Fitness Equipment Market Report
RA04973
Fitness Equipment Market by Equipment Type (Cardiovascular Training Equipment, Strength Training Equipment, and Other Equipment), End-user (Health Club/Gym, Home Consumer, and Other Users), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028
Global Fitness Equipment Market Analysis
The global fitness equipment market size is predicted to garner $15,762.57 million in the 2021–2028 timeframe, growing from $11,214.06 million in 2020, at a healthy CAGR of 4.5%.
Market Synopsis
A growing number of health clubs and gyms is expected to accelerate the growth of the fitness equipment market.
However, exercise equipment is expensive and requires periodic maintenance, which is expected to restrict the market growth.
According to the regional analysis, the Asia-Pacific workout equipment market is anticipated to grow during the forecast period and is expected to generate revenue of $4,350.47 million by end of 2028, with a CAGR of 6.1%, due to the increasing consciousness of consumers about the benefits of daily exercise.
Fitness Equipment Overview
Fitness equipment are instruments or devices used by the individual to enhance body strength. Gym machines include spin cycle, elliptical, treadmills, weightlifting instruments, dumbbells, kettlebells, and other accessories such as stretch band, hammer, and sled machine required to build strength and physique. These machines help an individual in enhancing cardiovascular strength, stamina, and physical strength. Countries like China, the Philippines, and India are investing in high-value-low-budget gyms which is expected to propel the demand for workout equipment during the forecast period.
Impact Analysis of COVID-19 on the Global Fitness Equipment Market
Though the novel coronavirus pandemic had a devastating effect on several industries, the home gym market experienced significant growth during this period.
The importance of a healthy lifestyle and routine exercise has not stopped with the spread of COVID-19 but has instead changed dramatically. Many people seek to reduce stress thus adopting healthy routines during the lockdown imposed by the government to restrict the spread of the coronavirus disease. The purchase of fitness equipment has increased during the pandemic. As the health complications have increased, people have started opting for exercise, cardio exercise, and yoga to boost their immunity, leading to the increased demand for residential gym equipment. Therefore, the importance of good health has skyrocketed, thus driving the growth of the market.
The outbreak of novel coronavirus has fueled the demand for virtual gym and yoga classes. The trend has fueled the demand for dumbbells, kettlebell, resistant bands, spin cycles, and treadmills, among others. Furthermore, millennials are opting for virtual classes for relieving stress and mindfulness, thereby fueling the demand for gym machines and fitness equipment during the forecast period. The above-stated factors show that the pandemic may generate substantial investment opportunities in the market in the coming years.
Increasing Demand for Fitness Equipment for Home Use Is Expected to Drive the Market in the Coming Days
The spread of novel coronavirus has increased people's interest in practicing healthy routines and sports at home. The sales of wellness equipment have skyrocketed during the COVID-19 pandemic. The growing importance of a healthy lifestyle and exercise among millennials have fueled the demand for home use fitness equipment. People are investing in gym machines such as spin cycles, elliptical machines, treadmills, kettlebells, dumbbells, and stretch bands.
As gyms, fitness centers, fitness boutiques, and health clubs shutter due to the COVID-19, the purchase of fitness equipment through the online channel has increased significantly. Moreover, many fitness trainers, gyms, health clubs, and fitness boutiques have started virtual classes, which in turn is fueling the demand for home use exercise equipment. As per the DIGITAL JOURNAL INC., in an article published by Dr. Tim Sandle, on July 14, 2020, at eBay, sales of dumbbells during the lockdown period increased by 1,980% compared to March and April in 2019. The sales of weight plates increased by 1,355% in the same period. The increase in sales is attributed to growing demand from residential buyers.
To know more about global fitness equipment market drivers, get in touch with our analysts here.
High Cost of Fitness Equipment to Restrain the Market Growth
The increasing cost of raw materials has fueled the price of workout equipment worldwide. In recent years, the price of raw materials such as steel, iron, and the composite has increased significantly. As per Monarch Metal, Inc., a leading manufacturers and supplier of Monarch Z Clips and fine custom architectural metal products, raw material prices for steel have increased about 60% from the pre-pandemic low in 2020 and continue their upward trajectory. The price increase is due to the shortage of cold-rolled steel sheets. Furthermore, the steel demand is expected to increase by 6.7% in North America this year as the economy rebounds. This may further fuel the price of steel, thereby hampering the market growth.
