Global Cardio Equipment Market Outlook, 2031

Cardio equipment includes machines designed to raise heart rate and improve aerobic fitness, such as treadmills, stationary and indoor cycling bikes, elliptical trainers, rowing machines, stair climbers, vertical climbers, arc trainers and upper-body ergometers. Products are used in homes, commercial gyms, hotels, corporate wellness centres, universities, rehabilitation clinics and sports training facilities, and they range from foldable budget treadmills to heavy-duty commercial machines with large touchscreens, heart rate sensors, adjustable inclines and connected workout libraries. Modern equipment often connects to apps, streaming classes, virtual routes and performance tracking, and some models use magnetic or air resistance, belt-driven motors and regenerative power generation. Participants include Life Fitness, Technogym, Johnson Health Tech (Matrix, Horizon, BowFlex), Peloton and its Precor brand, iFIT (NordicTrack, ProForm), Nautilus legacy brands, Cybex, Concept2, WaterRower, Hydrow, Echelon, Wattbike, Kettler, Octane Fitness, Star Trac and a large number of Chinese manufacturers such as Shuhua and Yijian. Competition is based on durability, biomechanics, content and software, service networks and price. Most machines are assembled in Asia, while some premium and commercial brands retain manufacturing in Europe and North America, so supply chain location affects pricing and lead times.

The market expanded sharply during 2022 and 2023, when gym closures and the World Health Organization's pandemic declaration in March 2020 pushed households to buy home equipment, then normalised as gyms reopened and consumers rebalanced spending. Several connected fitness companies faced difficulties, as shown by Peloton's cost reductions after its 2021 treadmill recall and the Chapter 11 filing of BowFlex in March 2024, followed by the purchase of the brand by Johnson Health Tech. At the same time, commercial demand recovered through gyms, hotels and corporate programmes, and interest in cardiovascular health, longevity and low-impact training remained strong. Through 2031, the key variables include gym membership trends, the strength of subscription content, tariffs and freight costs, interest rates that influence home equipment purchases, product safety rules, refurbished and rental models, and the integration of artificial intelligence coaching. Equipment makers that combine reliable hardware, attractive software and strong service are expected to hold advantages, while low-cost imports and used machines pressure prices. Service contracts, software updates and financing options will increasingly shape buying decisions for commercial customers.

Drivers •Rising Health Awareness and Prevention of Cardiovascular Disease Public health bodies recommend regular aerobic activity, and the World Health Organization's 2020 guidelines advise adults to do at least 150 to 300 minutes of moderate activity per week. Awareness of heart disease, obesity, diabetes and mental health benefits supports use of treadmills, bikes and rowers. Ageing populations favour low-impact machines such as elliptical trainers and recumbent bikes, and doctors, insurers and employers increasingly encourage activity through wellness benefits. Corporate wellness plans add to demand.

•Connected Fitness, Home Workouts and Commercial Gym Growth Streaming classes, virtual routes, gamified rides and performance tracking make cardio machines more engaging and give manufacturers recurring subscription revenue. Home workouts remain popular because of convenience, privacy and space-saving designs, and commercial gyms, boutique studios, hotels and corporate facilities continue to invest in new equipment. Low-cost and mid-price gyms in Asia, Latin America and the Middle East add demand, as do renovation cycles that replace older machines every five to eight years.

Challenges •Post-Pandemic Normalisation, High Prices and Subscription Fatigue After the surge of 2020 and 2021, demand for home machines fell as consumers returned to gyms and inventories were high, leading to discounts, restructuring and bankruptcies. Connected machines are expensive, and monthly subscriptions can deter buyers who feel they pay twice. Interest rate rises, inflation and weaker housing activity also slowed purchases of large items, while the need for space and storage limits home adoption in small apartments. Margins remain under pressure.



•Safety, Maintenance, Tariffs and Competition from Used and Low-Cost Machines Heavy moving machines can cause injuries, and product recalls such as the 2021 recall of a high-profile treadmill model show the risk of regulatory action and reputational damage. Safety standards such as the ISO 20957 series for stationary training equipment add compliance cost. Tariffs, freight and component costs affect margins because most machines are made in Asia, and low-cost imports and used equipment pressure prices. Commercial buyers require service networks and spare parts, which are costly for new entrants to build.

