New York, July 05, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global home fitness equipment market size is expected to reach USD 19 billion, exhibiting an impressive CAGR of 5% between 2022 and 2032, from its current value of USD 12 billion in 2022.
Fitness equipment is any apparatus that is used to do physical activities to improve strength and develop the strength or conditioning effects of that exercise. There are different types of home fitness equipment in the market, such as strength training equipment, rowing machines, elliptical machines, treadmills and others.
Key Takeaway
- By Product Type, the cardiovascular training equipment segment generated a revenue share of 35.2% in 2022.
- By Distribution Channel, the online platforms segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By End-User, the gym in apartments segment dominated the market.
- In 2022, North America dominated the market with the highest revenue share of 43%.
- Europe will likely grow at a significant revenue share of 21.2% from 2023-2032.
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Across the world, the demand for home fitness equipment was surging because of the increasing focus on a healthy lifestyle. Moreover, the growing health consciousness & obesity rates will likely increase the demand for the global home fitness equipment market. Also, other factors, such as an increase in government initiatives for promoting a healthy lifestyle, a rise in the popularity of bodybuilding, a rise in urban population, and a rise in disposable income, will likely propel the growth of the market during the forecast period.
Factors affecting the growth of the home fitness equipment market
There are several factors that can affect the growth of the global home fitness equipment market. Some of these factors include:
- Increasing Disposable Income: As disposable income levels increase, people spend their money on workout equipment.
- Rising Number of Geriatric Population: The health concern also increased as the number of elderly population increased. Proper exercise is mandatory for maintaining physical health. This factor will likely increase the demand in the market.
- Increasing Urbanization: Due to increasing urbanization, the desire for portable fitness equipment was also increased.
- Technological Advancements: Various technological advancements, such as the implementation of IoT and AI in fitness equipment, will propel the market growth during the forecast period.
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Top Trends in Global Home Fitness Equipment Market
The current trend of fitness and bodybuilding is acquiring popularity among young individuals because of the increasing influence of social media. So, it is expected that this factor will likely boost the market growth during the upcoming year. Moreover, a rise in health consciousness, a rise in disposable income, an increase in consumer health awareness, and rapid urbanization are a few of the factors which will augment the market growth.
Market Growth
The growing healthcare costs and the increasing preventive healthcare measures were projected to shift individuals towards exercise. Moreover, consumer interest is increasing in-home workouts. Therefore, the demand for home fitness equipment was expected to surge during the forecast period in this region.
Regional Analysis
North America held the majority of share of 43%, and it is projected that this dominance will continue during the forecast period due to the growing health awareness among consumers and the increasing adoption of exercises which is related to the improvement in muscular strength and body stamina, weight management and physical well-being.
Europe was anticipated to have substantial growth in the upcoming years because of the high per capita income in this region. Therefore, the expenditure made on fitness products and personal health along with home fitness equipment was expected to rise. APAC was projected to grow at a significant CAGR during the forecast period because of the growing number of dual-income households. This has resulted in a surge in home fitness equipment and hence, the growth of the home fitness equipment market in this region.
Competitive Landscape
Numerous prominent players in the home fitness equipment market were concentrating on integrating AI technology to intensify competition in the market. Therefore, the market will have a positive impact which further leads to a surge in the growth of the market. For instance, the AI Smart Mat of Otari has the capability to give accurate instructions as it has pressure-sensitive inputs & access to data. Additionally, it has various attributes, including an ultra-wide HD display, 2 Hifi speakers, Android & IOS device connectivity, and an AI-2enabled camera.
Market Key Players
- Johnson Health Tech Co. Ltd.
- Icon Health & Fitness, Inc.
- Fitness World AS
- Amer Sports Corporation
- Core Health & Fitness, LLC
- Nordic Track
- ProForm
- Hoist Fitness Systems
- Nautilus, Inc.
