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Global home fitness equipment market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Rising Inclination Toward Maintaining At-home Fitness Will Bolster Home Fitness Equipment Market
Preventative healthcare, as well as a growing preference for tailored training regimens and a comfortable home-friendly environment, are major factors driving the growth of the global home fitness equipment market as consumers seek to exercise daily. In addition, many customers actively lean toward home workouts because of their busy schedules, lengthy work days, crowded gyms, and parking difficulties. Home fitness equipment is incredibly cost-effective over the long run and saves the trouble of traveling to the gym to use the machines. Additionally, the demand for at-home fitness equipment is developing in emerging economies due to rising disposable income, a desire to maintain one's physical and mental health, and the growing bodybuilding trend. An increasing number of producers are investing in creating apps that let consumers select their trainers for in-person sessions or online lessons based on certain fitness requirements, such as bodybuilding. These are a few chances for global home fitness equipment players. Lack of space, particularly for large fitness equipment such as fitness trackers, massage chairs, exercise bikes, treadmills, and cross trainers, impedes the growth of the global market.
Home Fitness Equipment Market: COVID-19 Impact
The COVID-19 pandemic has changed the fitness environment and driven a meteoric rise in the at-home training sector. With the surge in home gym equipment sales on the internet, home fitness has emerged as a noteworthy business potential. The COVID-19 epidemic has seriously affected people's health and access to healthcare, in addition to having a negative effect on the economy and enterprises. As a result, it also affected the global home fitness equipment market. Gyms are still closed due to quarantines and social isolation standards, which hastened the culture of at-home exercise and raised demand for home fitness equipment.
Consumers' Growing Health Awareness is Driving Home Fitness Equipment Market
As a result of society's modernity, consumer participation in sports is changing their everyday routines. Due to hectic schedules, lengthy workdays, crowded gyms, and parking issues, more and more people are actively opting toward at-home training. Removing the need to go to a gym to utilize the machines and fitness equipment for the home eventually saves time and money. The introduction of applications that give customers a platform to choose their trainers for either online sessions or home visits, to suit their specialized and customized fitness requirements, such as bodybuilding, is one of the numerous advancements that finally happened in this industry. Additionally, consumers' increasing health consciousness has fueled the home fitness equipment market.
Growing Health Complications to Increase Product Demand
The rising number of obese people increases the necessity for the product because it is an essential tool for helping them lose weight at their speed. For instance, according to data from the State of Child Obesity.Org released in September 2020, adult obesity rates in the United States exceed 35% in 12 states, 25% in 48 states, and 30% in 35 states. Additionally, the growing understanding that a lack of physical activity contributes to many health issues, including heart disease, diabetes, cancer, and others, has increased demand for them. According to information released by the Centers for Disease Control and Prevention in September 2019, inactivity raises the risk of heart disease, numerous malignancies, and type 2 diabetes. In addition, a lack of physical exercise contributes to annual healthcare costs of USD 117 billion. Furthermore, the use of fitness applications on smart devices to improve and maintain personal fitness routines has grown in popularity, which has substantially impacted the expansion of home fitness equipment market. For instance, according to data from the World Economic Forum published in September 2020, the usage of fitness applications increased by 50% in the first half of 2020.
High Product Cost to Limit Home Fitness Equipment Market Growth
Some expensive exercise equipment, especially for middle- and low-class consumers in developing and underdeveloped nations, limits the market expansion. For instance, the Life Fitness F1 Smart Folding Treadmill costs US$3,499, according to Fitness Superstore. Additionally, as more commercial gyms were built around the world, less money was spent on home training equipment. It has a detrimental effect on the home fitness equipment market expansion. For instance, the United States has more than 39,570 gyms with more than 6 billion visits, according to 2018 data from the International Health, Racquet & Sportsclub Association.
Cardiovascular Training Equipment Category Dominates Home Fitness Equipment Market
The cardiovascular training equipment category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. Strength and cardiovascular training equipment grow their share of the home fitness equipment market, which is dominated by cardiovascular. The equipment's increased use, which helps patients with diabetes, high blood pressure, and heart disease live healthier lives, is responsible for this expansion. Chronic lifestyle diseases are becoming more common, and people worldwide are becoming more health conscious, which motivates the other market sectors and is one of the main drivers boosting its expansion. Due to several causes, including rising urbanisation, sedentary lifestyles, and the busy schedules of working professionals, fitness equipment that can be utilised at home is becoming increasingly popular.
Online Channels Leading Category in Home Fitness Equipment Market due to Various Facilities Offered and Discounts
The online channels category held the largest revenue share, and it is anticipated that it will continue to rule the market during the forecast period. The segment offers a variety of facilities offers and discounts that greatly appeal to the home fitness equipment market, affected by their home consumers, health clubs, and other business users. Home users are drawn to internet shops' offerings and buy various workout equipment for their usage. Fitness centers, health clubs, and gyms all buy exercise equipment for profit, and these establishments make up the bulk of their clientele. For their main line of business, fitness equipment is required, so they purchase advanced equipment for their customers online.
North America’s Primacy Intact in Home Fitness Equipment Market
Over the forecast period, it is anticipated that North America will account for the largest revenue share in the market due to the increased acceptance of activities for physical well-being, weight management, increasing bodily stamina, and building muscular strength, as well as consumers' growing health awareness. Other significant factors propelling the home fitness equipment market in the region include the rising obese population and rising health concerns. Consumers can now work out frequently to stay in shape thanks to the expansion of preventive healthcare practices and growing healthcare prices. Manufacturers operating worldwide are increasing their presence in response to the growing demand to gain a competitive edge. Additionally, as consumer interest in at-home workouts increases, so does the demand for such equipment, simultaneously driving the home equipment industry.
Asia Pacific’s home fitness equipment market is anticipated to experience stable revenue growth throughout the forecast period. Increased expenditure on home exercise equipment due to the growing number of dual-income households is a key element in the market expansion. For instance, according to figures cited in a June 2020 article by the Korean Times, approximately half of all married couples in South Korea were expected to have two sources of income in 2019. The government of this region is also making efforts to advance health and physical education in schools, which has gained support. For instance, information released by the Indian government's Press Information Bureau in December 2019 states that health and physical education are required in India for students in grades 1 through 10.
Global Home Fitness Equipment Market: Competitive Landscape
In 2021, by purchasing Matrix Fitness South Africa, a Johnson Health Tech Co. Ltd. distributor before the acquisition, JHT became the first manufacturer of exercise equipment to have a wholly-owned subsidiary in Africa. Expanding operations throughout the African continent was the primary objective behind the company's movement, ultimately leading to a long-term increase in revenue. Similarly, in 2021, ICON Health & Fitness declared that iFIT Health & Fitness Inc. would henceforth be the company name (iFIT). The company claims that the update demonstrates iFIT's dedication to providing customized connected health and fitness experiences to its expanding community. More than five million people worldwide currently use iFIT.
A few of the players in the home fitness equipment market are Icon 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, and Nordic Track.
Global Home Fitness Equipment Market is Segmented as Below:
By Product Type
By Distribution Channel
By End User
By Price Point
By Region
Key Elements Included In The Study: Global Home Fitness Equipment Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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