Fitness treadmills are motorized machines that simulate walking or running in a stationary position. They allow users to exercise while staying in one place for a convenient cardio workout, either at home or in a gym. These treadmills come with various features such as customizable programs, heart rate monitors, adjustable speed and incline, streaming entertainment, and connectivity options to sync with fitness apps. The need for compact cardiovascular equipment for home use has increased substantially amid the Covid-19 pandemic induced closure of gyms and fitness centers.
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:
Regular exercise is known to reduce the risk of many chronic diseases and help manage stress and weight. However, time constraints and lack of access to gyms are key barriers for some people to incorporate physical activity into their daily lives. Compact treadmills for home use address this issue by providing a convenient way to sneak in a cardio workout while watching TV or working from home. Their self-powered design that does not require an expensive gym membership has made treadmills a popular choice for maintaining physical fitness without leaving the house. The portability and versatility of modern treadmills are expected to drive their demand as more individuals recognize the importance of an active lifestyle.
Porter’s Analysis
Threat of new entrants: Low barrier to entry however established players have strong brand recognition and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however brands loyalty provides advantage to existing players.
Bargaining power of suppliers: Parts and components suppliers have low to moderate bargaining power as key components have limited substitutes.
Threat of new substitutes: Substitution threat is moderate as other home fitness equipment offer close substitutes.
Competitive rivalry: High as top players compete on product variety, pricing and innovation.
SWOT Analysis
Strengths: Wide product ranges, innovative features, strong brands, expanding e-commerce channels.
Weaknesses: Heavy reliance on few suppliers, vulnerability to changing consumer preferences, pricing pressure from private labels.
Opportunities: Growth in health awareness, rising adoption of smart connected products, untapped rural markets.
Threats: Economic slowdowns, preferences for other workout options like gyms, intense competition.
Key Takeaways
The Global Fitness Treadmills Market Demand is expected to witness high growth.
Regional Analysis: North America holds leading share backed by increasing health awareness and disposable income. Europe remains the second largest region driven by growing demand in Western European countries.
Key players operating in the Fitness Treadmills market are Nestlé, Nutricia, Unilever, Bionova, BASF SE, Abbott, Arkopharma Laboratories, GSK plc., ADM (Archer Daniels Midland Company), DuPont, Kellogg’s Company, Arla Foods amba, DSM, Quantum Naturals Ltd., Adcock Ingram, Ascendis Health Limited, iNova Pharmaceuticals, Vital Health Foods, Jamjoom Pharma, Creso Pharma, and ConnOils LLC.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it