Fitness Equipment Industry 2023 — Market, Trends & Growth

The fitness equipment industry has seen a number of changes and challenges in recent years. But it remains resilient with a number of high-growth areas that present exciting opportunities for manufacturers, gyms, and consumers.

In this article – we’ve collated the latest fitness equipment industry statistics and market insights into one handy resource.

I spent 10 years working for one of the world’s leading fitness equipment companies, so got to know the industry inside-out during this time. Understanding the market, identifying trends, and competitor analysis were all part of my role. So I’ve put that experience to good use and summarised the latest industry insights into one handy article…

Fitness Equipment Industry Overview

The global fitness equipment market is worth $13.8bn in 2023 and growing at a rate of 3.7% per year. It’s a maturing industry with a number of manufacturers consolidating through mergers and acquisitions.

Recent global events were a challenge for the commercial segment but boosted the home fitness market. Cardio and strength machines remain gym product staples, however functional training equipment is seeing the greatest expansion at 47% growth per year!

2023 Fitness Industry Report

The most comprehensive and up-to-date report on the fitness industry available. Includes revenue, growth, and future predictions plus much more.

Gym Equipment Industry Segments

The exercise equipment industry is made up of several different segments…

Commercial & Consumer

The market has two main customer segments; commercial and consumer. The commercial fitness equipment segment (sometimes known as industrial equipment) caters to gyms, hotels, apartment complexes, and government customers like the military. The consumer segment targets end users of the equipment who typically want it for their home.

• The commercial fitness equipment market is valued at $2.2bn.
• The home fitness equipment market is worth $11.6bn.

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Product Segments

There are four broad product categories in the gym equipment market; cardio, strength, functional, and accessories.

• Cardio – includes machines that train the aerobic system, such as treadmills, elliptical crosstrainers, bikes, and rowing machines.
• Strength – includes selectorized resistance machines, plate-loaded units, cable machines, and free weights.
• Functional – is a high-growth product segment (+47% annually) that includes training rigs like the Life Fitness Synrgy and Matrix Connexus.
• Accessories – captures all of the add-on products such as mats, balance balls, TRX suspension straps, etc.

Equipment Purpose

The exercise equipment market can also be segmented based on the purpose or fitness goal that products serve. Unsurprisingly, weight loss, body building, health, and athletic performance are the core sub-segments within this sector.

You might also like… Wellness Industry Growth Predictions or Yoga Market Insights & Trends.

Top Fitness Equipment Manufacturers

The leading fitness equipment manufacturers have a global presence and typically sell to businesses (gyms, health clubs, hotels, etc.) and consumers (through retail channels). They include…

• Johnson Health Tech
• Life Fitness
• Technogym
• Precor
• Core Health & Fitness

Johnson Health Tech is the largest fitness equipment manufacturer – it generated $962m in revenue according to its last financial report (2021). This is partly due to the fact its portfolio includes both commercial (Matrix) and consumer equipment brands (Horizon and Vision).

The fitness equipment manufacturing industry is maturing and big players are consolidating through mergers acquisitions. Several leading manufacturers changed ownership in recent years, including Life Fitness (acquired by KPS Capital Partners) and Precor (bought by Peloton).

As a result, it’s increasingly difficult to calculate fitness equipment market share as several brands no longer disclose financial reports publicly. What we do know is that Johnson Health Tech’s revenue was $962m in 2021 and Technogym’s was $655m. Based on historical Life Fitness financial results, we can estimate that it holds the second position somewhere between Johnson and Technogym. Precor likely sits in fourth position.

Commercial gym manufacturing took a hit in 2020 as facilities were shut globally and orders dried up. However, manufacturing companies rebounded in 2021 and have continued to post increasingly strong results. Conversely, manufacturing of gym equipment for the home saw unprecedented demand during this period but has now returned to normal.

Fitness Equipment Trends

There’s no shortage of trends in the fitness equipment space. Visit any gym expo and you’ll see an array of weird and wonderful inventions. Very few catch on and get adopted by the mass market, but some (especially those pushed by the leading manufacturers) do break through to become mainstream.

