Who are the main corporate players / products in the treadmill market, and what differentiates their products?
The North American treadmill market is valued at approximately $1.4 billion (40% of the overall fitness equipment industry in the same region). My research suggests the top five players in this market are Life Fitness (18% market share) and Nautilus (11.7% market share), followed by ICON Health & Fitness, Precor, and Johnson Health Tech (financials not disclosed).
A deep dive on these five competitors, including a comparison of their products, differentiators, competitive advantages, and target markets, is available here for your review.
ASSUMPTIONS AND LIMITATIONS
As you'll see in the attached spreadsheet, the primary limitations of this research are:
- Two of the three competitors do not publicly disclose their financials (ICON and Precor);
- One of the three (Johnson) only reports their financials in Mandarin (a language in which this analyst, regrettably, isn't proficient).
- For companies whose market share could be calculated, our most specific and reliable figure was at the North American level, rather than US-only.
Where data were too limited to give a reasonably accurate assessment of market share, I've noted this in your spreadsheet and given as much contextual data as possible (for example, total fitness revenue, total global revenue) to give you some sense of how the company performs.
Further, of the two companies that do report detailed financials in English (Life Fitness and Nautilus), neither reports to a level as granular as treadmills sold in the US. (All companies profiled here are global operations that sell many more products than treadmills alone.) However, based on the data available, we were able to make some assumptions that allowed us to triangulate these companies' share of the total US treadmill market:
- We know that the total North American treadmill market is $1.4 billion.
- General industry research suggests that treadmills tend to comprise around half of cardiovascular fitness equipment sales.
As cardiovascular-specific sales data were available for both Life Fitness and Nautilus, I therefore estimated that we could reasonably assume half of that figure for each company to be treadmill-specific. I then divided that figure by the total North American market value of $1.4 billion to give us market share.
Per your request, I've endeavored to include names of some additional companies that appear to be significant players in the US treadmill market. However, without more rigorous analysis and/or publicly disclosed financials, it is not clear just how significant these players are; I am including them here based on their citations in relevant paywalled market reports. These include:
These and associated companies may be worthy of further analysis in a subsequent research pass.
When reviewing these and other market reports for further companies of interest, please note that many players listed are part of the larger portfolios of the five competitors analyzed here. (For example, Reebok and Nordic Track treadmills are produced and sold by ICON, while Cybex was acquired by Life Fitness.) For this reason, while the market may look quite fragmented and diverse at first glance, the five players profiled here appear to control a fairly significant share.
In summary, research suggests that the top five players in the $1.4 billion US treadmill market are Life Fitness (18% share) and Nautilus (11.7%), followed by ICON Health & Fitness, Precor, and Johnson Health Tech. While a cursory review of the overall market suggests several other US players in this space, available information suggests these may merely be subsidiaries or portfolio-companions of the larger competitors already analyzed.