As we’ve shared in previous shareholder letters, international expansion is one of the key pillars in our growth strategy. In 2024, we made great strides to increase our footprint outside of the US, establishing a presence in countries such as Germany, France, Saudi Arabia, Indonesia and the United Arab Emirates.
However, we thought it important to provide some context about one market in particular: Germany.
Germany is home to one of the largest and fastest-growing fitness industries in the world, second only to the US. Let’s take a look:
- As a whole, the German fitness market is expected to be worth an estimated 6.5B euros – or nearly $6.8B USD – by 2027.
- In 2022, Germany had 10.3M fitness and health club members, as compared to some other European countries, such as Spain and France, which have less than half of that at 5.4M and 4.7M, respectively.
- Looking at just equipment alone, this niche sector is growing at a 6.8% CAGR to an expected $581M by 2030, up from $315.66M in 2022.
This last point is important to note given two milestones we achieved last year. We secured compliance to sell in the EU, which in turn allows us to more easily meet demand from customers in the region.
There are several contributing factors to Germany’s growing fitness market. Consumers are becoming much more health conscious, and they have disposable income that they can dedicate to activities that support their wellness journey. In addition, advancements in technology – including digital, personalized training programs – are increasing engagement.
At TRNR, we find ourselves comfortably at this intersection, offering not only the equipment people need to stay healthy and get fit, but customized training platforms that cater to their personal goals as we continue building the leading suite of specialty fitness solutions.
We’ve got our eye on broadening our global reach even more in 2025, so stay tuned for more exciting announcements and market commentary.