Fitness equipment are devices or equipment used to perform physical exercise at home or at health clubs/gyms. They are used to manage weight, boost stamina, fitness and muscle strength.
The usage of fitness equipment such as treadmill, stationary cycles, elliptical machines and strength training devices are the highest in the U.S. With the pandemic crisis leading to shut down of gyms and health clubs, more and more people are buying fitness equipment to exercise at home.
Here is a closer look at the fitness equipment market in the U.S. and key drivers of growth.
The global scenario
While the market size of global fitness equipment was $10.01 billion in 2014, it was expected to expand at a rate of 3.5 percent by 2021. However, a 2019 research report indicates the global market size for fitness equipment was $11.5 billion. The rate of growth in the forecast period between 2020 and 2027 was pegged at 3.5 percent. The report titled ‘Global Opportunity Analysis and Industry Forecast,’ highlights that a majority of the growth will be related to cardiovascular equipment.
Market research company, Data Bridge, predicts that the fitness equipment market will grow at 3.67 percent CAGR in the same period between 2020 and 2027.
By 2022, as per another study, the market for fitness equipment would be worth $13.24 billion.
These research reports indicate that the global market size for fitness equipment has been growing at a steady average rate of 3.5 percent.
Growing health awareness is the key factor that is driving the growth of fitness equipment market. Additionally, corporates are investing heavily in workplace wellness programs that have contributed to industry growth. A limiting factor for market growth is the resale of used fitness devices. Growing urban population is expected to drive the market over the next seven years.
An increasing number of people are depending on home fitness equipment for weight management, enhancing muscular strength, cardiovascular fitness and overall physical wellbeing. While all age groups are more health conscious now than ever before, a Nielsen survey shows that 81 percent of Millennials exercise as opposed to 61 percent of Boomers.
Fitness trends such as HIIT (High intensity interval training), functional training and holistic wellness are the other factors contributing to market growth in the U.S. Rise in obesity prevalence, particularly among urban population is a key factor that is driving market growth. As per the CDC (Centers for Disease Control), 42 percent of US adults were obese in 2018.
Given the link between obesity and chronic lifestyle diseases across the globe, the World Health Organization and the United Nations are expected to step up initiatives to upgrade health care policies in member nations. National policies are geared up towards encouraging physical workout to prevent and mange chronic diseases.
U.S. Department of Health and Human Services recommends physical activity guidelines for adults and children in the U.S. The guidelines recommend 150 minutes to 300 minutes per week of moderate intensity workout or 75 to 150 minutes per week of vigorous physical activity. In addition, adults should take up muscle strengthening activities for at least two days in a week to gain additional health benefits.
The PHIT Act (Personal Health Investment Today) of 2019 is a proposed legislation that enables Americans to withdraw $1,000 from their FSAs (flexible spending accounts) or HSAs (health savings accounts) to meet fitness expenses each year. Families can take $2,000 each year.
Additionally, the increasing number of gyms and fitness clubs globally and in the U.S. is also driving market growth. As per a global report from IHRSA ( The International Health, Racquet & Sports club Association) the revenue generated by the health club industry in 2018 was $ 94 billion. Over 210,000 clubs catered to 183 million members. In the U.S. as per Statista figures, there were 41,370 gyms and health clubs in 2019. LA Fitness, Life Time Fitness and 24 Hour Fitness are the market leaders in the U.S. LA Fitness generated $2 billion in revenue in 2018.
Fitness equipment usage in the U.S
Fitness equipment, while being a must-have for professional sportspersons and athletes, they make it easier for workout enthusiasts and other looking to build muscle, lose weight or stay fit. The fitness equipment market has historically registered a steady growth in the U.S. In 2018, the fitness equipment market worth was $5.24 billion.
Consumers spent $3.86 billion on home fitness equipment which was an increase from the 2017 figure of $3.76 billion. Fitness centers, on the other hand, spent just $1.51 billion in the same year on fitness equipment in the U.S. Close to 38 percent of Americans who bought exercise equipment in 2017-18, bought training machines, dumbbells or weight.
