Home fitness equipment is any instrument or gadget used during physical activity to improve the experience or results of an exercise regimen. It may also be used to increase the strength or conditioning benefits of the exercise by providing fixed or adjustable degrees of resistance. A set of exercises that people perform at home to maintain strength and boost therapeutic results is considered home exercise equipment, depending on the program. Equipment for home workouts is made to be usable, realistic, and accessible so that individuals may optimize their efforts without guidance.
The market for home fitness equipment in 2022 was USD 11.14 billion, and it will reach USD 6.1 billion by 2030, growing at a 4.1% CAGR during the forecast period.
Some of the key factors driving the growth of the home fitness equipment market include rising health consciousness among consumers, increasing adoption of wearable fitness devices, and the convenience of working out at home. Additionally, advancements in technology, such as connected fitness equipment and virtual training programs, contribute to market growth.
Market Dynamics
Drivers
Factors favorably affecting the market are the rising incidence of obesity and chronic lifestyle disorders, as well as the rising health consciousness among people worldwide. Additionally, the sedentary lifestyles and busy work schedules of professionals fuel the global demand for home fitness equipment. Additionally, the growing reliance on online shopping platforms to score great discounts and take advantage of free home delivery services and the expanding e-commerce sector, and rising network connectivity penetration are fostering market expansion. Other reasons driving the sales of home exercise equipment include increased urbanization and rising consumer spending power.
Restraints
Major factors limiting the growth of the home fitness equipment market is the lack of available space, particularly for bulky fitness equipment like massage chairs, exercise cycles, treadmills, and cross trainers. This has encouraged the opening of new health clubs, fitness facilities, and gyms worldwide.
Opportunity
- Personalization: Based on user data, customized training routines, and recommendations may be made using artificial intelligence and machine learning technology. This will improve the user’s training experience and promote consumer engagement and loyalty over the long run.
- Health and wellness initiatives: As the emphasis on health and wellbeing grows, home fitness equipment vendors will have more chances to collaborate with fitness professionals and wellness coaches to provide tailored training plans to end users. Home fitness equipment suppliers may improve consumers’ workouts and boost their perception of the worth of their devices by offering specialized coaching and assistance.
Market Segmentation
By Product Type
The cardiovascular segment is the largest market contributor, with a significant revenue share. The largest revenue share is due to the equipment’s increased use, which helps patients with high blood pressure, diabetes, and heart disease live healthier lives. Chronic lifestyle illnesses are becoming more common, and people worldwide are becoming more health concerned, which motivates the other market sectors and is one of the main drivers boosting its expansion.
By Distribution Channel
In 2020, the online retail sector had a market share of around 67%. Clients now find it simpler to buy home exercise equipment because of the convenience of online purchasing. And the growing usage of e-commerce platforms. Customers may purchase from the comfort of their homes through online channels. Which provide a large selection of goods at affordable costs.
By End-User
The residential sector ruled the entire market significantly. The popularity of the residential market can be attributed to the rising popularity of home workouts. Many individuals choose to exercise in the comfort of their homes rather than visiting public gyms as awareness of the value of health and fitness grows.
Regional Analysis
In terms of revenue, North America ruled the market for home exercise equipment in 2021. Due to the expansion of home gyms and the high consumption rate in the area. People like to have customized exercises; therefore, they enroll in private training sessions. And obtain guidance from online experts to meet their demands. Demand for home fitness equipment has risen due to personalized exercise programs and preventative and precautionary healthcare. The market in the region’s growing obese population and growing health concerns are two more important aspects driving the home fitness equipment industry. This is due to consumers’ rising health consciousness and increased exercise. Use that enhance physical well-being, weight management, physical stamina, and muscular strength.
Key Players
- ICON Health & Fitness, Inc.
- Peloton
- Nautilus, Inc.
- Technogym
- Life Fitness, Inc.
- Johnson Health Tech Co. Ltd.
- TRUE Fitness Technology, Inc.
- Tonal System Inc.
- Luis Vuitton
- Precor, Inc.
- Kaiser Corporation
- Kore pump
- Core Health and Fitness, LLC.
- Nordic track
- Schwinn
- Nohrd
- Jtx fitness
- York barbell
The market for home fitness equipment in 2022 was USD 11.14 billion. And it will reach USD 6.1 billion by 2030, growing at a 4.1% CAGR during the forecast period. Global demand for home fitness equipment has surged due to growing health consciousness.
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