United States Fitness Equipment Market Revenue Will Reach $4.4 Billion By 2024
As per the report “United States Fitness Equipment Market by Type (Cardiovascular (Treadmill, Elliptical, Stationary Bike, Rowing Machine and Others ), Strength training, Others), by End-User (Home, Health Club, Other Commercial ), Industry trends, estimation & forecast, 2016 – 2024,” U.S. Fitness equipment Market was valued at $3.6 billion in 2016, and is projected to reach $4.4 billion by 2024, growing at a CAGR of 2.5% from 2017 to 2024. In 2016, the cardiovascular equipment type segment held the highest revenue share in the U.S. Fitness equipment market. Among major users, home users market was the highest revenue generating market valued at $1.6 billion in 2016.
“Increased health awareness is one of the key element responsible for the growth of fitness equipment market in the U.S. Evolving corporate interest in fitness initiatives further boosted the market. Fat loss and muscle gain are two important functions served by fitness equipment and help the fitness equipment market for enhanced growth. Resale of used fitness equipment may hinder the market for future growth.”
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Cardiovascular equipment type holds the largest market share of united states fitness equipment market.
Cardiovascular equipment type is the highest revenue generating segment of the U.S. fitness equipment market. It holds around 60% of the total market share and expected to reach around 65% of the total market by end of forecasted period. Within Cardiovascular equipment type, Elliptical equipment is the fastest growing segment and will reach around a billion by 2024. Bureau of labor statistics, a wing of United States Department of labor, says that over 12.7% of the total U.S population which is over 15 years old, engages in cardiovascular equipment activities.
Home user will dominate the U.S. fitness equipment market in upcoming years.
Evolving lifestyle and increasing work pressure are major factors leading the obesity in U.S. According to a study in The Journal of the American Medical Association (JAMA), the obesity rate among females is 35.5% and 32.2% for male. These factors contributes to the increased sales of home user fitness equipment within U.S. Home users are expected to retain 50% of the market share on the basis of revenue. Heath clubs are expected to be second largest user segment and grow at CAGR of 2.1%.
Treadmills are expected to be the highest revenue generating sub-segment within cardiovascular type of fitness equipment.
Treadmill is one of the most popular cardiovascular fitness equipment. Owing to numerous advantages such as easy usage, fat loss, and Improved Joint Flexibility, it is expected to dominate the future market with steady CAGR of 4.3%. However, Elliptical is expected to be the fastest growing sub-segment with CAGR of 4.6%. Treadmill will hold around 50% of the market share, while elliptical equipments will hold approximately 30% of the market share.
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United States Fitness Equipment Market Key Findings
• U.S. Fitness equipment Market is projected to reach $4.4 billion by 2024
• Cardiovascular equipment type will hold around 65% of the total market share by 2024.
• Treadmill sub segment is expected to dominate the overall cardiovascular market segment.
U.S. fitness equipment is highly competitive and characterized by presence of numerous vendors. Key players compete on the basis of customer satisfaction, quality of the product, and customization. New product innovation and technological advancement are key strategies adopted by the market leaders to extend their product portfolio and gain additional market share.
Some major players in the market are Amer Sports Corporation, Brunswick Corporation, Cybex International, Inc., Fitness EM LLC., ICON Health & Fitness, Inc., Impulse (Qingdao) Health Tech Ltd. Co., Johnson Health Tech Co.Ltd., Nautilus Inc., Torque Fitness LLC., and TRUE Fitness.
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