According to a new report published by Allied Market Research, titled “Home Fitness Equipment Market by Product Type, Distribution Channel, End-User and Price Point: Global Opportunity Analysis and Industry Forecast, 2021–2027”, the home fitness equipment market size is projected to reach 11,459 million by 2027 US Dollar, at a CAGR of 7.8% from 2021 to 2027.
Fitness equipment is widely used for physical fitness, weight management, and improving physical endurance and muscle strength. The most commonly used home fitness equipment are treadmills, stationary bikes, stair climbers, rowing machines, elliptical trainers, and free weights. Rising awareness of health and fitness, increase in obese population, government initiatives to promote healthy lifestyle and increase in youth are the main factors driving the growth of the global home fitness equipment market. Moreover, the rise of young population, improved lifestyle and increase in disposable income of individuals in developing countries are expected to bring immense opportunities to market players.
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An alarming rise in global obesity rates, particularly in urban areas, complements the growth of the home fitness equipment market. According to the WHO, around 1.9 billion adults were overweight in 2016, and around 650 million of them were obese. Obesity is associated with a number of health problems or disorders such as sudden cardiac arrest, high blood pressure, hypotension and diabetes. Therefore, in order to lose weight, reduce stress and improve blood circulation, obese people tend to use more fitness equipment, which increases sales of these products.
In addition, the increasing adoption of artificial intelligence (AI) and machine learning technology in home fitness equipment is driving the global home fitness equipment market. The AI-based personal trainer is expected to be the upcoming trend in the home fitness equipment market. Tech giants like Google and Apple are busy developing their smart wearable devices that can virtually guide and support their users based on the collection of health data. This will boost the home fitness equipment market in the future.
The global home fitness equipment market is segmented into product type, distribution channel, end-user, price point, and region. Based on the product type, the home fitness equipment market is segmented into cardiovascular equipment, free weights and power racks. The cardiovascular exercise equipment segment is divided into treadmills, exercise bikes, rowing machines, elliptical trainers and others. By distribution channel, the global home fitness equipment market is segmented into merchant, online, retail, and gym/club. The online segment is further divided into direct sales and third party sales. The retail segment is further fragmented into bulk retailers and specialty retailers. By end-user, the home fitness equipment market is segmented into household, apartment and gym in apartment. By price points, the market is segmented into Low, Mid, and Luxury.
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Companies can operate their business in a highly competitive market by launching new products or updated versions of existing products. Partnership/collaboration arrangements with key stakeholders are expected to be a key strategy to compete in the market. In the recent past, many leading players have adopted product launch or partnership strategies to strengthen their market position. To understand the main market trends, the strategies of leading players are analyzed in the report.
Some of the major players covered in Fitness Equipment Market Analysis are Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHrD, Nordic Track, ProForm, Precor, Inc., Schwinn, JTX Fitness, Keiser Corporation, Corepump and York Barbell.
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North America is dominant in terms of home fitness equipment market share and is expected to maintain its dominance over the forecast period.
In 2019, based on product type, the cardiovascular exercise equipment segment leads in terms of market share and is expected to gain market share in the coming years
The free weights segment is poised to grow at the highest CAGR during the forecast period.
The household segment is expected to gain market share in the coming years, growing at a CAGR of 9.6% over the forecast period.
Based on region, Europe is expected to grow at a robust CAGR of 7.6% over the forecast period.
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