The global Fitness Equipment Market Growth Accelerated by Popularity of Home Fitness

 

Fitness Equipment such as treadmills, exercise bikes and free weights help maintain cardiovascular health and muscle strength. With product connectivity features and custom workout programs, they provide a convenient way to maintain fitness in the comfort of one's home.

The global Fitness Equipment Market is estimated to be valued at US$ 20.84 billion in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The popularity of home fitness has accelerated growth in the Fitness Equipment Market. With disruptions in gym openings and limitations on public workouts during the pandemic, home workouts became a necessity. This prompted many consumers to purchase basic fitness essentials and invest in smart home gym equipment. Online workout classes and social media further supported home exercise routines. As a result, treadmills, stationary bikes and other cardiovascular machines emerged as top selling items in 2020. Even with relaxation of lockdowns, the preference for convenient home workouts has remained. Fitness equipment manufacturers are enhancing digital features in products and integrating them with health tracking apps and online workout platforms to capture this demand for versatile home gym solutions. They are also expanding e-commerce channels to effectively meet consumer needs in this growing online market.


Segment Analysis
The global fitness equipment market is dominated by cardiovascular equipment segment such as elliptical machines, treadmills, stationary cycles segment. Cardiovascular equipment segment holds around 60% share of the overall fitness equipment market as they provide full-body workout and are suitable for all age groups and fitness levels. They allow low impact workouts and helps in burning more calories in less time.

Key Takeaways
The global fitness equipment market is expected to witness high growth driven by increasing health awareness and changing lifestyle. The global Fitness Equipment Market is estimated to be valued at US$ 20.84 billion in 2023 and is expected to exhibit a CAGR of 1.3% over the forecast period 2023 to 2030.

Regional analysis
North America region currently dominates the global fitness equipment market with over 35% share. Increase in obese population and various initiative by governments in the region towards fitness is driving the market. Europe is the second largest market for fitness equipment. However, Asia Pacific region is expected to witness fastest growth during the forecast period owing to growing middle class population and rapid urbanization in countries like India and China.

Key players
Key players operating in the fitness equipment market are Technogym, Peloton Interactive, Nautilus, Precor, Johnson Health Tech, Core Health and Fitness, Cybex International, and Life Fitness. Technogym is currently the leading player with wide range of products and strong geographical presence across major regions. Peloton Interactive has witnessed tremendous growth in connected fitness equipment market especially for indoor cycling machines.

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