The global fitness equipment market is recovering from fluctuations, China has become the core manufacturing base, and the home track has become a new engine
The global fitness equipment industry is in a period of volatile growth and structural transformation. From 2016 to 2019, the market size increased from 10.5 billion yuan to 11.7 billion yuan, with a compound annual growth rate of 3.7%; in 2020, it fell by 23% due to the impact of the epidemic, and then steadily recovered as people's awareness of fitness increased. The compound growth rate is expected to reach 5% from 2021 to 2028. Among the categories, aerobic equipment accounts for the largest proportion (57%) and leads the growth rate (3.9%).
In terms of regional structure, Europe and the United States are the main markets, with North America and Europe accounting for 39% and 30% of the world in 2022; Asia-Pacific is rising rapidly, accounting for 26%. The Chinese market continues to expand, rising from less than 30 billion yuan to 70.8 billion yuan in 2013-2023, and about 78 billion yuan in 2024, with a growth rate of 10.2%. Although the fitness population base is large (nearly 70 million gym members in 2023), the coverage rate is only 3%, which is far lower than that in developed countries, and there is huge room for growth.
Global competition is fierce, with international brands such as Aikang, Qiaoshan, Life Fitness, and Technogym dominating the high-end market. China is the world's largest producer, supplying more than 50%, and is mainly OEM/ODM. Relying on its cost advantage, China's export position is stable. In 2023, exports to the United States and Europe will account for 67.92% and 75.03% of its total imports. As global consumption becomes more rational and price sensitivity increases, Chinese companies are expected to continue to expand their share.
The focus of the industry is shifting to the household market. Commercial demand has shrunk, home fitness has become the norm, and household equipment has become a new driver of growth. Chinese companies are upgrading from OEM to branding and intelligence. Driven by both internal and external wheels, the industry has sufficient long-term growth potential.