Treadmill Market Size, Share & Industry Analysis, By Type (Manual Treadmill and Electric Treadmill), By End-User (Residential and Commercial), By Distribution Channel (Offline Stores and Online Stores/E-commerce), and Regional Forecast, 2024-2032

The global treadmill market size was valued at USD 5.47 billion in 2023 and is projected to grow from USD 5.75 billion in 2024 to USD 9.08 billion by 2032, exhibiting a CAGR of 5.88% over the forecast period. North America dominated the Treadmill Market with a market share of 39.31% in 2023.

A treadmill is a stationary cardiovascular exercise machine that allows individuals to walk, jog, and run. It usually features a moving platform with a wide conveyor belt driven either by an electric motor or flywheel. Participation in physical activity worldwide is growing significantly owing to rising health awareness among individuals, thus propelling the market growth. For instance, according to the Sports and Fitness Industry Association (SFIA), a U.S.-based association, the total number of active sports & fitness participants in the U.S. was 242 million in 2023, an increase of 2.2% compared to the previous year. i.e., 236.9 million in 2022. At a macro level, the increased demand for home gym & fitness experiences and rising number of fitness centers have triggered the adoption of home fitness and exercise equipment, including treadmills worldwide.

The growing trend of healthy lifestyle also positively influences the global treadmill market trends. For instance, according to the Health & Fitness Association, a U.S.-based association, in 2022, the U.S. health club, gym, or studio membership reached 68.9 million, with the members falling in the age category of six years and older. This was an increase of 3.7%, and the overall facility users reached 82.7 million, showing an increase of 8.1%. The rising health awareness among individuals has boosted the number of gym memberships and health clubs, triggering the product demand among commercial consumers. For instance, according to the Health & Fitness Association, a U.S.-based association, Life Time, a U.S.-based chain of health clubs, witnessed its memberships increase by 23.8% in Q1 2022.

The COVID-19 pandemic had a positive impact on the market growth in 2020. Governments across countries imposed lockdowns, leading to the closure of gyms, health clubs, and fitness studios. According to the U.S.-based Health & Fitness Association, in 2020, over 300 million Americans did not have access to fitness centers. Furthermore, the lockdown left individuals stuck at home, and the demand for home fitness rose rapidly worldwide. Individuals across the world opted for at-home workouts and gyms to stay healthy and fit, boosting the product demand. According to the U.S.-based Sports & Fitness Industry Association (SFIA), in 2020, there were over 49.8 million end users across the U.S.

Treadmill Market Trends

Increasing Popularity of Smart Products to Augment Market Development

Recently, manufacturers have focused on new designs and features to enhance convenience and comfort for the users. The growing integration of smart features, such as Bluetooth technology and remote access via smartphone, allowing users to stream music, control speed & incline, and view workout videos, will boost the demand of the product among consumers with technological proficiency. Many well-known companies are introducing innovative smart products to increase sales and establish a diversified portfolio. For instance,

In June 2023, DeerRun, a U.S.-based fitness equipment company, introduced its new smart under-desk treadmill - BA02 for women. As per DeerRun, the new product can be remotely controlled by mobile phones, including on/off, speed adjustment, and viewing exercise data.

In September 2020, Horizon Fitness, a U.S.-based fitness equipment company, launched its new range of 2020 Studio Series treadmills, 7.0AT, 7.4AT, and 7.8AT. According to the company, the new range features QuickDial controls and smart Bluetooth technology, allowing users to connect to a variety of workout and fitness apps.

Treadmill Market Growth Factors

Growing Availability of Innovative Products to Fuel Market Growth

The increasing availability of products with various innovative features, including heart rate monitoring, personalized workout plans, interactive touchscreens, and real-time performance tracking, will boost the product demand. Manufacturers are continuously expanding their product lines, offering a wide range of products tailored to various consumer needs and preferences. Several prominent industry participants are launching new products to diversify their product portfolios. For instance,

In September 2022, BowFlex Inc., a U.S.-based health and fitness products company, launched its new BowFlex BXT8J treadmill. According to the company, the new product features a DualTrack LCD display, a 15% motorized incline, 26 built-in workout programs, a Comfort Tech cushioning system, and a wide running belt.

