Global Home Fitness Equipment Market - 2022-2029

Global Home Fitness Equipment Market - 2022-2029

Market Overview

The Global Home Fitness Equipment Market is Expected to reach at a CAGR of 4.6% during the forecast period (2022-2029).

Any machine or device used for physical activity to lose weight, increase physical stamina, or enhance muscular strength is considered fitness equipment. Due to increased health consciousness, the demand for home fitness equipment has risen globally. Treadmills, stationary bikes, free weights, and elliptical machines are among the most popular at-home fitness machines. The global home fitness equipment market has benefited greatly from obesity prevalence and health consciousness. Furthermore, the adoption of home workout equipment has been spurred by an increase in the urban population, rising disposable income, expanding health consciousness, developing bodybuilding trends, and increased government measures to promote healthy living are expected to drive the market growth.

Market Dynamics:

Increasing health related complications to fuel the demand for home fitness equipment

As the number of people suffering from obesity rises, the demand for the product is expected to increase as it is a vital tool for them to lose weight. Adult obesity rates in the United States currently exceed 35 percent in 12 states, 25 percent in 48 states, and 30 percent in 35 states, according to data provided by the State of Child Obesity.Org in September 2020. Furthermore, increased knowledge of the lack of physical exercise has resulted in many health difficulties such as heart disease, diabetes, cancer, and others, which has increased demand for these products. Furthermore, increasing inclination towards digital technology to aid market growth. The increasing popularity of fitness applications in smart devices for enhancing and maintaining personal fitness has played a significant role in the market growth. Additionally, governments in both developed and developing countries are launching several public health efforts to enhance public awareness of wellness, which will help implement this equipment, particularly among young people. Furthermore, manufacturers are spending in R&D (Research and Development) operations to produce innovative and user-friendly products that would improve the overall consumer experience in the market and are predicted to increase during the projection period.

Market Segmentation:

Cardiovascular training equipment hold the highest market share in 2021

The cardiovascular training equipment segment is projected to be the larger market shareholder owing to its capability to help toughen the heart and muscle while also improving people's health with heart disease, diabetes and high blood pressure. People are becoming more health-conscious and focused on treating heart diseases as the number of patients with cardiovascular disorders rises, which has fueled the growth of cardiovascular training equipment. Weight training equipment is expected to expand as people become more conscious of the need for muscle and body weight gain. It helps to build stamina and raw energy while also strengthening joints. Dumbbells, bars, and weight plates have seen a boom in popularity, and this trend is projected to continue.

Based on the sale channel, the offline channel held the highest market revenue share of XX% in 2020. Offline is anticipated to be the leading segment because of the channels ability to eliminate delivery wait time, the presence of a salesman who helps guide customers to buy products as per their specific needs and requirements, and convenience in terms of after-sale services.

Geographical Penetration:

Asia-Pacific is expected to be the fastest growing region during the forecast period

In the global market, Asia-Pacific is expected to be well-represented. The growing number of dual-income households is fueling market expansion by increasing spending on the home fitness equipment. According to data published in June 2020 by the Korean Times, over half of all married couples in South Korea were expected to have dual income in 2019. Furthermore, the administration of this region is taking initiatives to encourage health and physical education in schools, which has gained traction.

On the other hand, the market in North America has grown significantly due to rising consumer health awareness and increased adoption of workouts for physical well-being, weight management, enhancing body stamina, and muscular strength. Other important factors boosting the home fitness equipment market in the region include an expanding obese population and rising health concerns. According to the CDC, the obesity prevalence among US adults was 40.0 percent in 2017-2018. Furthermore, increased preventative healthcare measures and rising healthcare expenditures enable customers to maintain their fitness through frequent workouts. Additionally, to gain a competitive advantage in the industry, firms operating in the market are increasing their presence. Wattbike, for example, released the Wattbike Atom in the United States in 2019, featuring actual riding feel technology. The Atom is a home-based indoor performance training system that is authentic, clever, and adjustable, making it suitable for any cyclist or fitness enthusiast.

Competitive Landscape:

The home fitness equipment market is fragmented. The competitive home fitness equipment market comprises numerous regional and international competitors. Players also extensively focus on providing consumers with innovative offerings in their products. Furthermore, while engaging the consumers with innovation and expansion strategies, key players capitalize on the market revenue. In April 2020, Technogym SpA became an official international fitness equipment partner of the Ironman World Championship, Ironman 70.3 World Championship, and Ironman Virtual Racing Series. The company's improved indoor training choices may help athletes. In October 2019, Nautilus Inc. unveiled the first-ever Bowflex indoor riding cycle, which offered connected exercise experiences at a fraction of the cost of a Peloton® bike. In June 2019, Precor, an Amer Sports trademark, partnered with NovoFit, one of Australia's major exercise equipment distributors, for its fitness equipment business.

COVID-19 Impact:

Positive impact on the home fitness equipment market

The pandemic has accelerated an already growing trend of health awareness in public. The COVID-19 pandemic has altered the fitness environment, resulting in a boom in the at-home workout business. Home fitness has become a major possibility with the rise in online sales of home gym equipment. The COVID-19 pandemic has had a substantial impact on enterprises and the economy, in addition to the serious implications for people's health and healthcare systems. As a result, it impacted the global home fitness equipment market. Due to the maintenance of quarantines and social distancing norms, gyms are expected to remain closed, boosting the culture of home-workouts and, as a result, the need for home exercise equipment. The eruption of the coronavirus has resulted in a spike in the number of people working out from their homes to avoid getting infected, which, in turn, would have a positive influence on the market growth. In addition, the pandemic has propelled non-fitness enthusiasts to give more importance to maintaining their health and fitness, which thus help to generate traction.

Why Purchase the Report?

Understand the current market scenario and viability of global home fitness equipment market over the forecast period

Visualize the composition of the global home fitness equipment market in terms of t type, and distribution channel to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global home fitness equipment market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global home fitness equipment market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

Fitness Equipment Manufacturers

Gyms and Fitness Centers

Sport Academies

Industry Investors

Education & Research Institutes

Research Professionals