill market's value chain comprises several participants, including material processing businesses, equipment producers, distributors, and end users. Each company has a unique value at its respective operation points that add to the final product's competitive worth. The value of the final deliverables is increased due to research & development, innovations, and product development.

Market Dynamics

Market Driving Factors

The Growing Gym Culture

Gym culture has grown as more people sign up for memberships to preserve their fitness. Additionally, the metro and tier-2 cities' health-conscious populations have begun using gyms, driving the treadmill industry's expansion. The frequency of exercise activities has also changed due to technological improvements. As a result, more people are utilizing computerized treadmills to track their exercise, which spurs industry expansion. Additionally, a sociocultural trend encouraging people to engage in fitness to achieve their ideal body is the increase in the trend of being thin and slim among women and muscular for males. The market has grown as a result, in turn.

Health and Fitness Awareness

The primary factors driving the treadmill market are the rise in health consciousness and the demand for an active, healthy lifestyle on a global scale. Health risks have increased due to an active lifestyle and dietary changes. Therefore, the market for treadmills has grown as people become more conscious of the importance of regular physical activity for a healthy lifestyle. Furthermore, most elderly people in developed and developing nations utilize treadmills to improve their cardiovascular health. The treadmill market is being considerably driven by this trend.

Market Restraining Factors

Availability of Forged Products

The market's expansion is constrained by the accessibility of cheap, subpar-quality counterfeit goods. Consumer products made or marketed under another brand name without the owner's consent are generally of substandard or inferior quality and are considered fake. The high cost of treadmills from well-known companies prevents people from lower socioeconomic groups from purchasing them. Because of this, local manufacturers create things in the same style for substantially less money. The sale of original products is constrained by low-quality products that damage the market reputation of market pioneers. The expansion of the treadmill market is threatened by the accessibility of counterfeit or subpar treadmills, which hinders the sale of branded machines.

Key Market Opportunities

The Rise in Online Retail Platform

E-commerce, often known as online stores, is a significant industry that is expanding rapidly all over the world. Customers of all ages, including those in generation X, millennials, and generation Z, favor online retailers. Because more retailers focus on e-commerce, consumers can quickly find the things they need on online sites rather than in physical stores, making online shopping more convenient than conventional shopping establishments. Therefore, it is anticipated that the expanding digital world and the rising percentage of people who shop online will present a possible opportunity for treadmill manufacturers to sell their current and new treadmills through online platforms.

Regional Analysis

The region-wise analysis of the global treadmill market includes North America, Europe, Asia-Pacific, and LAMEA.

North America and Europe will likely lead the regional market

North America is anticipated to command the regional market while growing at a CAGR of 3.74%. Due to the high prevalence of obesity in the continent, North America is the largest market for treadmills worldwide. Heart disease, stroke, type 2 diabetes, high blood pressure, cancer, and other bone and joint problems are only a few of the long-term detrimental effects of obesity on health. Due to this, the need for weight control in the area has grown, which has fueled the market's expansion.

The presence of high obesity rates, which has increased treadmill utilization, is a significant driver of market expansion. The rise of exercise facilities is anticipated to be boosted by increased health consciousness and understanding of the advantages of treadmills, which will help drive the market's expansion.

The European region is the second-largest revenue holder with USD 1,684 million, growing at a CAGR of 4.12%. The expansion of the market is driven by the increase of fitness centers at super specialty hospitals due to government support for health-related activities. Europe outperforms other regions in terms of profit margins for the gym industry. Recognized treadmill manufacturers, including Technogym, Precor, Cybex, Nautilus, Johnson Health, and Brunswick, are frequently preferred by gyms and other commercial treadmill customers.

The growth in obesity rates and increased awareness of health and fitness among the European populace contribute to the demand for treadmills on the continent. According to the WHO, 59 million individuals in Europe were obese in 2014, and by 2040, that number is expected to rise to 71.1 million. Additionally, several government organizations have invested in fitness centers, which is anticipated to stimulate the market for treadmills and other fitness equipment in the area.