Rising Health Consciousness Among Individuals to Propel Market Growth

The rising health consciousness among individuals and increasing government campaigns promoting the importance of physical activity to improve the overall wellbeing and health is expected to fuel the treadmill market growth. According to the World Health Organization (WHO), a government agency, regular physical activity can help manage and prevent various non-communicable diseases, such as stroke, diabetes, heart disease, and hypertension. Moreover, the rising prevalence of obesity among individuals across countries is increasing the adoption of cardiovascular workouts to lose weight, thus boosting the product demand. According to the WHO, in 2022, over 2.5 billion adults (18 years and older) were overweight, and out of these 890 million were living with obesity.

RESTRAINING FACTORS

Rising Product Recalls and Growing Risk of Injuries to Hinder Market Growth

Treadmills, which are designed for cardiovascular workouts and fitness training, also pose a risk of injury and death. Rising awareness regarding the potential risk of injuries associated with the product usage is one of the factors negatively influencing the product demand worldwide. Recalls of treadmills can hamper the company and damage its brand reputation. Governments across countries have stringent safety standards, and if these are not adhered to or any incident occurs, these bodies can compel companies to recall their products. For instance,

In October 2022, the U.S. Consumer Product Safety Commission (CPSC), a government agency, announced the recall of over 200,000 Horizon T101-05 Treadmills due to at least 874 reports claiming that the product unexpectedly changed speed or stopped, including 71 reports of injury, including bruises and abrasions. According to the agency, the product unexpectedly accelerated, changed speed, or stopped without user input, posing a fall hazard.

In May 2021, the U.S. Consumer Product Safety Commission (CPSC), announced two separate voluntary recalls of Peloton's 125,000+ Tread+ and Tread treadmills, owing to one child death and 70 accidents. According to the agency, the product posed the risk of injury or death to adults, children, and pets as they can be pulled underneath the rear of the product.

Treadmill Market Segmentation Analysis

By Type Analysis

Increasing Availability of Innovative Features Boosted Demand for Electric Treadmill

Based on type, the market is segmented into manual treadmill and electric treadmill. The electric treadmill segment held a major market share in 2023. The wide availability of these products with innovative features, including Bluetooth & Wi-Fi connectivity, a USB charging port, automatic decline & incline, and touchscreen displays will fuel the segment’s growth.

The manual treadmill segment is expected to grow steadily throughout the forecast period. These products are cost-effective compared to the electric versions, making them an attractive option for budget-conscious consumers. Moreover, several market players are launching new products. For instance, in January 2020, BodyEnergy Technology Co., Ltd., a U.S.-based fitness equipment company, launched its new manual range, BodyEnergy Treadmill.

By End-User Analysis

Rising Popularity of Home Workouts Across Countries Fueled Residential Segment Growth

The market is bifurcated into residential and commercial based on end-user. The residential segment held a significant market share in 2023 owing to the rising popularity of home workouts and increasing health awareness among individuals worldwide. Moreover, the growing trends of healthy lifestyle and cardiovascular workouts for fat loss will also drive the segment’s growth.

The commercial segment is expected to grow significantly over the forecast period owing to the rising number of gyms and fitness centers across countries. Moreover, the increasing number of gym and fitness club members seeking cardio machines to stay fit and lose fat will boost the product demand. According to the Health & Fitness Association, a U.S.-based association, in 2022, there were 69.8 million fitness club members in the U.S.

By Distribution Channel Analysis

Increasing Number of Retail Stores Favored Offline Store Segment Expansion

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 owing to wide product availability and rising presence of offline retail stores across countries. Moreover, sales executives' personalized recommendations based on individual preferences and needs will also propel the segment’s growth. Additionally, many reputable companies are introducing new stores to cement their market position. For instance, in March 2024, PowerMax Fitness, an India-based fitness equipment manufacturer, announced to launch over 10 new stores across the country.

In June 2022, PowerMax Fitness, an India-based fitness equipment manufacturer, launched its new store in New Delhi, India. According to the company, the new store offers various products, including home gym machines, treadmills, elliptical trainers, and weight-lifting equipment.

The online stores segment is anticipated to rise substantially during the projected period owing to the availability of doorstep delivery services with free installation, attractive offers & discounts, and rise in online shopping.