Growing Gym Membership is expected to Create Massive Investment Opportunities in the Global Fitness Equipment Market
The growing importance of good health among millennials has fueled the investment in sport and fitness activities. Moreover, the COVID-19 pandemic has shifted consumers’ interest in routine exercise to boost immunity and strength. This market trend has fueled gym membership in countries such as India, China, and the U.S. As per the Global Health & Fitness Association, the emerging market experienced an increase in gym membership in 2018. The Philippines (+33%), China (+30%), and Finland (+25%) took the top three spots, with India came in 10th, with a 10% growth.
With the increasing number of sports enthusiasts, gyms, health clubs, and fitness boutiques are investing in renovation and expansion. For instance, RunRepeat.com, the boutique fitness industry, is expected to add around 2,000 new studios around the globe in the next five years. Moreover, the growing trend of the connected gym is expected to create investment opportunities in the global fitness equipment market.
To know more about global fitness equipment market opportunities, get in touch with our analysts here.
Fitness Equipment Market
By Equipment TypeBased on equipment type, the market has been divided into Cardiovascular Training Equipment, strength training equipment, and other equipment sub-segments of which the Cardiovascular Training Equipment sub-segment generated the maximum revenue in 2020 and is expected to maintain its dominance throughout the forecast period.
Source: Research Dive Analysis
The cardiovascular training equipment sub-segment is predicted to have a dominating market share by 2028. The sub-segment is expected to register a revenue of $8,749.72 million during the forecast period. Cardiovascular training equipment include a spin cycle, elliptical machine, and treadmills. This gym equipment is used by the home users and fitness boutiques to enhance the heart’s health and strength. Growing demand for fitness equipment among the sports enthusiast and the home user is the main factor driving the demand for cardiovascular fitness equipment during the forecast period.
Fitness Equipment Market
By End UserOn the basis of end-user, the market has been sub-segmented into Health Club/Gyms, home consumers, and other users. Among the mentioned sub-segments, the home consumer sub-segment is predicted to show the fastest growth from 2021 - 2028.
Source: Research Dive Analysis
The home consumer sub-segment of the global fitness equipment market is projected to have the fastest growth. It is also projected to surpass $4,536.66 million by 2028, with an increase from $3,084.42 million in 2020. This growth in the market can be attributed to rising consumer interest in routine exercise and fitness actives. Increasing prevalence of obesity and cardiovascular disease has shifted consumer interest in healthy lifestyle and routine exercise. This trend is expected to fuel the demand for fitness equipment among the home consumer in the coming years.
The health club / gym sub-segment of the global fitness equipment market had the dominant share in 2020. It is also projected to surpass $7,830.41 million by 2028, with an increase from $5,599.75 million in 2020. Growing number of health clubs, gyms, and fitness boutique in countries like the U.S., China, and Japan is the main factor driving the demand for fitness equipment in the health clubs.
Fitness Equipment Market
By RegionThe fitness equipment market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Market for Fitness Equipment in North America to be the Most Dominant
The North America fitness equipment market accounted $4,126.77 million in 2020 and is projected to register a revenue of $5,422.32 million by 2028. The extensive growth of the North America fitness equipment market is mainly driven by higher disposable incomes with the existence of top leading companies augmenting the industry growth in the region. Moreover, the strong presence of leading gyms and boutique fitness chains that offer virtual training is fueling the market growth across North America. These factors will ultimately drive the demand in the fitness equipment market across the region.
The Market for Fitness Equipment in Asia-Pacific to be the Fastest Growing
The share of the Asia-Pacific fitness equipment market is expected to rise at a CAGR of 6.1%, by registering revenue of $4,350.47 million by 2028. The growth shall be a result of increasing awareness about healthy lifestyles among millennials. Additionally, the growing presence of fitness franchises and gym chains is fueling the demand for fitness equipment in the region. Furthermore, growing gym membership in Countries such as China, Japan, the Philippines, and India is expected to fuel the demand for fitness equipment during the forecast period.
Competitive Scenario in the Global Fitness Equipment Market
Product launches and mergers & acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading fitness equipment market players are Life Fitness, Peloton, True Fitness, iFIT.com, Core Health & Fitness, LLC, Johnson Health Tech, Rogue Fitness, JERAI Fitness Pvt. Ltd, Cosco Sports Equipment, and ShuHua Sports Co., Ltd, among others.
Porter’s Five Forces Analysis for the Global Fitness Equipment Market:
- Bargaining Power of Suppliers: The suppliers of raw materials are high in number and are larger and more globalized. So, there will be less threat from the suppliers.
Thus, the bargaining power of suppliers is low. - Bargaining Power of Buyers: The fitness equipment manufacturers such as Life Fitness, iFIT.com, Core Health & Fitness, LLC, and Peloton are present globally, providing a myriad of options to the buyer.