On an average, most consumers spent between $101 to 250 on fitness equipment in 2018. About 8 percent of consumers spent $500 on fitness equipment.
According to IBISWorld, the fitness equipment industry in the U.S. expected to be worth is $1.9 billion by 2021. The research report also states that fitness equipment manufacturing has witnessed a 0.4 percent decline from 2016 to 2021.
A 2020 research report that analyzed fitness equipment market in the U.S. lists the key players in the industry. The list includes Peloton Interactive, Nautilus, Inc., Johnson Health Tech and Technogym Spa.
The home fitness equipment market in the U.S. has increased significantly between 2018 and 2019. Most market research reports predict that the market is set to witness tremendous growth over the next four years between 2020 to 2024. The phenomenal growth is attributed to
· rising Millennial population
· Rapid urbanization
· Increased prevalence of obesity
· Growing prevalence of chronic diseases,
· Boost in online fitness equipment sales and home fitness concept
· Growing health consciousness
The top fitness devices
The most commonly used fitness devices are treadmills, elliptical machines, stationary bicycles, weightlifting machines and stair climbers.
The cardiovascular training equipment has registered the strongest growth due to the fact that cardiovascular exercises are the most commonly followed type of exercise. Historically, cardiovascular equipment has accounted for 50 percent of market share and projected to grow at 3.5 percent CAGR between 2015 and 2022.
The top brands in the. fitness equipment market in the U.S. include Amer Sports, Brunswick Corporation, and Nautilus Inc. Brunswick Corporation generated $1.04 billion in 2018 from fitness equipment sale. Most sales made by Nautilus related to cardio equipment such as elliptical machines and treadmills instead of strength training products.
Icon Health & Fitness and Torque Fitness were the other leading players in the U.S. in 2020.Nautilus recorded global sales worth $309.29 million in 2019 while Peloton’s fitness equipment sales skyrocketed during the COVID-19 pandemic. The company witnessed 172 percent increase in sales and expanded market share by 270 percent
In one year after the COVID outbreak, Nordic Track and iFit raked in revenue of $1 billion.
Online and home fitness equipment
The COVID-19 outbreak has fuelled the growth of the concept of online fitness and home fitness equipment. The latter registered a phenomenal CAGR (compound annual growth rate) of 40.4 percent from 2019 to 2020. While in 2019, the market was valued at $6.76 billion, it went up to $9.49 billion after the COVID-19 outbreak in 2020.
Before the pandemic, the online fitness market was worth $6 billion while it is predicted to grow at a CAGR of 33.1 percent over the next seven years. This would translate to a market value of $59 billion by 2027.
The key driving factor was restrictive containment measures that included remote working, social distancing and gym/fitness club closures. By 2023, the market is expected to be worth $8.62 billion. A survey was conducted in June 2020 that aimed to assess public opinion on working out at the gym during the health crisis. Close to 46 percent of survey respondents said that they would not be comfortable going to an exercise class or fitness club during the pandemic.
The use of home fitness equipment is growing across the world as well as in the U.S. Busy lifestyles and increased health awareness are the primary factors leading to in-home use of fitness equipment. However, the market may witness limitations due to the high cost of fitness equipment and lack of space available at home.
Globally, the fitness equipment industry has been registering steady growth on a year-to-year basis. In 2020, the market value of fitness equipment industry in the U.S. crossed $11 billion and is slated to reach $15.2 billion by 2027. Historically, cardiovascular fitness equipment have accounted for half of the market share in the U.S. and worldwide.
Post the COVID-19 pandemic, the fitness equipment industry has registered phenomenal growth particularly in the areas of online fitness and home fitness equipment. The new normal of social distancing, gym/fitness club closures and remote work are the key reasons behind the staggering growth in this phase. Increasing prevalence of obesity and chronic diseases apart from growing health consciousness are the other factors driving the growth. The only limiting factors as far as home fitness equipment industry is concerned, are lack of space and high cost of fitness equipment.