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| Fitness Treadmills Market |
The Fitness Treadmills Market is estimated to be valued at US$ 3.76 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fitness treadmills are powered machines commonly used for walking or running
while staying in the same place. They are compact in size and can be easily
fitted in homes, gyms, and health centers. Treadmills allow controlled exercise
and come with adjustable incline levels and speed controls to suit individual
fitness needs. They aid in burning calories effectively and improving
cardiovascular health.
Market key trends:
One of the major trends driving the growth of the fitness treadmills market is
increasing health awareness among individuals. Rising cases of lifestyle
diseases and obesity have prompted people to focus on regular exercise and
fitness training. Treadmills provide a convenient way to exercise indoors while
enjoying entertainment through integrated consoles. Manufacturers are also
introducing advanced features such as touchscreens, music players, sensors, and
live workout videos to make treadmill workouts more engaging. Furthermore,
compact designs and affordable prices have increased adoption of treadmills for
home use over the forecast period.
Porter’s Analysis
Threat of new entrants: Low-cost capital requirements and brand identity help
incumbent players maintain dominance. Investment required to attain economies
of scale is high, deterring new players.
Bargaining power of buyers: Buyers have high bargaining power due to
availability of numerous substitute products and low switching costs. Buyers
can negotiate on price and demand value-added services like installation and
maintenance.
Bargaining power of suppliers: Few large multinational companies control key
components supply. Suppliers possess moderate bargaining power over price
setting and supply contracts.
Threat of new substitutes: Alternatives like treadmills for indoor cycling,
elliptical machines pose potential threat. However, treadmills offer
comprehensive cardio and burning more calories.
Competitive rivalry: Intense competition exists among key players focusing on
R&D, product innovation, quality and building brand image.
SWOT Analysis
Strengths: Growing health awareness. Portability and ability to perform
high-intensity workouts. Tracking of metrics like speed, time, distance,
calories burnt.
Weaknesses: High initial costs. Require regular maintenance. Technologies make
machines complex to use for novice users.
Opportunities: Emerging economies with increasing incomes and health
consciousness. Innovations like virtual reality and artificial
intelligenceIntegration.
Threats: Slow macroeconomic conditions hampering discretionary spend. Rising
raw material costs squeezing margins. Intense competitive landscape.
Key Takeaways
The global Fitness
Treadmills Market Growth is expected to witness high growth, exhibiting
CAGR of 7.4% over the forecast
period, due to increasing health consciousness among consumers globally. Rising
obesity levels and initiatives by governments and international organizations
to promote healthy lifestyle will remain key growth drivers.
Regionally, North America dominated the fitness treadmills market in 2023 with
over 35% market share. However, Asia Pacific is expected to witness fastest
growth, exhibiting a CAGR of around 9% during the forecast period. Increasing
levels of income, rapidly growing middle class and rising focus towards fitness
in countries like China and India will support growth of treadmills market in
Asia Pacific region.
Key players operating in the Fitness Treadmills market are Johnson Health Tech,
ICON Health & Fitness, Technogym, Precor, Nautilus, Cybex, True Fitness,
Amer Sports, Sole Fitness and Life Fitness. Major players are focusing on
product innovation, development of sustainable and efficient products and
utilizing new technologies to gain competitive advantage.
Read More,
https://www.newsstatix.com/fitness-treadmills-market-trends-size-and-share-analysis/
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