Thus, the bargaining power of the buyers is high. - Threat of New Entrants: The global market is highly competitive with major players such as Life Fitness, iFIT.com, Core Health & Fitness, LLC, and Peloton among other, dominating the global gym equipment market. Furthermore, the demand connected gym equipment is gradually increasing with the growing penetration of smartphones which may require high investment.
Thus, the threat of the new entrants is moderate. - Threat of Substitutes: No substitute available.
Thus, the threat of substitutes is low. - Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Peloton, Life Fitness, Core Health & Fitness, LLC, and iFIT.com. These companies launched connected gym equipment in the international market and are strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.
| Aspect | Particulars |
| Historical Market Estimations | 2019-2020 |
| Base Year for Market Estimation | 2020 |
| Forecast Timeline for Market Projection | 2021-2028 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Equipment Type |
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| Segmentation by End-use |
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| Key Companies Profiled |
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Q1. How much is the fitness equipment industry worth?
A. The size of the global fitness equipment market was over $11,214.06 million in 2020 and is projected to reach $15,762.57 million by 2028.
Q2. Which are the major companies in the fitness equipment market?
A. Life Fitness, Peloton, True Fitness, iFIT.com, Core Health & Fitness, LLC, and Johnson Health Tech are some of the key players in the global Fitness Equipment market.
Q3. What is the impact of Post COVID-19 scenario in fitness equipment market?
A. Post COVID-19, the global fitness equipment market will experience moderate growth.
Q4. Which segment will lead the fitness equipment market?
A. Cardiovascular training equipment will be dominating the global market while other products such as resistance bands and accessories will grow with highest CAGR.
Q5. Which country is expected to dominate the market for fitness equipment?
A. The U.S will dominate global gym equipment market throughout the forecast period.
Q6. What are the key driving factors and challenges in the fitness equipment market?
A. Increasing number of boutique fitness along with shifting consumer focus towards the healthy lifestyle is the key factor driving the market.
1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.By equipment type trends
2.3.By Application trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview
3.8.1.by Equipment Type
3.8.2.by Application equipment type
3.9.Market value chain analysis
3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Application analysis
3.9.5.Operating vendors
3.9.5.1.Raw material suppliers
3.9.5.2.Equipment Type manufacturers
3.9.5.3.Equipment Type distributors
3.10.Strategic overview
4.Fitness Equipment Market, by Equipment Type
4.1.Cardiovascular Training Equipment
4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028
4.2.Strength Training Equipment
4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028
4.3.Other Equipment
4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028
5.Fitness Equipment Market, by End-user
5.1.Health Club / Gym
5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028
5.2.Home Consumer
5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028
5.3.Other End-users
5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028
6.Fitness Equipment Market, by Region
6.1.North America
6.1.1.Market size and forecast, by equipment type, 2020-2028
6.1.2.Market size and forecast, by end-user , 2020-2028
6.1.3.Market size and forecast, by country, 2020-2028
6.1.4.Comparative market share analysis, 2020 & 2028
6.1.5.U.S.
6.1.5.1.Market size and forecast, by equipment type, 2020-2028
6.1.5.2.Market size and forecast, by end-user , 2020-2028
6.1.5.3.Comparative market share analysis, 2020 & 2028
6.1.6.Canada
6.1.6.1.Market size and forecast, by Equipment Type, 2020-2028
