FITNESS EQUIPMENT MARKET ANALYSIS

Fitness Equipment MarketSize and Trends

Global fitness equipment market size is expected to reach US$ 17.56 Bn by 2031, from US$ 13.18 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 4.9% during the forecast period. Fitness equipment can be classified into cardiovascular training and weight training and are widely available in online and offline stores. The health club is the largest consumers of fitness equipment but this equipment is also gaining huge demand from the homecare sector due to the rising number of people adopting a healthy lifestyle and aspiring to have a good personality.

Market Trends:

• Growing popularity of connected gym equipment and IoT-based equipment: With more people wanting to stay fit and healthy while also seeking convenience, connected gym equipment and internet-of-things (IoT) based fitness solutions have been gaining immense popularity globally. This trend is having a significant impact on the overall fitness equipment market.
• Many gym goers and individual fitness enthusiasts prefer equipment that can track metrics like calories burned, heart rate, repetitions, and others share workouts on social media or sync data with various apps and platforms. This allows users to monitor progress, stay motivated, and engage in virtual fitness challenges. Equipment manufacturers are investing heavily in incorporating various smart and connected features in products. For example, popular brands offer smart treadmills, exercise bikes, and strength machines that can be unlocked and controlled through mobile apps. Some even come with integrated screens and onboard coaches or workout programs.
• Rising popularity of indoor cycling equipment: The indoor cycling equipment has increasing demand over recent years as more people look for convenient ways to work out from home during the pandemic. Stationary bikes that allow replica indoor cycling classes have surged in popularity. Companies like Peloton introduced commercially successful connected bikes that stream live and on-demand classes right to the user's home. The ability to participate in studio-style cycling classes without leaving home has resonated strongly with customers. Peloton reported explosive growth with revenues increasing more than 200% in 2020 as compared to the previous year. The demand has also increased manufacturing of less expensive stationary and smart indoor bikes from other brands. Cycling provides a full-body cardio workout with low impact on the joints, thus making it appealing for a wide demographic. Peloton Interactive, Inc. is a U.S.-based exercise equipment and media company based in New York City. The company's products include stationary bicycles, treadmills, and indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes through a monthly membership fee.