Fitness treadmills are motorized machines that enable users to walk or run indoors on a moving belt surface. These machines are equipped with displays that track pace, distance covered, time elapsed, calories burned, and other metrics to monitor fitness progress. Treadmills offer convenience of workout from home without needing to step outside. They also enable adjusting the angle and speed of the belt to vary the intensity of the workout as per user’s fitness level. With growing lifestyle changes and busy schedules, people increasingly prefer exercising at home through treadmills and other fitness equipment rather than going to the gyms. The global Fitness Treadmills Market is estimated to be valued at US$ 3.76 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Users can stream online workout classes and fitness programs right on the display screen of treadmills for a more immersive home workout experience. Leading manufacturers are focusing on integrating treadmills with smartphone apps, virtual personal training programs, and online fitness communities. This allows users to track their routines, get guidance from certified trainers, and engage in workout challenges with others for better motivation and engagement from the comfort of their homes. The convenience and connected features of smart treadmills are attracting more users worldwide towards adopting a regular fitness regime through convenient indoor workouts.
Porter’s Analysis
Threat of new entrants: The fitness treadmills market has high capital requirement for manufacturing and R&D which poses threats to new entrants. Additionally, established brands have strong customer loyalty which further discourages new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various product alternatives in the market. However, brand loyalty for premium products provides some customer retention to established brands.
Bargaining power of suppliers: A few key components like motors and electronic parts have limited global suppliers which gives them significant influence on pricing. However, availability of substitutes balances their bargaining power.
Threat of new substitutes: Substitutes like elliptical machines, stationary bikes pose minimal threat as treadmills offer unique full-body cardio workout. Technological advancements may increase substitute threats over the forecast period.
Competitive rivalry: The market has presence of numerous global and regional players offering diverse product ranges. Intense competition on pricing and product innovations has led to high rivalry.
SWOT Analysis
Strengths: Brand recognition of leaders like Nestlé, Nutricia, Unilever. Growing health and fitness trend boosts demand.
Weaknesses: High R&D and manufacturing costs. Risk of product recalls and litigation. Seasonal demand fluctuations.
Opportunities: Scope for product innovations targeting niche segments. Expanding into adjacent fitness equipment categories. Growing e-commerce sales.
Threats: Rising inflation and cost of living pressures discretionary spend. Trade barriers and geopolitical tensions impact supply chains. Intense competition from substitutes.
Key Takeaways
The Global Fitness Treadmills Market Size is expected to witness high growth over the forecast period supported by increasing health awareness and busy lifestyles.
Regional analysis: North America accounts for over 35% share currently with US as the dominant market. However, Asia Pacific is poised to surpass North America led by double digit annual growth from China, India. Latin America and Middle East & Africa also present untapped opportunities for market expansion over the forecast period.
Key players in the market include Nestlé, Nutricia, Unilever, BASF SE, Abbott, and Arkopharma Laboratories. Nestlé is a leader with wide portfolio extending across segments. Unilever and Abbott also have significant presence targeting niche premium segments. New entrants are focusing on product innovations, digital features and personalization to gain market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it