Segmental Analysis

The global treadmill market is segmented by product type, end-user, distribution channel, and region.

The product type segment of the global treadmill market is further segmented into manual and electronic.

The electronic segment will likely develop at a CAGR of 5.61% and hold the largest share during the forecast period. This type of treadmill is fully motorized and operates through electricity. This offers multiple features, including controlling the speed and measurement, Wi-Fi and Bluetooth connectivity, IoT technology, and touch screen display. Everyone prefers this equipment because a treadmill is specially designed for running and walking purposes. Due to these advancements, this market is anticipated to accumulate additional revenue during the forecast period. Other factors for the treadmill market's growth are the rise in fat people and increased awareness of health and fitness. Additionally, a surge in public health programs and rising disposable income in both emerging and developed nations contribute to the market's expansion.

The manual section will hold the second-largest share. This type of treadmill does not necessitate electricity. The treadmill moves when someone uses it to run or stroll across the bottom of the machine. All manual treadmills are constructed with premium, durable components, such as P.V.C. running belts, cozy foam handrails, and sturdy steel frames. The several advantages of manual treadmills considerably aid in expanding the global market. For instance, there are fewer chances for an accident because it includes a running belt that doesn't start until the user begins to walk or run on it. Additionally, manual treadmills are more reasonably priced than electronic treadmills, which has fueled the market's expansion.

Based on end-user, the global treadmill market is classified as residential, institutional, and commercial.

The commercial section is forecasted to hold the largest share, growing at a CAGR of 6.12%. Commercial users include hotels, offices, hospitals, health and fitness clubs, and gyms. Hotels have become the significant end user. This is explained by incorporating fitness centers into hotels, which increases demand for treadmills and promotes hotel income creation. In medical fitness facilities or hospital-established wellness centers, treadmills are employed. The treadmill utilized is determined by criteria including low starting speeds, accessibility requirements for the disabled and other visually impaired individuals, and other considerations. As a result, the expansion of the treadmill market has been significantly fueled by such facts.

The residential section will hold the second-largest share. People are inclined to purchase an in-home treadmill due to a sedentary lifestyle and busy schedules. Developed nations like the U.S. have a disproportionately higher demand for expensive treadmills. In emerging countries like China and India, low-cost equipment is more prevalent than its more costly counterparts. One of the key companies in the industry, Life Fitness, provides home users the F3 foldable treadmill with wireless telemetry heart rate monitoring and the convenience of little storage space. Thus, it is projected that the sum of all these variables will propel the expansion of the global market shortly.

The distribution channel-wise segmentation includes franchise stores, online stores, specialty stores, and others.

The specialty stores segment will hold the highest market share and grow at a CAGR of 4.11% by 2030. In this segment, sellers solely sell fitness equipment and related items. Most individuals prefer purchasing from specialty stores as they provide expert guidance that helps them to buy according to their needs and convenience. Consumers typically like to see and test a product before making a purchase, which helps to increase treadmill retail sales through specialty stores. These shops also offer consumers top-notch customer service, thorough product specifications, and knowledgeable advice. Additionally, they support the selling of both private label and multinational brands.

The franchise stores section will hold the second-largest share. The sale of goods or services under well-known brands is the focus of franchise stores. Franchise businesses are proliferating, assisting manufacturers in reaching a broad customer base and making their products simple for customers to access. Most treadmill manufacturers sell their products through their own franchise stores, which allows for high market penetration and promotes and raises consumer awareness of the advantages of treadmills. All of these elements influence treadmill demand at franchise stores.

Recent Developments

• In 2022, using artificial intelligence and academic research, Technogym developed Biostrength, a technology for solid training.
• In 2022, the NordicTrack Commercial Series Treadmills were unveiled by Nordic Track on YouTube.
• In June 2022, Johnson Health Tech Co Ltd proclaimed its acquisition of the fitness division of Cravatex Brands Limited. This is a prior distributor for Johnson Health Tech Co Ltd, becoming the first fitness equipment company to have a wholly-owned subsidiary.