2023 Treadmill Market Overview: Pricing and Specs

Like treadmills themselves, markets just keep on rolling, and 2023 is bringing an interesting mix for fitness fans indeed. Overall, I’d say the units I’m seeing have shrunken slightly in footprint over years prior, but they continue advancing in terms of artificial intelligence (AI) and all things techy. Unfortunately, most of the brands’ prices are going up along with and some of the warranties are shortening a bit. Globally, the treadmill market was valued at approximately $5.67 billion in 2022 and is expected to hit $6.389 billion by 2029 and certainly some of that growth will be due to increases in price.

The elephant in the room of course is the COVID-19 pandemic. The Washington Post reported that between March and October of 2020, sales of health and fitness equipment more than doubled. Meanwhile, sales of treadmills leapt 135%, stationary bikes tripled, and inventories were thoroughly depleted. The COVID-19 lockdown also snarled supply-chains across the world, particularly those involving Asian countries, and treadmills were hotter commodities than ever before. Now, in 2023, the market has resumed some sense of normalcy and it’s clear the manufacturers are having to adjust to a market which is able to go back to the commercial gyms, but still really likes the luxury of a home workout.

Photo by Xalien / Shutterstock.com

Treadmills Become More Compact

This isn’t necessarily a bad thing at all. Anyone placing a treadmill in their home knows every inch counts. Consider the NordicTrack 2450 as an example. The top-end unit in the NordicTrack lineup advanced its offerings from 2021 to 2022 by increasing that treadmill’s screen from a 14-inch to 22-inch model. And for 2023 that remains, but the treadmill itself has been scaled down from 81″ x 39″ x 59″ down to 78″ x 35.6″ x 65″ (LxWxH). That 3.5-inch drop in width and 3-inch cut in height can make a big difference in your living room. Meanwhile, the unit still supports up to 300 pounds in user weight and sports the same 3.6 CHP motor. But this year’s price is starting at $2,999 over the 2022 price of $2,499.

The Sole F63 is another example of shrinking footprint on the other end of the pricing scale. The 2022 model measured 82″ x 35″ 66″ with a machine weight of 254 pounds and user maximum of 325 pounds. The 2023 model measures 77″ x 35″ x 67″ at 267 pounds with the same user weight maximum.

Treadmills which haven’t been scaled down don’t seem to have been enlarged. It seems clear the industry is responding to the consumers’ desire for space efficiency.

Johnson Fitness’s Midwest Territory Manager, Brad Farrar, has over 20 years of experience in the industry and shared a wealth of knowledge about the Matrix brand. Photo by: Oleksandr Kosheliev / TreadmilReviews.net

Treadmills Become More Connected

Huge leaps continue in the area of connected workouts, with proprietary apps growing their virtual libraries daily. Whether the iFit program, Echelon, the Sole app, the Bowflex JRNY system, or the Horizon brand’s compatibility with multiple apps, these programs advance each day as more trainers contribute their sessions. The iFit program, which is designed to work with that company’s treadmills including NordicTrack, ProForm, and Freemotion, brings automatic trainer control and advanced Bluetooth heartrate training. The app in particular has come along way since being first introduced as iFit Coach years ago.

But unlike the iFit-ready treadmills whose screens don’t accept other programming, treadmills like Bowflex with its JRNY app allow users to stream Netflix, Hulu, or other commercial entertainment options. Irrespective of the app though, 2023 is a year which will see continued development in all things AI. But even lower-priced treadmills which don’t come with screens these days are developing great media racks and tablet-holders for users to bring their own screens. I have yet to find a treadmill app that doesn’t download onto a tablet or phone, and if you’re not interested in locking yourself into a long-term app subscription, this may be the way to go. App like iFit still run about $39 per month, which seems to be the norm, whereas more open-ended systems let you use anything from your own music to movies. It’d be hard to find even a mid-priced treadmill in 2023 that’s not Bluetooth-enabled, and for home fitness fans, keep in mind you can always park the unit in front of a television.

The bottom line is the treadmills are becoming much smarter faster. From your heartrate and nutrition intake to your workout history, live trainers and AI programs alike have more of you at their fingertips than ever before. Diet planning, mindfulness training, and overall health metrics are being wired into your machines now.

Prices Rising

Treadmill prices are rising across the brands this year, but given the rampant inflation sweeping the global markets, that’s not a surprise. The inflation rate was pegged at 4.9% in April of 2023, which while lower than the 6.5% tagged in 2022, and 7% in 2021, remains in stark contrast to the 1.4% in 2020 and 2.1% to 2.3% between 2016 and 2019. Anyone shopping for cars, houses, or even groceries, has noticed the impact of inflation these past years. To my thinking, that’s what’s largely at play here with treadmills as the pricing increases seem in line with all other manufactured goods. Meanwhile, qualified buyers can still score pretty sweet deals by buying direct from the manufacturers.

Membership at commercial fitness centers on the other hand haven’t increased much, and given the hit that industry took during the COVID-19 lockdown, many have ramped up recruitment efforts with deals. Competition among the home fitness manufacturers will certainly be fierce in 2023 as just about everyone who ever wanted a treadmill bought one in 2020. The good news is new graduates come out of schools every year, and old models get replaced. So the expectation of the sector growing steadily through the decade does seem valid, although not as dramatic in nature as in years prior.

Home Fitness Is Here To Stay

It’s not like home fitness was born in 2020, but during the lockdown, the world realized just how convenient it can be. Whether training for a marathon, or simply looking to lose a little weight, home treadmills are status symbol. This year’s models seem tighter, more compact, and better wired with everything from heartrate monitors to Bluetooth speakers. For as low as $649 you can pick up a Horizon T101 or spend up to $3,499 for a NordicTrack X22i. The options continue to grow year after year.

Going forward, I’d expect to see the interactive screens associated with larger treadmills become more dynamic yet, with more AI features involving nutrition and heartrate monitoring. It’s hard to imagine, but personalized fitness and nutrition is just getting started really, and it’s going to be an exciting future for sure.