REGIONAL INSIGHTS

Geographically, the global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

North America held the major market share in 2023 owing to the increasing number of end-users and rising health consciousness among individuals across the region. Moreover, growing government support for health & fitness and rising investment to develop a fitness infrastructure promoting sports & physical activities to stay fit will boost the segment’s expansion. For instance, in 2022, the Government of Canada invested USD 2 billion in Sports, Physical Activity, and Recreation Center (SPAR) infrastructure.

Asia Pacific is expected to grow significantly throughout the forecast period owing to the rising population and increasing disposable incomes of individuals across countries, including China and India. Moreover, the increasing awareness regarding health and fitness among individuals will boost the product demand across the region. Several key international participants are expanding their business reach in the region. For instance,

Johnson Health Tech, a U.S.-based fitness equipment company, launched its new subsidiary in India by acquiring the fitness division of Cravatex Brands Limited, an India-based retail, brands, and distribution company. According to the company, the acquisition will strengthen its presence in India.

Europe is anticipated to depict considerable growth over the projected timeframe driven by the rising awareness regarding the benefits of regular exercise and maintaining a healthy lifestyle. Moreover, various major industry participants are expanding their retail presence. For instance, in July 2024, Technogym, an Italy-based fitness & leisure equipment company, launched its new retail boutique in Porto Montenegro, Balkans.

Product demand across the South American, Middle Eastern, and African markets is forecasted to witness positive growth in the future. Rising population across the UAE, Saudi Arabia, and South Africa, coupled with increasing participation in physical fitness activities, will fuel the market growth in these regions. According to the Government of South Africa, the country’s population was 68 million in 2022, and according to the General Authority for Statistics (GASTAT), a government agency, Saudi Arabia’s population was 32.17 million in 2022.

KEY INDUSTRY PLAYERS

Established Organizations to Focus on Partnerships to Expand International Reach

The market is characterized as fiercely competitive. Prominent players leverage their strong brand presence and loyalty to stay ahead of the competition. Several key market players also emphasize partnerships to expand their international reach and strengthen brand presence. For instance, in June 2022, Walkolution, a Germany-based fitness equipment company, announced a strategic partnership with Woodway USA Inc., a U.S.-based fitness equipment company. According to the company, the new partnership will include the distribution of Walkolution products by Woodway in North and South America. It will also include the distribution of certain Woodway products by Walkolution in international markets.

List of Top Treadmill Companies:

• 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.)

KEY INDUSTRY DEVELOPMENTS:

• January 2024: Wahoo Fitness, a U.S.-based fitness technology company, launched its new Kickr Run Smart Treadmill in the U.S. As per Wahoo Fitness, the new product features a sensing system, Run Free Mode, allowing users to change pace in a hands-free manner.


• February 2023: Peloton, a U.S.-based fitness equipment company, launched its new treadmill, Pelton Tread, in Australia. According to Peloton, the new product features 14 different fitness options, including running & walking, HIIT, cardio, and strength, with a 23.8" H.D. touchscreen and integrated speakers.


• November 2022: FEIER, a Hong Kong-based fitness equipment company, launched its new Treadmill STAR 100 for home gyms. As per FEIER, the new product features 36 built-in preset programs with a 2.0 HP motor and a strong shock-absorbing running belt.


• September 2022: Reach, an India-based fitness & gym equipment company, launched its new motorized treadmill T-400. According to the company, the new product comes with a 3.5" LCD screen and 12 preset programs offering diverse workout options to users. The new product also has a tablet holder and a cup holder.


• December 2020: BowFlex, a U.S.-based fitness equipment company, launched its new Bowflex treadmills featuring the JRNY digital fitness platform. According to the company, the new product has a built-in H.D. touchscreen, speeds up to 12 mph with Comfort Tech deck cushioning, a USB charging port, a motorized decline/incline, and a SoftDrop folding system.

REPORT COVERAGE

The report analyzes the market in depth and highlights crucial aspects, such as prominent companies, product types, end users, and distribution channels. Besides this, it provides insights into the market trends and highlights significant industry developments. In addition, the report covers various key insights into the market.

Report Scope & Segmentation