The treadmill market size was valued at USD 5.47 billion in 2023 and is expected to be worth USD 5.75 billion in 2024. The market is projected to reach USD 9.08 billion by 2032, recording a CAGR of 5.88% during the forecast period.
A treadmill is a stationary exercise machine that customers use to conduct a wide range of cardiovascular workouts, such as walking and running. It has a moving platform along with a conveyor belt that uses an electric motor or a flywheel to run. Growing awareness regarding the benefits of having optimum physical health will fuel the sales of this product.
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LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Peloton Interactive Inc. (U.S.)
- NordicTrack (U.S.)
- LifeSpan Europe (Netherlands)
- BowFlex (U.S.)
- SHUA (China)
- Horizon Fitness (U.S.)
- WNQ (China)
- ProForm (U.S.)
- True Fitness (U.S.)
- Life Fitness (U.S.)
Segmentation:
Inclusion of Cutting-Edge Features in Electric Treadmills Bolstered Their Sales
Based on type, the market is segmented into electric treadmill and manual treadmill. The electric treadmill segment held a major market share in 2023 as manufacturers are incorporating a wide range of smart features, such as touchscreen displays, automatic incline & decline, USB charging port, and Bluetooth & Wi-Fi connectivity. These features can boost the sales of these treadmills.
Increasing Adoption of Healthy Lifestyle Spurred Product Adoption by Residential Space Owners
Based on end user, the market is divided into commercial and residential. The residential segment captured the largest market share in 2023 as an increasing number of homeowners are seeking ways to lead a healthier lifestyle by incorporating more physical activity.
Personalized Recommendations by Salespersons Propelled Product Sales Across Offline Stores
Based on distribution channel, the market is divided into offline stores and online stores/e-commerce distribution channels. The offline stores segment dominated the global treadmill market share in 2023 as salespersons at these stores usually offer personalized recommendations to suit their customers’ workout needs.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading distribution channels, end users, types, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Focus On Health & Fitness to Fuel Product Demand
Individuals across the world are focusing on improving their overall health and wellbeing as they have become more aware of the harmful effects of leading a sedentary lifestyle. This factor has catalyzed the sales of both electric and manual treadmills to help customers manage their weight effectively by engaging in cardiovascular workouts.
However, mass product recalls by manufacturers and regulatory authorities can restrain the treadmill market growth.
Regional Insights:
North America Led Market Due to Increasing Govt. Support for Health and Wellness
North America led the global market growth as governments across the region are promoting health and wellness by launching a wide range of campaigns. They are also funding various projects that focus on strengthening the region’s sports & fitness infrastructure, thereby fueling the market’s growth.
Europe is also predicted to show remarkable growth due to the increasing adoption of various workout programs and the desire to lead a healthier lifestyle.
Competitive Landscape:
Market Players to Partner With Other Companies to Strengthen Business Operations
Some of the key market players are engaging in partnerships and collaborations with other manufacturers to fortify their business operations. They are also introducing products equipped with smart features to expand their product range and customer base. These decisions will help them maintain their dominance in the market.
Notable Industry Development:
March 2021: Body Energy Technology, an American manufacturer of fitness equipment, announced the launch of its new treadmill, BodyEnergy. As per the company, the new product will help users engage in full-body workouts without the risk of sustaining any severe injuries.
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