Gym Equipment Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Gym Equipment Industry Prospective:

The global gym equipment market size was worth around USD 17.5 billion in 2023 and is predicted to grow to around USD 26.9 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.9% between 2024 and 2032.

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Gym Equipment Market: Overview

Gym equipment refers to tools used in a gym to improve the benefits of a workout on strength or conditioning. This encompasses resistance training machines, free weights, treadmills, exercise cycles, rowing machines, and others. Cardio machines Strength training, aerobic exercise, flexibility enhancement, and rehabilitation are among the several fitness objectives served by gym equipment. Home gyms, rehabilitation centers, and fitness centers all use these tools extensively.

Several factors, including rising urbanization, rising disposable income, increasing health and fitness consciousness, development of home fitness trends, technology developments, expanding corporate and wellness programs, and many others drive the gym equipment industry. However, the expensive cost of gym equipment is projected to be a main obstacle to business growth.

Key Insights

• As per the analysis shared by our research analyst, the global gym equipment market is estimated to grow annually at a CAGR of around 4.9% over the forecast period (2024-2032).
• In terms of revenue, the global gym equipment market size was valued at around USD 17.5 billion in 2023 and is projected to reach USD 26.9 billion by 2032.
• The rising health consciousness among the population is expected to drive the Gym Equipment market over the forecast period.
• Based on the product type, the cardiovascular equipment segment is expected to dominate the gym equipment market over the forecast period.
• Based on the type of facility, the gyms/fitness centers segment is expected to dominate the market over the forecast period.
• Based on the end users, the commercial segment is expected to capture the largest market share during the forecast period.
• Based on the distribution channel, the offline segment is expected to dominate the market during the analysis period.
• Based on region, Europe is expected to dominate the market during the forecast period.

Gym Equipment Market: Growth Drivers

Rising prevalence of obesity drives market growth

The growing number of obese people raises the demand for fitness equipment since it is a necessary tool for enabling them to lose weight at their own pace.

For instance, statistics from the State of Child Obesity.Org show that adult obesity rates in the United States today surpass 35% in 12 states, 25% in 48 states, and 30% in 35 states. Demand for them has also grown as knowledge of the several health issues like heart disease, diabetes, cancer, and others that lack physical activity contributes to grows.

For instance, physical inactivity increases the risk of type 2 diabetes, numerous cancers, and heart disease, according to data published by the Centers for Disease Control and Prevention. Furthermore, adding to annual healthcare expenses of USD 117 billion is a lack of physical activity.

Gym Equipment Market: Restraints

High costs and rising competition hinder market growth

Fitness equipment's high price can severely limit market demand by making it inaccessible to a wide range of consumers. For those with less disposable means, it creates a barrier that limits their capacity to purchase exercise gear. It is difficult for equipment makers to gain a larger market share because many potential customers choose more affordable workout options or club memberships.

Moreover, consumers may put off or completely avoid purchasing gym equipment due to the high cost, which would have a detrimental effect on market expansion and sales volumes.

Furthermore, since customers may access a range of exercise equipment at fitness centers without having to buy it, competition from gyms limits the market for gym equipment. The market demand for home-based fitness equipment is limited since gym memberships provide affordable alternatives, which reduces the incentive for people to purchase pricey equipment.

Gym Equipment Market: Opportunities

Increasing product launches offers a lucrative opportunity for market growth

The increasing product launch is expected to offer a lucrative opportunity to the gym equipment market over the projected period.

For instance, in August 2023, Echelon, a leader in fitness, wellness, and sports worldwide, unveiled the Echelon Strength Pro, the newest model in its extensive line of smart fitness products. With the state-of-the-art technology and customer-focused convenience that has made the brand famous, this eye-catching smart-fitness equipment system provides an easy-to-use, approachable, motivating, and rewarding experience. This most recent product not only broadens the selection offered by Echelon Fitness, but it also helps customers advance in their careers and minimizes the time, worry, and hassles that studio owners frequently have when assembling their equipment collection.

