FITNESS TREADMILLS MARKET ANALYSIS

Market Challenges And Opportunities

Fitness Treadmills Market Drivers

• Increasing Health Consciousness: The growing awareness about health and fitness is driving the demand for treadmills globally. Consumers are focused on adopting healthier lifestyles and using treadmills for cardiovascular workouts at home. For instance, as per WHO, in 2020, nearly 13% of adults aged 18 years and older were obese worldwide. The number is projected to rise further if corrective measures are not taken. The pressure to stay fit coupled with obesity concerns is strengthening the reliance on treadmills.
• Rise in Obesity: The increasing prevalence of obesity due to sedentary lifestyles and changing food habits is expected to boost the adoption of treadmills for weight loss. As per a study by CDC, US the obesity rate increased significantly from 30.5% in 1999-2000 to 42.4% in 2017-2018. This underscores the scale of the issue and the need for accessible fitness tools. With busy schedules and gyms temporarily closed, treadmills emerged as a flexible tool allowing people to workout as per their convenience within the safety of their homes.
• Advancements in Technology: Technological advancements such as integration of touchscreens, bluetooth connectivity, built-in speakers and workout tracking apps are anticipated to propel market growth. Companies are innovating treadmills with interactive features. For instance as per data from the International Telecommunication Union, the number of internet users globally grew from 3.9 billion in 2019 to over 4.9 billion in 2021. With growing connectivity and exposure to immersive virtual experiences through VR/AR, the demand for enhanced AR capabilities in treadmills is expected to rise sharply among tech-savvy users in both developed and developing countries going forward.
• Surge in Health Clubs and Gyms: The rising number of health clubs, gyms, and fitness centers globally is subsequently increasing the demand for treadmills and other workout equipment. For instance as per data from the International Health, Racquet & Sportsclub Association, health club visits increased by 12% globally in 2021 compared to the previous year. This surge in popularity of gyms and health clubs has translated to increased demand for fitness equipment like treadmills. More gym space needs more machines, and treadmills are one of the most popular and essential pieces of equipment for members.

Fitness Treadmills Market Opportunities

• Smart Treadmills: The integration of treadmills with virtual reality and augmented reality can provide an immersive running experience for users. Smart treadmills connected to Virtual Reality( VR) headsets are an emerging opportunity.For instance according to a 2021 Centers for Disease Control and Prevention (CDC) report, more than 60% of U.S. adults said they had incorporated physical activities and home workouts into their daily routines due to public health guidelines recommending social distancing
• Customized Product Offerings: Manufacturers can focus on offering customized treadmill solutions based on user preferences for speed, cushioning, design, screen size, etc. This can help gain market share. For instance according to data from the CDC, over 25% of U.S. adults began exercising at home during the first year of the Covid-19 pandemic as gyms temporarily shut down. While some have returned, many have continued home workouts and are investing more in home fitness equipment. Customized treadmills could attract both new users and those seeking an upgrade, fueling long-term market expansion in the coming years
• Expanding Commercial Applications: The adoption of treadmills is increasing in hotels, resorts, corporate offices, hospitals for their guests, employees, and patients. Targeting these segments can provide growth avenues.
• Growing Adoption in Developing Economies: Emerging economies like China, Brazil, India etc. present significant opportunities owing to improving economic conditions and rising disposable income among consumers.For instance , according to data by the World Bank, the number of people in South and East Asian countries entering the consuming class earning $10-50 per day increased by over 80% from 2015 to 2020

Fitness Treadmills Market Restrain

• High Cost: Many advanced models of treadmills equipped with many features are priced very high, making them unaffordable for lower middle-class consumers, thereby hindering adoption. For instance according to the Physical Activity Council's 2022 Participation Report, the number of people participating in running grew by 7.1% from 2020 to 2021. This indicates that many seeking to add cardio to their regular routine are opting for lower-cost or no-cost activities like jogging in neighborhoods or parks nearby.

Counter balance: The high initial purchase and maintenance cost of premium treadmills can act as a barrier for many potential consumers

• Product Commoditization: Presence of many vendors providing similar product specifications and features makes product selection difficult for consumers and limits willingness to pay premium prices. A World Health Organization report from 2021 stresses that the fitness equipment industry needs to focus on innovation beyond basic hardware if they want customers to perceive treadmills as more than just commoditized products. Unless they can develop unique workout experiences and place more emphasis on technology, software, and interactive features to make their products relatively more distinctive, product commoditization will keep affecting the long term sales prospects of treadmill brands.
• Low Penetration in Developing Countries: The adoption of fitness treadmills in developing countries is still low owing to low awareness levels and income levels hampering market growth.For instance 2021 UNICEF report revealed that only 5-10% of the population in sub-Saharan Africa have access to organized fitness facilities or programs in their communities. The affordability challenge is also a major deterrent as basic fitness trademills suitable for home use start from prices not lower than two months' salary for an average household in these developing nations.

Counter balance: Many companies are including employee wellness programs, which often encompass gym facilities with treadmills, to improve staff well-being.

• Regular Maintenance Requirements: Treadmills need regular maintenance like lubrication, belt adjustments, motor inspections, etc., which many consumers find difficult, limiting product uptake. For instance as per the 2021 survey conducted by International Health Racquet and Sportsclub Association, nearly 35% of fitness centers mentioned high maintenance costs of cardio equipment like treadmills as a major factor limiting further purchases.

Counter balance: The presence of alternative fitness equipment, such as stationary bikes, ellipticals, and climbing machines, can limit the sales of treadmills.