Trends •Artificial Intelligence Coaching, Content Partnerships and Smart Integration Machines use sensors and software to adjust incline, speed and resistance automatically, recommend workouts and track heart rate variability. Partnerships with streaming services, health apps and wearable makers allow users to sync data and join classes, and several companies offer instructor-led content on third-party equipment. Commercial gyms use connected equipment to monitor usage, schedule maintenance and offer personalised member experiences, while open software platforms let owners add entertainment and training options. Gyms are adopting such tools widely.

•Low-Impact, Compact and Sustainable Equipment Designs Growth is strong in foldable treadmills, walking pads under desks, compact bikes, rowers that stand upright and machines with self-powered generators that cut electricity use. Rowing and vertical climbing are increasing because they offer full-body workouts, and walking and incline training are popular for low-impact cardio. Brands are exploring recycled materials, longer warranties, repair programmes, refurbished equipment sales and rental or leasing schemes aimed at reducing cost and waste. Compact machines suit city homes.

Treadmills lead because walking and running are the most familiar forms of cardio in both homes and gyms, while rowing machines and compact walking pads grow fastest as buyers seek full-body and space-saving workouts. Treadmills are the largest equipment type because walking and running are simple and universally understood, machines serve beginners and experts and are standard in nearly every gym and in many homes. Models range from foldable walking pads to commercial machines with large screens, motorised incline and cushioned decks. Stationary and indoor cycling bikes are the second major group, including upright, recumbent and spin bikes, offering low-impact training, quiet operation, and strong appeal for connected classes, with a wide price range. Elliptical trainers and cross-trainers provide a low-impact, full-body workout that suits older users and people with joint problems, but are less popular in new home purchases than before. Rowing machines are the fastest growing because they exercise most major muscles, fit into compact spaces when stored upright, and have gained from connected content and community. Stair climbers and other equipment, such as vertical climbers, arc trainers and ergometers, serve gyms and rehabilitation. Through 2031, rowers, compact treadmills and walking pads are expected to grow fastest, while treadmills and bikes remain the largest groups by revenue, and commercial buyers invest in more varied equipment mixes to keep members interested. Commercial buyers also weigh energy use and maintenance cost.

Non-connected machines lead in volume because they are lower priced and widely used, while connected and smart machines grow fastest through streaming content, performance tracking and integration with wearables in daily use. Non-connected machines, including manual and basic electronic treadmills, bikes and ellipticals with simple consoles, still account for the largest unit volume because they are affordable, reliable, easy to use and sold widely through retailers and online platforms. Commercial gyms also use many standard machines when members prefer personal entertainment on their own devices. Connected and smart machines include touchscreens, streaming classes, virtual routes, automatic resistance, performance tracking and integration with phone apps and wearables, and are the fastest growing in value because they raise engagement and enable subscription revenue, although they are more expensive and may require ongoing fees. Self-powered and generator-assisted machines, such as curved manual treadmills, air bikes and bikes or ellipticals that generate their own electricity, are popular in boutique gyms and for high-intensity training because they require no power supply and reduce energy costs. Through 2031, connected machines are expected to gain share, particularly in commercial settings and premium homes, while basic equipment remains important for price-sensitive buyers, and open platforms that allow members to use third-party apps and entertainment are expected to become increasingly common. Software updates and content licensing costs will influence how buyers value connected features over the life of a machine and the total cost of ownership.

Commercial gyms and fitness clubs lead by value because they buy durable, high-use machines in large quantities, while residential and healthcare use grow fastest through home exercise and preventive health programmes. Commercial gyms and fitness clubs are the largest end users by value because they require heavy-duty machines that withstand many hours of daily use, and they refresh equipment on regular cycles. Large chains purchase in bulk, often with service and financing contracts, and demand follows membership growth and new club openings, particularly in budget and boutique formats. Residential demand is the fastest growing in many regions, driven by the convenience of home workouts, smaller and quieter machines, and connected content, though it is more cyclical and sensitive to economic conditions. Hotels, corporate and institutional buyers, including universities, hospitals, offices, military bases and residential buildings, install cardio areas as amenities, and purchases are tied to hospitality construction and employee wellness programmes. Healthcare and rehabilitation users, including physical therapy clinics and cardiac rehabilitation centres, require specialised machines with safe access, low-impact designs and monitoring, and demand grows with ageing populations and emphasis on preventive care. Through 2031, residential and healthcare applications are expected to grow fastest, while commercial gyms remain the main source of revenue, and leasing, service and software contracts are likely to become more important to equipment suppliers. Financing and leasing options help gyms and hotels refresh equipment without large upfront spending.