To accommodate various skill levels, locations, interests, and modalities, Echelon creates equipment and online programs for studio owners, at-home fitness lovers, and aspiring athletes. Like all of Echelon Fitness's products, the new strength machine uses the Echelon Fitness app to provide live and recorded training with top-rated trainers.

Gym Equipment Market: Challenges

Competition from alternative fitness options poses a major challenge to market expansion

The increasing competition from alternative fitness options such as outdoor workouts and activities, bodyweight exercise, fitness apps & virtual classes and others are expected to hamper the gym equipment market during the forecast period. This alternative is considered very cost-effective as compared to the gym equipment technology.

Moreover, the rising adoption of alternative options reduces reliance on commercial gyms, impacting equipment demand from fitness centers.

Gym Equipment Market: Report Scope

Gym Equipment Market: Segmentation

The global gym equipment industry is segmented based on product type, type of facility, end users, distribution channel and region.

Based on the product type, the global gym equipment market is segmented into cardiovascular equipment, strength training equipment and others. The cardiovascular equipment segment is expected to dominate the gym equipment market over the forecast period. Treadmills, ellipticals, stationary bikes, rowing machines, stair climbers, and other equipment intended to increase heart health and endurance make up a sizable portion of the gym equipment industry. The growing demand for at-home exercise solutions and increased awareness of cardiovascular health are driving stable revenue growth in this market.

Based on the type of facility, the global gym equipment industry is bifurcated into residential fitness, gyms/fitness centers, health clubs/spas, hotels/hospitality and corporates/workplaces. The gyms/fitness centers segment is expected to dominate the market over the forecast period. The demand for equipment rises as gym memberships rise due to a greater emphasis on physical fitness and wellbeing. Campaigns to raise awareness of the advantages of consistent exercise, such as better mental health and weight management, promote gym membership.

Based on the end users, the global gym equipment industry is bifurcated into home/residential and commercial. The commercial segment is expected to capture the largest market share during the forecast period. In Latin America and Asia-Pacific, the middle class is expanding and urbanization is accelerating, opening up new markets for producers of commercial equipment.

Based on the distribution channel, the global gym equipment industry is bifurcated into online and offline. The offline segment is expected to dominate the market during the analysis period owing to the increasing demand for tangible experience. Customers prefer to physically inspect and test gym equipment before making a purchase, especially for high-cost items like treadmills and strength machines.

Regional Analysis

Europe dominates the market over the projected period

Europe is expected to dominate the gym equipment market during the forecast period. The market for gym equipment in the UK is varied and expanding due to increased awareness of wellness and health. Weightlifting machines, stationary bikes, and treadmills are still typical examples of traditional gym equipment.

Nonetheless, smart exercise equipment, connected fitness applications, and portable training gear are all becoming more and more popular. Germany has a large number of fitness centers and a high demand for professional training services due to its long-standing gym culture and emphasis on physical fitness.

For instance, 10.3 million people in Germany were members of fitness clubs in 2022, according to EuropeActive, the European Health and Fitness Association (EHFA).

However, the Asia Pacific is anticipated to grow at a faster rate over the projected period. The market expansion is attributed to rapid urbanization and the increasing prevalence of obesity.

Gym Equipment Market: Competitive Analysis

The global gym equipment market is dominated by players like:

• Amer Sports Corporation
• Brunswick Corporation
• Core Health & Fitness LLC
• Cybex International Inc.
• Dyaco International Inc.
• ICON Health & Fitness Inc.
• Johnson Health Tech Co. Ltd.
• Life Fitness LLC
• Matrix Fitness
• Nautilus Inc.
• Precor Incorporated
• Technogym S.p.A.
• Torque Fitness LLC
• TRUE Fitness Technology Inc.
• Xponential Fitness Inc.

The global gym equipment market is segmented as follows:

By Product Type

• Cardiovascular Equipment
• Strength Training Equipment
• Others

By Type of Facility

• Residential Fitness
• Gyms/Fitness Centers
• Health Clubs/Spas
• Hotels/Hospitality
• Corporates/Workplaces

By End Users

• Home/Residential
• Commercial

By Distribution Channel

• Online
• Offline

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa