Fitness Treadmills Market Driven by Rising Health Consciousness
Fitness treadmills are home exercise equipment that allows people to walk or run while staying indoors. These motorized machines come equipped with adjustable speeds and gradients to offer customized workouts for target heart rate training and weight loss. Some advanced treadmill models also feature built-in displays with streaming content and workout programs. Increasing awareness about preventive healthcare and busy lifestyles have led to huge demand for compact and versatile fitness solutions like treadmills that people can use while watching TV or listening to music at home.
The global Fitness Treadmills Market is estimated to be valued at US$ 3.76 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Manufacturers are focusing on incorporating innovations like built-in tablets, wifi connectivity, touchscreen displays, streaming apps, and fitness tracking capabilities to offer immersive user experience. These connected treadmills allow people to stream live and on-demand workout classes from popular fitness apps directly on the machine display and monitor calories burned, pace, distance covered, and heart rate during exercising.
Porter's Analysis
Threat of new entrants: Low- Moderate threat as the fitness treadmills market is dominated by few established players and requires high initial investment.
Bargaining power of buyers: Moderate- Buyers have moderate to low bargaining power as there are few alternatives and brand loyalty.
Bargaining power of suppliers: Moderate - Major suppliers include raw material suppliers and component manufacturers. Switching cost is low for suppliers.
Threat of new substitutes: Moderate- Alternate cardio equipment like elliptical machines pose minimal threat.
Competitive rivalry: High- Intense competition among key global players to gain market share through product innovation.
Key Takeaways
The Global Fitness Treadmills Market Size is expected to witness high growth.
Regional analysis: North America dominates the fitness treadmills market currently due to higher health consciousness. Europe is the second largest market growing at a significant rate.
Key players operating in the fitness treadmills market are Nestlé, Nutricia, Unilever, Bionova, BASF SE, Abbott, Arkopharma Laboratories, GSK plc., ADM (Archer Daniels Midland Company), DuPont, Kellogg's Company, Arla Foods amba, DSM, Quantum Naturals Ltd., Adcock Ingram, Ascendis Health Limited, iNova Pharmaceuticals, Vital Health Foods, Jamjoom Pharma, Creso Pharma, and ConnOils LLC.
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