Number of pages: 100 | Report Format: PDF | Published date: February 24, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global home fitness equipment market was valued at US$ 11.06 billion in 2021 and is expected to register a revenue CAGR of 5.17% to reach US$ 17.40 billion by 2030.
Fitness equipment is any apparatus or device used during physical activity to improve the experience or results of an exercise regimen, as well as to build up the strength and conditioning benefits of that exercise by providing either fixed or adjustable quantities of resistance. The growth of the fitness equipment market can be attributed to several factors, including increasing health consciousness among people, rising disposable income, and the growing prevalence of chronic diseases such as diabetes, obesity, and cardiovascular diseases. Additionally, the COVID-19 pandemic has further fueled the demand for fitness equipment as people increasingly turned to home workouts due to gym closures and social distancing measures.
The home fitness equipment market's growth factors Include product expansion as more individuals become aware of the potential health benefits of the substance. In order to strengthen the body, increase energy and stamina, and enable users to move at their own pace has contributed to its increased popularity. The market for home fitness equipment has expanded as a result of precautionary healthcare and a growing preference for individualized exercise plans. Nowadays, people are more likely to live an active lifestyle that includes regular exercise help themselves to maintain a healthy weight and lower the chance of developing chronic illnesses.
However, a market growth inhibitor is some exercise equipment that is expensive, particularly for middle- and low-income recipients in developing and underdeveloped nations. Also, the lack of available space in houses is anticipated to restrain the market's expansion for home exercise equipment. Because it costs more to live in a tiny house or apartment in a city, there is less room for exercise equipment there.
The global home fitness equipment market has been analysed from four perspectives by product type, distribution channel, end user, and region
Home Fitness Equipment Market by Product Type
Based on the product type the global home fitness equipment market is segmented into cardiovascular training equipment, treadmills, elliptical machines, stationary cycles, rowing machines, and strength training equipment.
Cardiovascular training equipment market held major share of the market in 2021. The growth of this segment is attributed to the increased prevalence of cardiovascular diseases. Due to its capacity to help strengthen the heart and muscle to improve the health of the person with heart disease, diabetes, and high blood pressure, the cardiovascular training equipment category is predicted to hold the largest market share.
Home Fitness Equipment Market by Distribution Channel
On the basis of distribution channel, the global home fitness equipment market is divided offline retail stores, online retail stores, and direct selling. The offline retail store dominated the global home fitness equipment market in 2021. Its ability to reduce delivery wait times and the presence of salespeople who assist customers in choosing products that meet their individual needs and expectations. Additionally, the online market is expanding rapidly because it offers convenience to many customers who lack the time to browse merchandise in various locations.
Home Fitness Equipment Market by End User
Depending on the end user the global home fitness equipment market is segmented into households, gym in apartments, and others.
Gym in the apartment segment has grown as a result of people living in housing societies ordering and installing home exercise equipment more frequently over time. Eventually people favor apartments that offer gym facilities or let residents select from a range of options in a contactless setting. Additionally, the pandemic has increased customer engagement in this market for the huge urge of using fitness tolls in home. Furthermore, the expansion of this market has given online sellers the opportunity to broaden their selection of goods.
Home Fitness Equipment Market by Region
Based on the geographical distribution the global home fitness equipment market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The market in North America expanded significantly as a result of consumers' growing health consciousness and increased practice of workouts that promote physical well-being, weight management, improved bodily stamina, and increased muscular strength. Other significant factors propelling the home fitness equipment market in the region include the rising obese population and rising health concerns. Consumers are now able to work out frequently to stay in shape thanks to the expansion of preventive healthcare practises and growing healthcare prices. Manufacturers who operate on the global market are increasing their presence in response to the growing demand in order to gain a competitive edge. Additionally, as consumer interest in at-home workouts increases, so does the demand for such equipment, which is simultaneously driving the home equipment industry.
Some of the most prominent competing companies of global home fitness equipment market are,
Fitness equipment is any apparatus or gadget used during physical activity to enhance the experience or outcomes of a workout routine as well as to increase the advantages of that exercise on your strength and conditioning by offering either fixed or adjustable amounts of resistance.
As more individuals become aware of the potential health benefits of the substance, the market for it has grown exponentially. Its capacity to strengthen a specific body area, increase energy and stamina, and enable users move at their own pace have all contributed to its increased popularity. People prefer to have a personalised workout, and to suit their needs, they are taking private training classes and receiving instruction from online professionals. Customized exercise programmes and preventive and precautionary healthcare have increased demand for the home fitness equipment industry.
Key companies holding the largest share of the global home fitness equipment market are, iFIT Health & Fitness, Inc.; Johnson Health Tech Co. Ltd.; Amer Sports Corporation; Core Health & Fitness, LLC; Nautilus, Inc.; Technogym S.p.A; Hoist Fitness Systems; Fitness World AS; HAMMER SPORT AG; Rogue Fitness; Tonal Systems; PENT; ProForm; PELOTON; Nordic Track.
Some high-priced exercise equipment is a market growth inhibitor, especially for middle- and low-income earners in developing and undeveloped countries. The market for home exercise equipment is also expected to be constrained by the shortage of space in homes. There is less space for workout equipment in an urban setting due to the higher expense of living.
The global home fitness equipment market is likely to grow at revenue CAGR of 5.17% during the forecast period
*Insights on financial performance are subject to the availability of information in the public domain