According to a new report by research firm Allied Market Research, part of Allied Analytics, the global fitness equipment market is expected to reach $18.4 billion by 2033, representing a compound annual growth rate (CAGR) of 3.02 percent from 2024 to 2033. By type, the cardiovascular training equipment segment was the highest contributor to the industry in 2023 and is poised to grow with the highest CAGR during the forecast period.
The popularity of cardiovascular equipment is increasing among both the obese and geriatric population. By end user, the health club/gym segment generated the highest revenue and is likely to grow at a substantial rate during the forecast period. By region, North America was the major revenue contributor in 2023 and is projected to grow at a significant CAGR during the forecast period. Finally, based on price point, the mass segment dominated the market in 2023, accounting for more than three-fifths of the global fitness equipment market, due to a higher preference for affordable fitness equipment among most consumers. The presence of large numbers of small commercial gyms all over the world has also boosted the growth of this segment in the past few years.
The fitness industry is experiencing a significant transformation with the rise of the Internet of Things (IoT). In addition, so-called intelligent fitness equipment is increasingly accompanying conventional equipment. IoT-enabled fitness equipment allows for seamless capture and transmission of real-time workout metrics such as reps, weights lifted, and duration, which then gets integrated into individual user profiles. IoT connectivity also allows users to access their training history across different devices and machines.
Another growth driver is the rise in corporate wellness programs at work, which is propelling the fitness equipment market demand worldwide. In the US, for example, approximately 90 percent of large companies have adopted workplace wellness programs, whose primary goal is to prevent the harmful impact of sedentary work habits and cultivate a healthier workforce.
With the number of people aged 60 or older increasing in several countries, seniors are also embracing fitness technologies to support their health goals. Most of today’s seniors prefer brick-and-mortar wellness facilities and low-impact fitness equipment designed for the aging population, which is experiencing increased demand as a result.