Specialty fitness stores and direct commercial sales lead because buyers value demonstration, delivery and service, while online and direct-to-consumer channels grow fastest as brands sell connected machines with subscriptions across regions. Specialty fitness stores and direct commercial sales are the largest channel because treadmills, bikes and rowers are large, expensive purchases for which buyers like to test machines, receive delivery and installation, and have access to service. Commercial gyms and institutions buy through direct sales teams or dealers who provide design, financing and maintenance. Online retail and direct-to-consumer channels are the fastest growing because brands can sell connected machines with subscriptions, offer virtual demonstrations, and provide home delivery, and marketplaces give budget buyers many choices, although shipping heavy machines raises cost and returns are complicated. Sporting goods and department stores offer mid-range machines and promotions, and are important for holiday and new-year sales, with limited floor space for large products. Rental and refurbished channels, including leasing programmes and certified used equipment, are growing as price-conscious buyers and small gyms look for lower-cost options and as brands seek to reduce waste and recapture value. Through 2031, direct-to-consumer and refurbished channels are expected to expand, while specialty dealers remain central for premium and commercial sales, and installation, warranty and service quality become critical differentiators. Spare parts availability and fast technician response are also major factors in commercial purchasing decisions across all regions.

North America leads cardio equipment through high fitness participation, large commercial gym networks and strong connected fitness brands, while Europe adds premium manufacturers, Asia-Pacific drives volume and growth, and other regions expand through gym openings and hospitality. North America is the largest region because of high gym membership, strong home fitness culture and the presence of leading brands such as Life Fitness, Peloton, Precor, iFIT, Johnson Health Tech, Concept2 and Hydrow. The pandemic produced a spike in home purchases, followed by correction, discounting and restructuring in 2022 and 2023, including the Chapter 11 filing of BowFlex in March 2024 and the sale of the brand to Johnson Health Tech. Peloton's 2021 treadmill recall, after reports of injuries and a child's death, led to a stronger focus on safety. Commercial demand has recovered as gym chains, hotels, universities and corporate wellness programmes invest, and the Consumer Product Safety Commission oversees product safety. Tariffs on imports from China and other Asian countries raised prices and encouraged some brands to move production. Interest in walking pads, rowers, low-impact training and longevity has grown. Canada has similar demand, and Mexico is growing through budget gym chains. By 2031, growth is expected from commercial refurbishment, connected platforms, compact machines and healthcare use. Competition from low-cost direct-to-consumer brands keeps pricing under pressure, particularly during seasonal sales periods. Service networks matter greatly.

Europe is a large, premium-oriented region with established manufacturers and a strong gym industry. Technogym in Italy, Kettler and Wattbike in Germany and the United Kingdom, Life Fitness, Matrix and Johnson Health Tech have strong positions, while European fitness chains such as Basic-Fit, PureGym and McFit run large networks of low-cost clubs. Regulation is influenced by European standards, including the ISO 20957 series for stationary training equipment, and by product safety and electrical rules, as well as energy and sustainability requirements such as the Ecodesign for Sustainable Products Regulation of 2024. Ageing populations in Germany, Italy and Spain support demand for low-impact cardio and rehabilitation equipment, and health systems encourage physical activity. Home fitness remains important but has normalised after the pandemic. Design and noise levels matter in apartments, so compact and quiet machines are popular. Energy-saving, self-powered equipment is appealing amid high electricity prices. By 2031, growth is expected from budget gym expansion, premium and hotel fitness, refurbishment, and connected services, along with rental and refurbished offerings. Low-cost gym chains continue to expand, supporting commercial equipment orders and replacement cycles through the forecast period.

Asia-Pacific is the largest manufacturing base and the fastest growing market because of rising incomes, urbanisation, a growing middle class and increasing health awareness. China produces most of the world's cardio machines and has a large domestic market, with companies such as Shuhua and Yijian, and growing home fitness adoption through online platforms and short-video fitness content. Japan and South Korea have mature fitness markets with an ageing population and strong demand for compact equipment and rehabilitation. India is expanding quickly through new gyms, rising incomes and online fitness platforms, though price sensitivity favours basic machines. Australia and New Zealand have high fitness participation and strong sales through specialist stores. Southeast Asian countries such as Thailand, Vietnam, Indonesia and Singapore are seeing growth in premium gyms and hotel fitness centres. Local manufacturers compete on price and increasingly on technology, and some are moving into connected platforms. Barriers include low-cost competition and counterfeits. By 2031, the region is expected to account for the largest additional demand and to expand exports. Local brands are adding smart features, improving quality and expanding exports to compete with established global suppliers.