Internet-enabled equipment is one such trend that looks set to stay. Precor introduced ‘Preva’ networked fitness products over 10 years ago and other big manufacturers quickly followed suit.

The connected fitness and gym equipment market was worth $734.5m in 2022 and is predicted to grow at 31.7% per year, reaching $3.7bn by 2028. It taps into consumer demand for fitness apps and the growth of wearables by seamlessly transferring exercise data from machines to their devices.

We’ve already highlighted functional training as a trending product area with high growth of 47%. It’s popular with personal trainers as it enables them to showcase their added value to clients (in a way that’s more difficult with a piece of cardio for instance). This is helping to drive in-club adoption and may be one reason it regularly features in top 10 fitness trend lists.

Virtual reality training products are also a huge trend. While the gym equipment market is expected to grow at 3.7%, the virtual fitness market is predicted to increase much faster at 8.4% CAGR. This equates to over $6.8bn so it’s a sector that equipment companies need to seriously consider.

Brands like Peloton, Technogym, and Core Health & Fitness (through its acquisition of Wexer) moved quickly, establishing themselves as leaders in the segment. B2B sales of interactive fitness products are expected to see the biggest growth. This presents an opportunity for commercial equipment brands that already have established sales channels and relationships with gyms.

Technology in the fitness industry is constantly evolving, partly driven by manufacturer innovation and partly by customer needs. Renewable energy gym equipment is one area where the market may drive product development in future.

As electricity costs rise rapidly and brands look for ways to operate more sustainably, fitness equipment that feeds the grid (instead of taking from it) may be a growth area. SportsArt is the only mainstream manufacturer to have capitalised on this to date, but there may be opportunities for other equipment brands in the long-term.

Fitness Equipment Industry Analysis

Despite a couple of challenging years, the industry outlook for fitness products is positive with some segments growing at an incredible 30%-50% each year.

The global fitness equipment market was worth $8.9bn in 2022, down from $11.6bn two years prior. Gym closures hit the industry hard as demand dried up and some manufacturers struggled to deliver against orders. However, it’s already rebounded and is expected to continue growing at 3.7% CAGR between 2023 and 2028.

Functional training, connected fitness, and virtual reality segments are all high-growth areas within the market. Longer term, green energy equipment could present an opportunity if the technology allows.

However, as the boutique studio sector grows, there’s a question mark over how equipment manufacturers should adapt. Studios spend a lot less on equipment than traditional clubs which means less revenue for suppliers…

Approximately 30% of studios spend less than $1000 on equipment per year, with 65% spending less than $5000.

– The Association of Fitness Studios –

Accessories account for the majority of their spending, so cardio and strength manufacturers may need to rethink their product offerings or focus their efforts on other sectors.

We’ve previously highlighted trends towards more minimalist fitness too. Bodyweight training, outdoor workouts, and HIIT are just a few of the ACSM’s 2023 trends that don’t require equipment. So, manufacturers will need to continually evolve if they are to encourage demand for their products.

One thing remains clear – the health and fitness market as a whole will continue to grow as global obesity rates and other lifestyle diseases increase.

Fitness Industry Research Report

This is the most comprehensive and up-to-date industry research report available. Unlike others, you get extended access to the 2023 edition, including any updates that are made as new market data becomes available. Ideal for business planning, the report includes;

• Industry growth, revenue & future predictions
• Online & virtual fitness market developments
• Impact of recent global events & estimated recovery timelines
• Number of gyms, members & retention statistics
• Growth markets, segments & audiences including Millennials
• Latest industry trends & how to capitalise on them
• Financial information for the largest club operators globally
• Biggest & fastest growing fitness franchises
• Insights into the personal training & boutique market segments
• Data on fitness product, equipment & wearables markets
• Evidence-based predictions for the future of the industry
• 14-day money-back guarantee, no questions or hassle​

2023 Fitness Industry Report

The most comprehensive and up-to-date report on the fitness industry available. Includes revenue, growth, and future predictions plus much more.

Sources

Global Newswire, PR Newswire, Fortune Business Insights, Imarc.