Fitness Equipment - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2024 - 2029

The fitness equipment market is projected to register a CAGR of 5.8% over the forecast period.

Diabetes, obesity, high blood pressure, and arthritis are some common chronic diseases that are prevailing in the world due to changes in lifestyle, changes in food habits, and overconsumption of high-calorie foods. Due to the prevalence of these diseases, people have become more conscious of their health and fitness. Premature weakness in bones and muscles is a problem in the young generation due to the frequent consumption of fast food and alcoholic beverages. Because of their awareness of such problems, going to fitness centers and working out has become a trend. The growing preference for a healthy and fit lifestyle is the primary factor driving the fitness equipment market's growth. There is also a surge in the number of fitness centers and health clubs worldwide, further propelling the market's growth. According to IHRSA, in 2022, there will be around 31,000 health clubs in the United States.

Growing government initiatives related to health awareness are also propelling the market's growth. These initiatives aim to promote and protect health by guiding at the individual, national, and global levels in reducing disease and death rates related to unhealthy diets and physical inactivity, which, in turn, boosts consumers' interest in fitness activities. Investments in at-home fitness equipment are increasing as people wish to continue their old training and gym workout regimes at home. Due to advanced technology, the market players are joining forces to launch new products with developed technologies in them. For instance, in April 2021, Matrix, a Johnson Health Tech Co. brand, formed a partnership with iFIT, a global leader in interactive connected fitness technology and content. The purpose of this partnership is to incorporate iFit's digital technology into Matrix's products.

Fitness Equipment Market Trends

Consumers' Inclination Toward a Healthy Lifestyle

Diabetes, obesity, hypertension, and high blood pressure are all on the rise around the world. This is due to an unhealthy diet and physical inactivity. According to StatCan, in 2021, around 29% of adults in Canada aged 18 years and older will be obese, while 36% will be overweight. Thus, people are inclined toward gyms and health clubs or exercising at home. A growing preference for a healthy lifestyle is driving the fitness equipment market. Moreover, increasing government initiatives in various countries to promote a healthy lifestyle have played a key role in driving the market in the last few years. Furthermore, the government encourages more people to get more active by promoting participation in physical activities and strengthening links between the community and various sports and fitness organizations. Due to advanced technology and innovation, the market players are introducing new fitness equipment into the market. For instance, in September 2022, Nautilus Inc. launched the Bowflex BXT8J treadmill with the JRNY adaptive fitness app. The treadmill can pair with a mobile device or tablet to provide access to the fitness app.

Asia-Pacific to Witness Strong Growth in the Fitness Equipment Market

Asia-Pacific is the fastest-growing region in the overall fitness equipment market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. One of the major factors driving the region's growth is an increased inclination toward personal training and instruction services. The Asia-Pacific region has more young and older populations. According to World Bank data from 2021, India has 67.45% of its population between the ages of 15 and 64. Due to environmental conditions, fast food eating habits, and overconsumption of alcohol and other high-calorie drinks, the adults in the region are becoming more obese and overweight. The demand for personal trainers and fitness instructors has grown due to the rise in weight-loss services and high interest in customized workout schedules. As baby boomers actively focus on health, there is a growing demand for trainers with specialized knowledge of safe and effective fitness exercises for senior citizens. Therefore, various global players are expanding their presence in Asia-Pacific to broaden their customer base and gain an edge over their competitors. In June 2022, Johnson Health Tech (JHT) formed an acquisition agreement with the fitness division of Cravatex Brands Limited. JHT became the first company to have a wholly-owned subsidiary in India.

Fitness Equipment Industry Overview

The fitness equipment market is fragmented, with global and regional players dominating the market. The prominent market players are Nautilus Inc., Johnson Health Tech Co., Peloton Interactive, Inc., Icon Health & Fitness, Inc., and Anta International Group Holdings Ltd. (Amer Sports). Because of the increasing trend of fitness and sports, the demand for fitness equipment is increasing around the world. Mergers and acquisitions between companies are driving market growth as innovation and market penetration of the companies are increasing. For instance, in April 2021, Peloton acquired Precor, one of the leading global manufacturers of commercial fitness equipment with a significant United States manufacturing presence. With this acquisition, Peloton expands its manufacturing capabilities in the United States, anticipates collaborating with Precor's team to strengthen its research and development capabilities, and accelerates its commercial market penetration.

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