by The global Fitness Treadmills Market is estimated to be valued at US$ 3.76 Bn or Billion 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 Overview:
Fitness treadmills are equipment used primarily for indoor or outdoor running and walking workouts. They allow users to control various functions such as speed, incline, distance covered, calories burnt etc. which help maintain cardio fitness. Treadmills offer low impact exercise and joint-friendly workouts for users of all fitness levels and age groups. Due to growing health and fitness consciousness, treadmills have become a popular home gym equipment worldwide.
Market key trends:
One of the major trends driving growth in the fitness treadmills market is the rapid expansion of fitness centers and health clubs across both developed and developing regions. According to estimates, the global health club market grew at a CAGR of 6% during 2017-2021 to reach $94 billion in revenues. As more people join fitness facilities, demand for treadmills and other cardio equipment from gym owners is on the rise. Additionally, introduction of innovative technological features such as touchscreens, in-built workout programs, internet connectivity etc. in premium treadmill models is appealing to urban consumers and boosting sales numbers. Health tracking capabilities and competitive pricing of basic treadmill models by key players are also expanding the potential customer pool globally.
Porter’s Analysis
Threat of new entrants: Low capital requirement and growing health awareness has increased threat of new entrants in the market. However, established brands have strong customer loyalty and distribution networks.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various brands and product specifications. They can switch to other brands easily based on offers and discounts.
Bargaining power of suppliers: Major suppliers like motor and electronic component producers have low bargaining power due to availability of substitutes. However, proprietary motor designs increase supplier power for some brands.
Threat of new substitutes: Threat from other home fitness equipment and digital content is moderate. However, unique features and advantages of treadmills over stationary bikes or elliptical machines have retained their demand.
Competitive rivalry: The market is highly competitive with top brands continuously innovating in design, speed variations and integrated features. Pricing pressures remain intense.
Key Takeaways
The global Fitness Treadmills Market Growth is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing health awareness and demand for compact home exercise equipment. The market size is estimated to reach US$ 3.76 Bn by 2023.
North America dominates the global market currently due to high consumer spending on fitness. However, Asia Pacific is expected to be the fastest growing market led by countries like China, India and Japan. Growing middle class and willingness to spend on health wellness will drive the regional market.
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 innovations like touch screen displays, integrated apps and Bluetooth connectivity to improve user experience.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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