6.1.6.2.Market size and forecast, by end-user , 2020-2028
6.1.6.3.Comparative market share analysis, 2020 & 2028
6.1.7.Mexico
6.1.7.1.Market size and forecast, by Equipment Type, 2020-2028
6.1.7.2.Comparative market share analysis, 2020 & 2028
6.2.Europe
6.2.1.Market size and forecast, by Equipment Type, 2020-2028
6.2.2.Market size and forecast, by end-user , 2020-2028
6.2.3.Market size and forecast, by country, 2020-2028
6.2.4.Comparative market share analysis, 2020 & 2028
6.2.5.Germany
6.2.5.1.Market size and forecast, by Equipment Type, 2020-2028
6.2.5.2.Market size and forecast, by end-user , 2020-2028
6.2.5.3.Comparative market share analysis, 2020 & 2028
6.2.6.UK
6.2.6.1.Market size and forecast, by Equipment Type, 2020-2028
6.2.6.2.Market size and forecast, by end-user , 2020-2028
6.2.6.3.Comparative market share analysis, 2020 & 2028
6.2.7.France
6.2.7.1.Market size and forecast, by Equipment Type, 2020-2028
6.2.7.2.Market size and forecast, by end-user , 2020-2028
6.2.7.3.Comparative market share analysis, 2020 & 2028
6.2.8.Spain
6.2.8.1.Market size and forecast, by Equipment Type, 2020-2028
6.2.8.2.Market size and forecast, by end-user , 2020-2028
6.2.8.3.Comparative market share analysis, 2020 & 2028
6.2.9.Italy
6.2.9.1.Market size and forecast, by Equipment Type, 2020-2028
6.2.9.2.Market size and forecast, by end-user , 2020-2028
6.2.9.3.Comparative market share analysis, 2020 & 2028
6.2.10.Rest of Europe
6.2.10.1.Market size and forecast, by Equipment Type, 2020-2028
6.2.10.2.Market size and forecast, by end-user , 2020-2028
6.2.10.3.Comparative market share analysis, 2020 & 2028
6.3.Asia Pacific
6.3.1.Market size and forecast, by Equipment Type, 2020-2028
6.3.2.Market size and forecast, by end-user , 2020-2028
6.3.3.Market size and forecast, by country, 2020-2028
6.3.4.Comparative market share analysis, 2020 & 2028
6.3.5.China
6.3.5.1.Market size and forecast, by Equipment Type, 2020-2028
6.3.5.2.Market size and forecast, by end-user , 2020-2028
6.3.5.3.Comparative market share analysis, 2020 & 2028
6.3.6.India
6.3.6.1.Market size and forecast, by Equipment Type, 2020-2028
6.3.6.2.Market size and forecast, by end-user , 2020-2028
6.3.6.3.Comparative market share analysis, 2020 & 2028
6.3.7.Australia
6.3.7.1.Market size and forecast, by Equipment Type, 2020-2028
6.3.7.2.Market size and forecast, by end-user , 2020-2028
6.3.7.3.Comparative market share analysis, 2020 & 2028
6.3.8.Rest of Asia Pacific
6.3.8.1.Market size and forecast, by Equipment Type, 2020-2028
6.3.8.2.Market size and forecast, by end-user , 2020-2028
6.3.8.3.Comparative market share analysis, 2020 & 2028
6.4.LAMEA
6.4.1.Market size and forecast, by Equipment Type, 2020-2028
6.4.2.Market size and forecast, by country, 2020-2028
6.4.3.Market size and forecast, by end-user , 2020-2028
6.4.4.Comparative market share analysis, 2020 & 2028
6.4.5.Latin America
6.4.5.1.Market size and forecast, by Equipment Type, 2020-2028
6.4.5.2.Market size and forecast, by end-user , 2020-2028
6.4.5.3.Comparative market share analysis, 2020 & 2028
6.4.6.Middle East
6.4.6.1.Market size and forecast, by Equipment Type, 2020-2028
6.4.6.2.Market size and forecast, by end-user , 2020-2028
6.4.6.3.Comparative market share analysis, 2020 & 2028
6.4.7.Africa
6.4.7.1.Market size and forecast, by Equipment Type, 2020-2028
6.4.7.2.Market size and forecast, by end-user , 2020-2028
6.4.7.3.Comparative market share analysis, 2020 & 2028
7.Company profiles
7.1.Life Fitness
7.1.1.Business overview
7.1.2.Financial performance
7.1.3.Product portfolio
7.1.4.Recent strategic moves & developments
7.1.5.SWOT analysis
7.2.Peloton
7.2.1.Business overview
7.2.2.Financial performance
7.2.3.Product portfolio
7.2.4.Recent strategic moves & developments
7.2.5.SWOT analysis
7.3.True Fitness
7.3.1.Business overview
7.3.2.Financial performance
7.3.3.Product Type portfolio
7.3.4.Recent strategic moves & developments
7.3.5.SWOT analysis
7.4.iFIT.com
7.4.1.Business overview
7.4.2.Financial performance
7.4.3.Product portfolio
7.4.4.Recent strategic moves & developments
7.4.5.SWOT analysis
7.5.Core Health & Fitness, LLC.