Latin America is a developing region where cardio equipment demand is driven by growing gym chains, rising interest in fitness and urban middle-class spending. Brazil is the largest market, with a large gym sector, a strong fitness culture and local manufacturers, such as Movement and Athletic, alongside imported premium brands, and Mexico has budget gym chains that are expanding quickly. Argentina, Chile and Colombia have growing fitness industries, and Peru is emerging. Hospitality and residential developments often include fitness rooms. Home fitness remains less developed than in North America because of price and space limits, so basic treadmills and bikes from Asian suppliers dominate. Barriers include currency volatility, import duties, high interest rates and limited financing, and service networks for imported equipment can be weak. Distributors and local assemblers play important roles. Online sales and instalment payments are becoming common. By 2031, growth is expected from gym expansion, hotel and condominium fitness areas, a gradual rise in home purchases and local production for cost control. Distributors with strong after-sales service have a clear advantage in winning gym and hotel contracts across the region. Financing is a key factor.

The Middle East and Africa are growing markets, with demand concentrated in the Gulf and a few large cities. Saudi Arabia and the United Arab Emirates are investing in sports, health and wellness as part of national strategies, and women's fitness participation has increased, supporting new gyms, studios and hotel facilities. Luxury residential projects and hospitality properties often include cardio equipment, and premium brands such as Technogym and Life Fitness are well established in the region. Government programmes promoting physical activity and reducing obesity and diabetes also support demand. Turkey and Egypt have growing fitness industries and some local manufacturing. In Africa, South Africa has the most developed market with commercial gyms and retail, and Nigeria and Kenya are emerging through urban middle-class growth. Barriers include limited purchasing power outside the Gulf, import duties, hot climates that affect outdoor exercise but also encourage indoor gyms, and shortage of service networks. By 2031, growth is expected from Gulf wellness investment, new gym formats, hotel and residential developments and gradual adoption in African cities. Public health campaigns are also encouraging more people to join gyms and exercise regularly.

April 2024 – Johnson Health Tech acquires BowFlex brand: The purchase followed BowFlex's Chapter 11 filing in March 2024 and moved the home fitness brand to a major equipment manufacturer.

March 2024 – BowFlex files for Chapter 11 protection: The company cited weak demand after the pandemic surge and high inventory, reflecting stress in the home cardio segment.

May 2021 – Peloton recalls Tread+ treadmills: The recall, announced with the US Consumer Product Safety Commission after injuries and a child's death, increased focus on safety in home treadmills.

December 2020 – Apple launches Fitness+: The streaming workout service widened competition in digital fitness content and promoted use of wearables with exercise equipment.

November 2020 – WHO issues updated physical activity guidelines: The guidelines recommend 150 to 300 minutes of moderate aerobic activity per week for adults, supporting use of cardio equipment.

March 2020 – WHO declares COVID-19 a pandemic: Gym closures triggered a surge in demand for home cardio machines that later normalised as clubs reopened.


Considered in this report
• Historic Year: 2020
• Base Year: 2025
• Estimated Year: 2026
• Forecast Year: 2031

Aspects covered in this report
• Global Cardio Equipment Market with its segments and regional outlook
• Various drivers and challenges
• Ongoing trends and developments
• Key developments and regulatory milestones

By Equipment Type
• •Treadmills
• •Stationary and indoor cycling bikes
• •Elliptical trainers and cross-trainers
• •Rowing machines
• •Stair climbers and other equipment

By Technology
• •Non-connected (manual and basic electronic)
• •Connected and smart machines
• •Self-powered and generator-assisted machines

By End User
• •Residential
• •Commercial gyms and fitness clubs
• •Hotels, corporate and institutional
• •Healthcare and rehabilitation

By Distribution Channel
• •Specialty fitness stores and direct commercial sales
• •Online retail and direct-to-consumer
• •Sporting goods and department stores
• •Rental and refurbished channels