Market Trends of Fitness Equipment

MedTech Outlook | Thursday, February 01, 2024

The increasing rate of obesity and a rising focus on health consciousness have played a crucial role in fostering the global fitness equipment market’s expansion. 

FREMONT, CA: Fitness equipment encompasses many machines and devices designed for physical exercise to manage weight, enhance physical endurance, and build muscular strength. The demand for fitness equipment has witnessed significant growth worldwide, driven by the growing awareness of health benefits. Physical exercise is often recommended as part of various medical treatments. Treadmills, ellipticals, stationary bicycles, weightlifting machines, strength-building machines, and other equipment are commonly used in fitness routines. 

The surge in gym memberships, growing sales of in-home equipment, urban population growth, and government initiatives promoting healthy lifestyles have further fueled the adoption of fitness equipment. The COVID-19 pandemic has profoundly impacted the adoption of fitness equipment at home, and this trend is expected to continue in the coming years. The closure of fitness facilities, increased self-care awareness, and growing fitness trends have driven the demand for at-home fitness equipment. Sedentary lifestyles and busy schedules have also contributed to the preference for in-home workouts using fitness equipment, as it saves on gym membership expenses. 

The United States has the highest penetration of home usage fitness equipment. Free weights are particularly popular for strength training, offering fixed and adjustable weight options. Home gym equipment with cables and adjustable pulleys allows for various exercises targeting the abdomen, arms, shoulders, back, chest, legs, and calves, providing customization in a single multipurpose equipment. Limitations hinder the market growth in available space and the high equipment cost. Consumer concerns and shifted worldwide preferences helped toward home fitness equipment. The commercial user segment includes hotels, corporate offices, hospitals, medical centers, and public institutions.

The fitness equipment market is segmented based on type, end-user, price point, and region. The types of fitness equipment include cardiovascular training equipment, strength training equipment, and other equipment. End users categorize the market as health clubs or gyms, hospitality, residential & leisure, health, corporate, public, and home consumers. Price points are classified as premium/luxury and mass, with each end user segment further divided into cardiovascular training equipment, strength training equipment, and other equipment. Cardiovascular training equipment holds the greatest share of the market among the different types of fitness equipment and is expected to grow significantly during the analysis period.