7.5.1.Business overview
7.5.2.Financial performance
7.5.3.Product portfolio
7.5.4.Recent strategic moves & developments
7.5.5.SWOT analysis
7.6.Johnson Health Tech
7.6.1.Business overview
7.6.2.Financial performance
7.6.3.Product portfolio
7.6.4.Recent strategic moves & developments
7.6.5.SWOT analysis
7.7.Rogue Fitness
7.7.1.Business overview
7.7.2.Financial performance
7.7.3.Product portfolio
7.7.4.Recent strategic moves & developments
7.7.5.SWOT analysis
7.8.JERAI Fitness Pvt. Ltd
7.8.1.Business overview
7.8.2.Financial performance
7.8.3.Product portfolio
7.8.4.Recent strategic moves & developments
7.8.5.SWOT analysis
7.9.Cosco Sports Equipment
7.9.1.Business overview
7.9.2.Financial performance
7.9.3.Product portfolio
7.9.4.Recent strategic moves & developments
7.9.5.SWOT analysis
7.10.ShuHua Sports Co., Ltd
7.10.1.Business overview
7.10.2.Financial performance
7.10.3.Product portfolio
7.10.4.Recent strategic moves & developments
7.10.5.SWOT analysis
The equipment used to build or work on an individual’s body are known as fitness equipment. There are several varieties that cater to different parts of the body which include treadmills, spin cycles, and weight lifting material as well.
COVID-19 Impact on the Global Fitness Equipment Market
The repercussions of the pandemic were felt across several industries as governments all over the world started implementing lockdowns as a safety measure. This led to many people investing in home gym equipment to keep their health in check. Working out also became a way of bringing down the stress levels while also boosting immunity amidst the rapid increase in coronavirus cases. Many people ended up buying treadmills, cycles, dumbbells, resistance bands, and more to assist with enhancing the effectiveness of their workouts. Additionally, these equipment also were helpful during virtual classes that a majority of the people opted for due to closure of gyms and fitness centers. These efforts helped propel the growth of the market amidst the pandemic.
Key Developments in the Industry
Several organizations have been working on initiatives to assist the market in its growth while also making efforts to boost their presence. The companies have also been using novel methods to supply high quality equipment to their consumers.
For instance, in December 2020, Nautilus Home Fitness, a supplier of home exercise equipment launched a new type of equipment known as the Bowflex Max Trainer. The machine which focuses mainly on cardio workout also helps in building the upper body and engages it by over 80%. Upon using the equipment, an individual continues to burn calories even post workout for upto 48 hours. One of its primary advantages is that the equipment is extremely compact which makes it easy to have for home workouts.
Also, in May 2021, HRX a popular athleisure brand from India announced their plans to launch a plethora of workout gear and equipment to make home workouts easier. The products range from skipping ropes, kettlebells, and even yoga mats.
Similarly, Strength Master Fitness Tech Co., a pioneer in the manufacture of fitness equipment, unveiled their new product – the LifeSpan TM7050 Electric Treadmill, at the Taiwan Excellence’s 2021 Smart Fitness Online Product Launch. The equipment contains a vast array of features such as Bluetooth speakers, a 10-inch screen to watch videos on as well as a mirroring feature.
Forecast Analysis of the Global Market
According to a recently published report by Research Dive, the global fitness equipment market is anticipated to witness a significant increase in revenue from $11,218.41 million in 2020 to over $15,762.41 million by 2028 at a stable CAGR of 4.5% during the forecast period from 2021-2028. Also, the North America region is predicted to gain the highest market share with a revenue of $5,422.32 million by 2028. The increasing number of fitness centers found in the region along with the rapid rise of disposable income among people is further predicted to propel the growth of the North America market.
The pandemic has been one of the primary causes for people opting to buy fitness equipment which has led to an accelerated increase in demand. People also started focusing on building up their immunity which is possible via a combination of working out and an overall healthy lifestyle. To add further, closure of gyms as a way of following social distancing guidelines also led to gym owners starting virtual classes. This further led to individuals purchasing elliptical machines, stretch bands as well as dumbbells to make a home gym. These factors are expected to add to the growth of the fitness equipment market in the analysis period.
On the other hand, the cost of raw materials and especially metals, such as iron and steel has risen immensely. This has resulted in a worldwide increase in the overall cost of workout equipment as well, which is expected to limit the growth of the market in the forecast period.
People today have gradually started initiating a shift towards leading a healthy life which led to them implementing regular exercise and fitness into their routines. To add further, the pandemic boosted the need to improve immunity in order to keep away from any illness. This has led to an increase in gym memberships in countries such as U.S, China, and India. These have further fueled renovations within health clubs and fitness centers. This awareness about the benefits of exercise has also resulted in an increase in the latest concept of connected gyms, which is further predicted to provide a growth opportunity for the market in the estimated time period.
To add further, multiple industry experts and pioneers of the market have been working on initiatives to improve the effectiveness and durability of the fitness equipment. Some of them are Life Fitness, True Fitness, Core Health and Fitness, LLC, Rogue Fitness, Cosco Sports Equipment, Peloton, iFIT.com, Johnson Health Tech, JERAI Fitness Pvt. Ltd, and ShuHua Sports Co. Ltd.
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