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 refers to a stationary exercise machine that helps users participate in various cardiovascular workouts, such as running and walking. It consists of a moving platform that has a wide conveyor belt that is powered by a flywheel or an electric motor. Increasing number of people participating in physical activity is one of the key factors bolstering the product’s demand.
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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:
Electric Treadmills Gained Major Traction Owing to Their Innovative Features
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 this exercise machine consists of various innovative features, such as a USB charging port, Wi-Fi & Bluetooth connectivity, and automatic incline and decline. These features can attract tech-savvy fitness enthusiasts.
Residential Segment Dominated Market Due to Rising Popularity of At-Home Workouts
Based on end-user, the market is divided into commercial and residential. The residential segment dominated the global treadmill market share in 2023 as more people are opting for home workouts due to the growing health awareness among homeowners.
Availability of Wide Range of Products Boosted Offline Store Segment Growth
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 market in 2023 as these stores have a wide range of products, helping customers have several options to choose from.
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 Launch of Cutting-Edge Products to Boost Market Expansion
An increasing number of leading market players are launching treadmills with innovative features, such as customized workout programs, heart rate monitoring, and interactive touchscreens. Launching these products can attract customers who want cutting-edge features in their fitness equipment to help them track their progress easily. This factor will positively impact the treadmill market growth.
However, rising risk of injuries due to certain mechanical faults can hamper the product demand.
Regional Insights:
North America Dominated Market Due to Rising Sales of Treadmills
North America dominated the global market share as the region is witnessing a strong growth in the sales of treadmills due to increasing health awareness among the population. Moreover, the governments are launching various health & fitness initiatives to encourage the people to adopt physical activities to improve their wellbeing.
Asia Pacific is also anticipated to record commendable growth during the forecast period due to the rising disposable income of citizens across countries, such as India and China, thereby helping them spend more on their health and fitness.
Competitive Landscape:
Market Leaders to Focus On Strategic Partnerships and New Product Launches to Remain Dominant
Some of the key players operating in this market are focusing on executing a wide range of business growth strategies, such as partnerships and mergers & acquisitions to expand their reach and global presence. They are also launching new products to help them expand their customer base.
Notable Industry Development:
August 2021: Peloton announced the launch of its new treadmill, the Peloton Tread, in Canada, the U.S., and the U.K. The company revealed that its new product came with a 23.8" HD touchscreen and integrated speakers.
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