Peloton announced Tuesday it will release the Tread Flex, its first foldable treadmill priced at $2,195, marking the company’s cheapest treadmill to date. The fitness equipment maker hopes the space-saving device will attract new customers living in apartments or smaller homes, as it battles to reverse years of declining sales and restore investor confidence. The machine contracts to roughly half its original size when stowed, addressing floor-space concerns that have prevented many potential buyers from purchasing bulky exercise equipment.

The launch forms part of a complete refresh of Peloton’s treadmill lineup, which now includes three models set to go on sale October 1. The $3,495 Tread Vision replaces the Cross Training Tread at a $200 higher price point, featuring new cushioning, a movement-tracking camera for post-run feedback, a swiveling screen, a fan, and Sonos connectivity. The high-end $6,695 Tread+ Vision maintains its previous price while adding a “sled mode” offering up to 300 pounds of resistance for strength training and a slat-belt deck promising more bounce.

CEO Peter Stern faces the massive task of transforming the beleaguered company, which once thrived during the pandemic era but has since watched sales slump dramatically. Peloton’s stock has fallen 42% since it last unveiled new products in October 2025, equipment that ultimately failed to lure back shoppers and prompted another round of layoffs at the beginning of the year. The company’s shares have declined 20% this year alone, reflecting continued investor skepticism about the turnaround strategy.

Strategic Shift Targets Multibillion-Dollar Treadmill Market

While Peloton remains best known for its stationary bikes, Stern emphasized in a press release that doubling down on treadmills “will allow us to connect with a much wider audience” and help the company “win the multibillion-dollar at-home treadmill market.” The strategic pivot reflects changing consumer preferences and market dynamics that favor running over cycling. The at-home treadmill market for North America is forecast to grow 40% into a $5.6 billion category by 2030, while stationary bikes are expected to grow at a much slower pace.

Joe Vennare, CEO and cofounder of health newsletter Fitt Insider, explained that Peloton, which helped create the connected fitness industry, “overestimated how permanently pandemic-era behavior would shift toward at-home exercise.” Running and walking have grown since the pandemic because they’re inexpensive and bring people together through clubs, he noted. The fitness landscape is evolving toward more sustainable and habitual routines rather than overly choreographed or intense workouts, with spinning classes having “clearly lost momentum” as consumers seek community, convenience, measurable progress, and better health outcomes offered by strength training and running.

The company designed the Tread Flex with noise considerations in mind, claiming the machine will run relatively quietly with noise peaking at 70 decibels when running at its maximum speed of 12.5 miles per hour. Peloton believes this feature will prove important to people living in apartments and cramped spaces who want to avoid disturbing household members and neighbors. Both new Vision models include larger cup holders, addressing a common request from existing Tread customers.

Miley Campaign Marks New Marketing Direction

Peloton launched a marketing campaign featuring singer Miley titled “Let Yourself Run” to promote the new treadmill range across the United States and Canada. The campaign will run across television, streaming services, online video, digital advertising, social media, and digital out-of-home placements. Directed by Bethany Vargas, the main advertisement features Miley alongside Peloton instructor Adrian Williams and showcases her single “Bass Persuades” from her tenth studio album of the same name.

“Movement is essential for me, it’s something that enhances any performance that I do. When people see me and Peloton, it’s something that’s very authentic to me, it’s a part of my daily practice,” Miley said.

Chief Marketing Officer Megan Imbres described the campaign as reflecting a change in the company’s approach to brand marketing, stating that Miley “brings an electric energy to the Peloton Tread Flex that transforms movement into total freedom.” The campaign will be supported by a Miley Artist Series on the Peloton platform featuring music from the Bass Persuades album, scheduled to launch in early October.

Company Faces Competitive Headwinds and Cost Barriers

Despite the new product launches and celebrity-backed marketing push, Peloton faces significant hurdles in winning back customers and capturing market share. People can run outside for free or use cheaper fitness apps, as well as purchase inexpensive walking pads and join budget gyms. The company must overcome the perception that its premium-priced equipment represents poor value compared to these alternatives, particularly as consumers remain cautious about discretionary spending.

Vennare acknowledged that the Tread is a strong product but emphasized that Peloton needs to be better attuned to what today’s customers want, such as tracking the entire running journey or integrating into a holistic fitness routine. The company announced Tuesday expanded integration with Whoop, suggesting it recognizes the need to connect with broader fitness ecosystems rather than operating as a closed platform. Under Stern’s leadership, Peloton unveiled an overhauled line of bikes, treadmills, and rowing machines with built-in artificial intelligence features, though those machines have seen lackluster sales contributing to this year’s stock decline.

The brand is now seeking to expand through gym partnerships alongside the updated treadmill line, diversifying its revenue streams beyond direct-to-consumer equipment sales. Whether the Tread Flex and its accompanying marketing blitz can reverse Peloton’s fortunes remains uncertain, but the company clearly recognizes that its survival depends on adapting to post-pandemic fitness trends and meeting consumers where their preferences have shifted.

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