Fitness treadmills are motorized exercise equipment used for cardiovascular exercises such as walking or running. They allow the user to adjust the incline, speed and distance covered with safety railings and cushioned decks for joint impact reduction. Treadmills find wide applications in homes, health clubs, gyms and fitness centers. Growing health awareness and rapid urbanization are fueling the demand for innovative treadmill models and features across the globe.
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 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Changing lifestyles and hectic schedules have boosted in-home fitness equipment sales in recent years. Compact treadmills can offer convenience of cardiovascular workout from the comfort of home without requiring much space. Similarly, growth in health awareness is encouraging gym enrollments. Established as well as boutique health clubs are investing in technologically advanced treadmill models to attract more members. Growing health clubs sector is expected to positively influence the fitness treadmills demand during the forecast period. In addition, treadmill manufacturers focus on innovations like interactive touchscreens, integration with mobile apps and built-in training programs to engage users for longer workout sessions, thereby augmenting their sales.
Segment Analysis
The fitness treadmills market is dominated by the home use segment. Within the home use segment, folding treadmills and manual treadmills have emerged as the most popular sub-segments. Folding treadmills allow easy storage when not in use and provide convenience to users in compact spaces.
PEST Analysis
Political: The government policies promoting fitness and wellness across various countries are positively impacting the market growth. Favorable initiatives to build sports infrastructure will also support the demand.
Economic: Rising disposable income levels and growing health and fitness expenditure are fueling the sales of premium and technologically advanced treadmills. Furthermore, increasing awareness about health benefits is encouraging adoption.
Social: Changing lifestyles, growing obesity levels, and increasing health consciousness among individuals are driving the demand for treadmills for home use. Additionally, rising popularity of home fitness is bolstering the market expansion.
Technological: Leading manufacturers are extensively focusing on product innovation and development. The incorporation of advanced features such as smart connectivity, interactive touchscreens, and customized training programs is amplifying the market potential.
Key Takeaways
The Global Fitness Treadmills Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing health awareness among individuals. Regionally, North America dominated the market and held around 35% share in 2023 due to growing obese population. Key players operating in the fitness treadmills market are Johnson Health Tech, ICON Health & Fitness, Technogym, Precor, Nautilus, Cybex, True Fitness, Amer Sports, Sole Fitness and Life Fitness. Key players are focusing on product launches and innovations to cater to consumer demand for technologically advanced products. For instance, Nautilus launched Jade 7.0 with curved LCD display and 36 built-in workout programs in 2023.
The Asia Pacific region is projected to be the fastest growing market over the forecast period. Factors such as rapid economic growth, rising fitness consciousness, increasing health expenditure, growing obese population, and improving consumer purchasing power are supporting the demand in the region. India, China, and Japan are expected to be the major revenue generators in Asia Pacific.
Key players operating in the fitness treadmills market are Johnson Health Tech, ICON Health & Fitness, Technogym, Precor, Nautilus, Cybex, True Fitness, Amer Sports, Sole Fitness and Life Fitness. Players are focusing on product launches and innovations to cater to consumer demand for technologically advanced products. For instance, in 2023 Nautilus launched Jade 7.0 treadmill integrated with a curved LCD display and 36 built-in workout programs.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it