Home Fitness Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Home Fitness Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The home fitness equipment market was valued at USD 13,741.23 million in the previous year and is projected to register a CAGR of 2.75% during the forecast period.

Over the short term, precautionary healthcare, coupled with an increasing preference for customized workout regimes (including workout timing) and a comfortable home-friendly environment, is increasing the demand for home fitness equipment as customers are keen to exercise daily. Growth in home fitness equipment in the recent past was also the result of the inconvenience of commuting to a gym to use the machines, trainer fees, and membership fees, primarily in developing countries. The space limitation, primarily for bulk fitness equipment, such as massage chairs, exercise bikes, exercise treadmills, and cross, is a major factor that limits the growth of the home fitness equipment market. This has stimulated start-up gyms, fitness centers, and health clubs worldwide.

Additionally, while not everyone can afford a fully equipped gym, there are various possibilities for small-scale training equipment. As a result, companies like Temple Studio are now offering an all-in-one home gym the size of a mini-fridge, costing just under USD 400. Furthermore, owing to the increasing popularity of smartphones, market players are offering customers the option of managing their services through mobile applications and websites. The e-health platforms are offering video-on-demand, live remote training, creating their own workout programs, and other offers that are self-operated and guided by experts. These associated benefits of e-health platforms have created huge demand among working and busy customers, and it is expected to remain trending in the future. Thus, e-health platforms, gyms, and fitness center consulting services are expected to drive the health and fitness equipment market.

Consumers are leveraging the benefits of digitally connected fitness equipment to enjoy a personalized training experience through online workout classes. Digital self-care platforms have become a critical building block for a safer and healthier future. Amid the COVID-19 pandemic, people have spent more time indoors, and keeping the body moving is important, both for physical health and mental well-being. Being away from their fitness club routines was inconvenient for regular gym goers. E-health and fitness platforms have been a few important tools to help people keep themselves fit and fine. Hence, the pandemic helped the home fitness equipment market penetrate further due to the change in the gymming and workout habits of people. In the current year, some of the online fitness platforms, such as Nike Training Club, TREAD, Adidas Training by Runtastic, HealthifyMe, and Daily Yoga, are offering a gym-like experience to the user, which is impacting physical fitness and health clubs negatively.

Home fitness equipment eliminates the inconvenience of commuting to a gym to use the machines and is highly cost-effective in the long run. Eventually, numerous innovations have occurred in this segment, such as launching apps that provide a platform for customers to select their trainers for either online classes or home visits, to meet the user's specific and customized fitness requirements, such as bodybuilding. Moreover, due to the rising awareness among consumers regarding their health, the demand for these types of equipment has also increased.

The North American market witnessed significant growth due to the rising health awareness among consumers and the growing adoption of exercises related to physical well-being, weight management, and improving body stamina and muscular strength. The rising obese population and increasing health concerns are other major factors driving the home fitness equipment market in the region. The rising preventive healthcare measures and the augmenting healthcare costs enable consumers to engage in regular workouts to remain fit. With the growing demand, manufacturers operating in the global market are expanding their presence to achieve a competitive advantage. Moreover, due to the consumer's growing interest in in-home workouts, the demand for such home equipment is growing, which is also driving the home equipment market.

The market studied is competitive in nature. This is due to the existence of several domestic and international players in this segment. The major players in this respective sector are Nautilus Inc., Icon Health & Fitness Inc., Johnson Health Tech Co. Ltd, Technogym SpA, and Peloton Interactive Inc. The key strategy adopted by these top players is product innovation and new product development, as it enables them to offer new products to the consumer. Some of the other players in the same segment opt for mergers and acquisitions as their key strategy, as it helps these top players capture a dominant position over other domestic players. This specific strategy also enables these players to break the ongoing chain of competition and rivalry among the other competitors.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support