The exercise and fitness equipment industry is growing rapidly with the rising interest in personalized fitness and increasing rates of obesity, cardiovascular conditions, and other chronic diseases. These and other factors contribute to an expanding market, offering equipment companies the potential for record revenue in 2024.
Taking advantage of this growth requires companies and organizations to understand trends and make decisions accordingly. This article from United Consumer Financial Services explores exercise and fitness equipment industry trends in 2024 and how your business can respond to serve more customers and increase sales starting now.
Make the Most of Market Growth
According to a recent study, the exercise and fitness equipment market size surpassed $13.5 billion in 2022 and is projected to exceed $18.2 billion by 2029. This article highlights three major industry trends to help your company capitalize on this significant market growth and how it can position your company for growth to provide more customers with exercise and fitness equipment they need and want.
Higher Rates of Obesity, Diabetes, and Physical Inactivity
A large segment of the exercise and fitness equipment market is for weight loss and aerobic exercise. Over the last few decades, studies have tracked an alarming rise in physical inactivity in the U.S. The Centers for Disease Control (CDC) reports that 1 in 2 adults get less aerobic exercise than they need, while 77% of high schoolers lack sufficient physical activity. In addition to these statistics, the CDC also reports that 1 in 3 adults in the U.S. have prediabetes and that the number of states with high rates of adult obesity more than doubled from 2018-2022. These statistics demonstrate an increased need for exercise and fitness equipment.
As these health issues continue to increase, the exercise and fitness equipment industry must grow to meet those needs. Healthcare facilities, hotels, schools, public gyms, and private home gyms will all contribute to the demand for more equipment as more Americans seek exercise and fitness equipment to address chronic health issues. Due to these prevailing health concerns, equipment designed for cardio and fat-burning exercises will likely gain popularity. In contrast, equipment types that maximize comfort and minimize the impact on customers’ joints may witness even better sales. These realities show that the market for your company’s equipment is strong, and your company can be a vital part of the solution to reversing, resolving, and even preventing these health issues.
Increased Demand for At-Home Equipment
Although the COVID-19 pandemic temporarily restricted or halted the use of gyms and fitness centers, the commercial fitness equipment market resurged in 2021 as businesses returned to normal operations. The retail market has continued to grow over the last two years; however, the residential market shows even more promise as the fastest-growing market sector today. A recent study found that the at-home fitness equipment market reached $4.8 billion in 2022, and that number is projected to nearly double by 2030.
The demand for at-home virtual workouts has become a post-pandemic fixture in the exercise and fitness landscape. People want to choose their own curated workout experience without leaving the comfort of their homes. Between exercise equipment manufacturer virtual tours, such as NordicTrack, Peloton and even world-wide travel virtual walking tours, as well as YouTube weight training and exercise equipment session, consumers have many options to work out at home while being with others. This means customers are looking for equipment that enables them to have an at-home gym experience with options to participate in virtual fitness classes or communities. Companies that market equipment with built-in fitness communities have been highly successful in recent years.
The ability to personalize fitness routines and the desire for easy access to equipment have driven growth in the residential market. Many individuals and families are looking for ways to maximize time, cut memberships, and care for their health on their terms – at times that suit their busy schedules. That often means people are willing to invest in at-home exercise equipment, the most popular of which include rowing machines, ellipticals, treadmills, stationary bikes, and strength-training equipment. Marketing to this expanding at-home market will enable your equipment company to capitalize on this significant segment of industry growth.
More Need for Consumer Financing Options
Increasing interest in at-home equipment means now is the time to offer your customers flexible financing options. Few residential customers can pay upfront for exercise and fitness equipment, much less equipment to outfit a home gym. That is why individuals and families who want your equipment also want financing solutions to make their exercise and fitness goals more affordable and accessible.
Offering monthly payment plans draws more customers to your company. It boosts customer satisfaction as customers can immediately receive the equipment they need while paying for it over time in affordable monthly installments.
Consumer financing restores purchasing power to your customers, enabling them to get the equipment they need and choose upgrades and replacements with affordable payment options. Providing your customers with consumer financing does not have to be complicated. Financing firms like United Consumer Financial Services offer companies like yours simple, trusted financing solutions with U.S.-based customer support and user-friendly online credit application and payment processes. Contact the team at United Consumer Financial Services to learn how your exercise and fitness equipment company can start consumer financing today.
Position Your Company for Success
The exercise and fitness equipment market is experiencing record growth. By staying current on customer trends, your company can position itself to increase its customer base and maximize revenue.
With decades of financing experience, the United Consumer Financial Services team is here to help your company meet the demands of an expanding market by offering the financing solutions and customer support your company needs. Contact your United Consumer Financial Services team today to learn more.