Portland, OR – Allied Market Research has released a new report titled “Fitness Equipment Market by Type, End User, and Price Point: Global Opportunity Analysis and Industry Forecast, 2024–2033.” According to the report, the global fitness equipment market was valued at $11.0 billion in 2017 and is projected to grow to $18.4 billion by 2033. This growth reflects a compound annual growth rate (CAGR) of 3.02% from 2024 to 2033.
IoT Technology Transforms Fitness Experience
The fitness industry is undergoing major changes with the rise of the Internet of Things (IoT). Traditional fitness machines are evolving into smart devices. These IoT-enabled machines track workout data such as repetitions, weights, and time in real time. The information is then synced to user profiles, offering valuable insights into fitness progress. Users can access their data across different machines and devices, which helps them stay on track with their fitness goals.
Many of these machines also come with interactive screens. These allow users to follow virtual trainers or join online group classes, creating a more engaging and immersive workout experience.
Corporate Wellness Programs Drive Equipment Demand
Companies are increasingly investing in corporate wellness programs to encourage physical activity and improve employee health. About 90% of large U.S. companies have adopted such programs. These initiatives often include access to fitness centers, workout classes, and other wellness activities.
The main goal is to counter the health effects of sedentary jobs and promote a healthier workforce. As a result, demand for commercial fitness equipment in corporate settings is rising.
Cardiovascular Equipment Leads Market by Type
Based on type, cardiovascular training equipment held the largest market share in 2023, making up more than 60% of the global market. This segment is expected to grow at the fastest rate, with a CAGR of 3.05% through 2033. The growth is linked to the rising number of overweight individuals and the popularity of cardio workouts.
Home Fitness Gains Ground Among Consumers
By end user, the home consumer segment dominated the market in 2023, accounting for over 80% of global demand. This trend is expected to continue. Busy lifestyles and health concerns are pushing people to exercise at home. Home fitness equipment is a cost-effective solution, eliminating the need for gym memberships.
Mass Market Equipment Remains Most Popular
In terms of price point, the mass segment captured over 60% of the market in 2023. This category is set to maintain its lead, growing at a CAGR of 3.93%. Mass-market equipment offers a balance of quality and affordability, making it a top choice for consumers. Leading brands like ICON Health & Fitness, Life Fitness, Brunswick, and True Fitness offer products in this price range.
North America Dominates, LAMEA Region Shows Growth Potential
Regionally, North America held the largest market share in 2023, accounting for 40% of global revenue. The high rate of obesity in the U.S. is a major driver of equipment demand. According to the Centers for Disease Control and Prevention (CDC), 41.9% of U.S. adults were classified as obese in 2020. This raises the need for accessible and effective fitness solutions.
Meanwhile, the LAMEA region (Latin America, Middle East, and Africa) is expected to show strong growth in the coming years. Brazil leads the Latin American market, supported by a young population, rising incomes, and increasing health awareness. In South Africa, similar factors are pushing up demand for fitness equipment, especially in health clubs.
