Gym and Fitness Equipment Market

Driven by increasing demand for gym and fitness equipment worldwide, the market is forecasted to continue an upward consumption trend over the next eight-year period. Market performance is expected to decelerate, with an anticipated CAGR of +2.7% for the period from 2022 to 2030. The market volume is projected to reach 5.9M tons by the end of 2030, while the market value is forecasted to increase to $33B by the same year. The United States, China, and Pakistan were the top consumers of gym and fitness equipment in 2022, while China dominated production and exports. Import and export prices varied by country, with the United States being amongst the highest priced exporter of gym equipment.

Market Forecast

Driven by increasing demand for gym and fitness equipment worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 5.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $33B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Gym and Fitness Equipment

After six years of growth, consumption of gym and fitness equipment decreased by -18.5% to 4.8M tons in 2022. Overall, consumption, however, saw a strong expansion. As a result, consumption reached the peak volume of 5.9M tons, and then contracted dramatically in the following year.

The global gym and fitness equipment market revenue reduced rapidly to $21.7B in 2022, declining by -17.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a buoyant expansion. As a result, consumption attained the peak level of $26.4B, and then shrank sharply in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.8M tons), the United States (1.2M tons) and Pakistan (201K tons), with a combined 67% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the United States (with a CAGR of +13.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($5.7B), China ($5.2B) and Pakistan ($1.9B) constituted the countries with the highest levels of market value in 2022, with a combined 59% share of the global market.

China, with a CAGR of +12.5%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of gym and fitness equipment per capita consumption was registered in the United States (3.7 kg per person), followed by the UK (1.5 kg per person), Germany (1.5 kg per person) and China (1.2 kg per person), while the world average per capita consumption of gym and fitness equipment was estimated at less than 0.1 kg per person.

In the United States, gym and fitness equipment per capita consumption increased at an average annual rate of +12.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the UK (+1.6% per year) and Germany (+2.3% per year).

Production

World Production of Gym and Fitness Equipment

After five years of growth, production of gym and fitness equipment decreased by -17.9% to 4.8M tons in 2022. In general, production, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 39% against the previous year. Over the period under review, global production attained the peak volume at 5.8M tons in 2021, and then contracted notably in the following year.

In value terms, gym and fitness equipment production expanded markedly to $21B in 2022 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.1% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 28% against the previous year. As a result, production reached the peak level of $22.2B. From 2021 to 2022, global production growth failed to regain momentum.

Production By Country

China (3.6M tons) remains the largest gym and fitness equipment producing country worldwide, comprising approx. 76% of total volume. Moreover, gym and fitness equipment production in China exceeded the figures recorded by the second-largest producer, the United States (423K tons), ninefold. Pakistan (201K tons) ranked third in terms of total production with a 4.2% share.

In China, gym and fitness equipment production expanded at an average annual rate of +6.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+7.7% per year) and Pakistan (+6.2% per year).

Imports

World Imports of Gym and Fitness Equipment

In 2022, purchases abroad of gym and fitness equipment decreased by -45.1% to 2.5M tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 67% against the previous year. As a result, imports reached the peak of 4.5M tons, and then declined significantly in the following year.

In value terms, gym and fitness equipment imports shrank notably to $11.4B in 2022. Overall, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 46%. As a result, imports reached the peak of $18.3B, and then shrank remarkably in the following year.

Imports By Country

In 2022, the United States (862K tons) was the major importer of gym and fitness equipment, creating 35% of total imports. Germany (146K tons) ranks second in terms of the total imports with a 5.9% share, followed by the Netherlands (4.9%) and the UK (4.5%). The following importers - France (80K tons), Spain (78K tons), South Korea (69K tons), Japan (65K tons), Canada (51K tons), Belgium (46K tons), Australia (44K tons), Italy (41K tons) and Poland (41K tons) - together made up 21% of total imports.

Imports into the United States increased at an average annual rate of +13.9% from 2012 to 2022. At the same time, the Netherlands (+15.2%), South Korea (+11.6%), Spain (+10.4%), Poland (+9.2%), Germany (+3.3%), Italy (+2.8%), the UK (+2.7%), Japan (+2.6%) and Canada (+1.6%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +15.2% from 2012-2022. France and Belgium experienced a relatively flat trend pattern. By contrast, Australia (-4.2%) illustrated a downward trend over the same period. The United States (+17 p.p.) and the Netherlands (+2.7 p.p.) significantly strengthened its position in terms of the global imports, while Belgium, the UK, Germany, France and Australia saw its share reduced by -1.8%, -1.9%, -2%, -2.5% and -3.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($3B) constitutes the largest market for imported gym and fitness equipment worldwide, comprising 26% of global imports. The second position in the ranking was held by Germany ($701M), with a 6.1% share of global imports. It was followed by the Netherlands, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +5.2%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+5.6% per year) and the Netherlands (+14.3% per year).

Import Prices By Country

The average gym and fitness equipment import price stood at $4,631 per ton in 2022, picking up by 14% against the previous year. Overall, the import price, however, recorded a mild slump. Over the period under review, average import prices reached the peak figure at $6,016 per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($9,314 per ton), while the United States ($3,430 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+8.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Gym and Fitness Equipment

In 2022, after five years of growth, there was significant decline in overseas shipments of gym and fitness equipment, when their volume decreased by -44.6% to 2.5M tons. Overall, exports, however, showed moderate growth. The growth pace was the most rapid in 2020 when exports increased by 62% against the previous year. The global exports peaked at 4.4M tons in 2021, and then contracted sharply in the following year.

In value terms, gym and fitness equipment exports reduced markedly to $12.3B in 2022. Over the period under review, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2020 when exports increased by 47%. The global exports peaked at $17.9B in 2021, and then fell rapidly in the following year.

Exports By Country

China dominates exports structure, resulting at 1.9M tons, which was approx. 76% of total exports in 2022. The following exporters - the Netherlands (96K tons), Taiwan (Chinese) (80K tons), Spain (46K tons), the United States (39K tons) and Germany (37K tons) - together made up 12% of total exports.

Exports from China increased at an average annual rate of +2.9% from 2012 to 2022. At the same time, Spain (+19.8%) and the Netherlands (+18.9%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +19.8% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.4%) and the United States (-7.6%) illustrated a downward trend over the same period. The Netherlands (+3 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese) and the United States saw its share reduced by -1.8% and -3.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.4B) remains the largest gym and fitness equipment supplier worldwide, comprising 60% of global exports. The second position in the ranking was taken by Taiwan (Chinese) ($828M), with a 6.7% share of global exports. It was followed by the United States, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +6.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+2.8% per year) and the United States (+0.1% per year).

Export Prices By Country

In 2022, the average gym and fitness equipment export price amounted to $5,030 per ton, rising by 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($19,136 per ton), while China ($3,958 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform