Global Smart Home Gym Equipment Market 2022-2028

Global Smart Home Gym Equipment Market 2022-2028

GlobalSmart Home Gym Equipment Market Size, Share & Trends Analysis Report By Product Type(Treadmills, CyclingMachines, Rowing Machines And Others), By Distribution Channel (Online And Offline ) Forecast Period (2021-2028)

The global smart home gym equipment market was valued at around $3.4 billion in 2021 and is estimated to reach nearly $6.7 billion in 2028, growing at a CAGR of 9.2%, during the forecast period (2021-2028). The pivotal factors that are contributing to the growth of the global smart home gym equipment market include, the increasing popularity of smart home fitness equipment, growing adoption of smart devices, and the rising internet penetration in emerging economies. Smart home gym equipment stores, monitor, and analyze, the progress in the fitness of users at the comfort of home. The other key aspects that drive the growth of the market include, the rising incidence and prevalence rate of chronic and lifestyle-induced diseases such as CVD, CHD, Cancer, Diabetes, among others, growing awareness for fitness, and the increasing affinity of millennials towards a fit and toned body. Besides, the obesity disorder has also reached an epidemic proportion in countries such as the US, China, and Canada, among others, is a serious threat to health and life expectancy.

Cohesive initiatives from the government and the private organizations to create awareness for a healthy lifestyle will create considerable scope for the market. For instance, The National Association for Health and Fitness (NAHF), aims to improve the quality of life for all individuals across the US by promoting physical fitness, sports, and healthy lifestyles. As a result, a proactive approach towards health is observed around the globe. Although the professional healthcare is still needed in response to disease management and treatment, a growing interest in preventive care shows a rise in awareness and healthy practices, especially among the youth. Hence, this is a major factor that contributes to the growth of the market.

Moreover, a growing preference for customized workout schedules, comfortable home-friendly surroundings, and precautionary healthcare is expected to propel the market growth in future. Besides, the COVID-19 pandemic also generated a huge demand for smart home gym equipment. Global lockdown forced the gyms and fitness clubs to shut down their businesses in compliance with the stern social distancing norms, which has prompted the need for smart home gym equipment. In March 2021, Equinox closed its health clubs in New York, New Jersey, and Connecticut.

SEGMENTAL ANALYSIS

The global smart home gym equipment market is analyzed on the basis of product type and distribution channels. Based on the product type, the market is sub-segmented into treadmills, cycling machines, rowing machines, and others. Whereas, based on the distribution channel, the market is bifurcated into online and offline channels.

Among product type, the treadmills segment contributes the major share, around 38.0%, in the market. The market was valued at around $1.3 billion in 2021, which is further estimated to reach nearly $2.6 billion in 2028, growing at a CAGR of 9.5% during the forecast period. The treadmill is a very convenient and beneficial indoor replacement for morning jogs and gym visits, mainly in the current situation of the COVID-19 pandemic, where it is risky to expose oneself to the outdoor environment such as gymnasiums, health clubs, and corporate fitness centers, among others. Moreover, cycling machines market is estimated to grow at the fastest CAGR of 9.7% during the forecast period. The market for cycling machine was valued at around $1.1 billion in 2021, which is further estimated to reach nearly $2.2 billion in 2028.

Among distribution channel, the offline segment contributes the major share, around 60.0%, in the market. The market was valued at around $2.0 billion in 2021, which is further estimated to reach nearly $3.9 billion in 2028, growing at a CAGR of 8.8% during the forecast period. The online channel segment is anticipated to witness lucrative growth in the region during the forecast period. The segment was valued at $1.3 million in 2021 which is projected to reach $2.8 million in 2028, growing at a CAGR of 9.7% over the forecast period. Online platforms have been gaining significance owing to the rising trend towards the online shopping owing to the convenience and busy lifestyle of consumers. It also offers the freedom to create coupon codes and promotions on the fly and allows them to grow and support their customer base.

REGIONAL ANALYSIS

Geographically, the global smart home gym equipment market study covers the analysis of four major regions, including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and Rest of the World (Latin America, and Middle East and Africa (MEA))

North America held a dominant position in the global smart home gym equipment in 2021. As per OMR analysis, the North America smart home gym equipment market was valued at around $1.4 billion in 2021, which is estimated to reach nearly $2.8 billion in 2028, growing at a CAGR of 8.8% during the forecast period. In North America, the US held around 94.0% in the North America smart home gym equipment market in 2021 and is estimated to grow at the fastest CAGR of 8.9% in the North America smart home gym equipment market during the forecast period. The growth of the market is attributed to the high awareness regarding fitness and health, and wide acceptance of such advanced services, along with the advanced technologies such as smart devices. Moreover, the presence of major market players such as Life Fitness, Peloton Interactive, Inc., Nautilus, Inc., and others in the US contribute significantly to the market.

Moreover, Asia-Pacific is estimated to grow at the fastest CAGR of 12.3% in the global smart home gym equipment market during the forecast period. The market in Asia-Pacific was valued at $672 million in 2021, which is estimated to reach around $1.6 billion in 2028. The growing incidences of chronic as well as lifestyle-induced diseases, the unavailability of time to opt for the gym for people due to busy schedules and increasing affinity of millennial towards a fit and toned body are some of the factors that are driving the Asia-Pacific smart home gym equipment market. Moreover, a growing preference for customized workout schedule, comfortable home-friendly surroundings, and precautionary healthcare is expected to propel the market growth in future. Additionally, the ongoing COVID-19 pandemic has created a huge demand for the smart home gym equipment. Countries in the region announced lockdown, which has increased the demand for smart home gym equipment. Bulk fitness equipment such as exercise bike, exercise treadmill, massage chair, and cross take up huge spaces, which is a major factor that limits the growth of the smart home gym equipment market.
 
Market Players Outlook

The report covers the analysis of various players operating in the global smart home gym equipment landscape. The major player of smart home gym equipment includes Garmin Ltd., Life Fitness, Peloton Interactive, Inc., Nautilus, Inc., Technogym SpA, BH Fitness, JAXJOX (Zinctex Inc.), and others.These market players are contributing to the market by adopting various market strategies such as product launch, merger and acquisition, partnership, collaboration, among others, for gaining a strong position in the market. For instance, In August 2021, Nautilus, Inc. announced the partnership with SEKO Logistics to provide distribution of home fitness equipment in Europe. It will also support Nautilus to reach new markets in Europe, with the ability of SEKO Logistics warehouse facilities. Moreover, the other players such as MIRROR, a gym equipment manufacturer, launched the first interactive home gym equipment in 2021. Through the company’s technology, the consumer can live stream and listen to podcasts of top trainers across the globe directly onto their equipment such as smartwatches. Additionally, in June 2021, Wattbike Ltd. announced the next-generation Atom smart bike with faster reaction times to indoor cycling applications and data accuracy of 1.0%.