- Other Key Players
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 12 billion |
| Market Size (2032) | USD 19 billion |
| CAGR (from 2023 to 2032) | 5% |
| North America Revenue Share | 43% |
| Europe Revenue Share | 21.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Currently, the value of general health and physical fitness is being recognized. The demand for home exercise equipment has increased as more people prioritize their health & wellness. Moreover, home fitness equipment is a convenient option for those who can’t commit to going to the gym because of their busy schedules. Similarly, many technological advancements in home fitness equipment, like IoT & AI, have improved the experience of users, and therefore, this factor was estimated to raise the market growth during the forecast period.
Market Restraints
The cost of this equipment is high. Thus, customers may need to invest more money in these products. However, a few of the lower-priced pieces of equipment may have less durability and low quality. The above-mentioned factors may discourage consumers from purchasing this equipment. Hence, all these factors may restrain the market growth. Also, another factor is limited space. People who live in small apartments will likely face problems as they have limited space to adjust this equipment in their flats.
Market Opportunities
The market was projected to develop rapidly due to the implantation of digital technologies in home fitness equipment. Machine learning and artificial intelligence have made it possible for the consumer to get real-time feedback which was based on their movements. This innovation has the ability to incorporate a fitness of individual and digital life to create a gym-like experience at home. Furthermore, AI-based connected fitness devices can provide different personalized health solutions for diet, sleep, and nutrition based on individual data. All these factors were anticipated to drive the growth of the home fitness equipment market during the forecast period.
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Report Segmentation of the Home Fitness Equipment Market
Product Type Insight
The cardiovascular training equipment segment acquired the majority of the market share of 35.2% of the market due to the capability that helps to strengthen the muscle and heart along with proper assistance to improve people’s health who are suffering from high diabetes, blood pressure, and heart disease. Also, the stationary cycles segment has numerous benefits as it makes bones stronger, increases muscle mass, and flexible joints.
Distribution Channel Insight
The online platforms segment accounted for the majority of the market share of 54%. home users purchase various fitness equipment online for their personal use as they are attracted by the offers provided by online retailers. Moreover, fitness equipment is a key requirement for their core business. Thus, these businesses prefer online buying to get efficient equipment for their clients.
End-User Insight
The gym in apartments segment accounted for the highest revenue share of the market due to the rise in the installation and ordering of home fitness equipment in the apartments, which includes gym facilities. Also, because of the pandemic, customer engagement was augmented, which resulted in the growth of the segment. Moreover, the growth of the segment has allowed online retailers to enhance the availability and variety of products.
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Market Segmentation
By Product Type
- Treadmills
- Cardiovascular Training Equipment
- Stationary Cycles
- Power Racks
- Other Product Types
By Distribution Channel
- Online Platforms
- Offline Stores
By End-User
- Households
- Gym in Apartments
- Apartments
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Home Fitness Equipment Market
- In August 2021- Matrix Fitness South Africa was developed by Johnson Health Tech Co. Ltd. Previously, it was a distributor for JHT. Thus, Johnson Health Tech Co. Ltd. became the first company which has its own subsidiary in Africa. Also, the main strategy behind it was to enhancement of the businesses in the African region. This will result in the growth of the market.
- In June 2021- ICON Health & Fitness declared that its changed name, i.e., iFIT Health & Fitness Inc. (iFIT). As per this firm, the change reflects the commitment of iFIT to delivering personalized, connected health and fitness experiences to its increasing community. Presently, I have above 5 million members in 120 countries.
Browse More Related Reports
- Fitness Tracker Market was valued at US$ 39.5 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 17.3%.
- Connected Gym Equipment Market was valued at US$ 610 million. This market is expected to grow at a CAGR of 30.63% between 2023-2032
- Indoor Cycling Market size is expected to be worth around USD 1,096.71 million by 2032 from USD 630 million in 2022, growing at a CAGR of 5.7% during the forecast period 2023 to 2032.
- Virtual Fitness Market size is expected to be worth around USD 187.8 Billion by 2032 from USD 13.3 Billion in 2022, growing at a CAGR of 31.20% during the forecast period from 2023 to 2032.
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