Bangalore, India, August 3, 2022 /PRNewswire/ — The Home Fitness Equipment Market is Segmented by Type (Cardiovascular Equipment, Strength Training Equipment, Other) and by Application (Home Consumer, Health Club/Gym, Commercial User, Other): Opportunity Analysis and Industry Forecast, 2022-2028. It is published in review reports under the Fitness category.
The Home Fitness Equipment Market has been assessed $3.84 billion in 2021 and growing at a CAGR of 5.2% between 2022 and 2028.
Key factors behind the growth of the home fitness equipment market
The rise in health awareness due to the increasing prevalence of obesity, the impact of Covid 19 and the growing preference for fitness apps will boost the market growth over the forecast period.
Rising popularity of digital workout solutions and increasing integration of AI and IoT enabled smart home fitness devices will drive the growth of the market in the years to come.
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TRENDS INFLUENCING THE GROWTH OF THE HOME FITNESS EQUIPMENT MARKET
People now understand the importance of physical activity and exercise to stay fit. With many working from home, they are more drawn to at-home fitness programs than traditional gym membership programs. Demand in the home fitness equipment market is anticipated to increase in the coming years. Several advantages are associated with it, such as convenience, cost-effectiveness, time management, accessibility and better alignment with individual needs.
The rapid onslaught of the pandemic led to the closure of gyms and fitness clubs around the world. There has been a dramatic shift towards virtual fitness. Video streaming platforms have been flooded with tutorials and how-to guides, be it for beginners or experts. Fitness apps saw a huge increase in traffic as people started becoming more conscious of their health. This will have a positive impact on the expansion of the home fitness equipment market. The trend of remote working and home exercise habits caused by Covid-19 will live on as many gym members continue to use digital workouts in addition to live workouts post-pandemic.
Fitness apps and smart fitness devices offer users a personalized experience from the comfort of their own home. They are able to track daily food intake and count calories, which helps them monitor their overall exercise and health progress in one click. In addition, these apps offer personal health coaches at affordable prices and offer tips and guidelines to help individuals achieve their own individual health goals. As a result, the home fitness equipment market is set to keep growing in the coming years. A trainer provides information on nutrition and fitness activities and you don’t have to travel for hours to get advice.
Personal technology permeates every aspect of users’ lives. As access to high-quality streaming video improves, people are moving away from gym workouts in favor of personalized, on-demand at-home fitness solutions that allow them to choose a workout style and intensity level based on their fitness needs. Modern virtual fitness will bolster the growth prospects of the home fitness equipment market as it offers options for users of all ages and skill levels. Accessible anytime, anywhere, on-demand programs offer a diverse range of classes from yoga to kickboxing to bodybuilding. People don’t get bored as new content is added regularly.
Many companies are rolling out smart home gyms equipped with weights, storage, and streaming platforms to offer guided and personalized workouts. They are integrated with IoT sensors that track many data points during a workout from reps to rest time. The AI algorithm evaluates the information and uses this data to provide accurate fitness guidelines. The demand for home fitness equipment will continue to grow in the coming years. Performance tracking enables the delivery of accurate coaching tips, including strength and cardio exercises.
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MARKET SHARE ANALYSIS OF HOME FITNESS EQUIPMENT
Based on product type, cardiovascular exercise equipment is expected to dominate the home fitness equipment market share as awareness of maintaining proper cardiovascular health increases.
Based on region, North America will grow the most due to the rising obese population and increasing consumer health awareness with the rapid introduction of exercise for weight control, physical endurance and muscle strength.
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- Cybex International
- I pray
- fitness world
- Johnson Health Tech
- Nordic Track
- REAL fitness
- Vectra Fitness
- wrong way
- HOIST fitness systems
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- The virtual and online fitness market is expected to be reached $64570 million until 2028, from $6551.9 million in 2021 at a CAGR of 38.2% over 2022-2028.
- The market size for fitness apps has been assessed $13.78 billion in 2020 and is expected to be achieved $120.37 billion to 2030 at a compound annual growth rate (CAGR) of 24.3% from 2021 to 2030.
- The market size for fitness trackers is estimated $34540 million in 2022 and is projected to a newly adjusted size of $134320 million until 2028 with a CAGR of 25.4% in the period under review.
- Digital healthcare market size is expected to be reached 95430 million USD until 2026, from 77240 million USD in 2020 at a CAGR of 22.4% over 2021-2026.
- The market size for augmented and virtual reality in healthcare is expected to be reached $4367 million until 2027, from $962.6 million in 2020 at a compound annual growth rate (CAGR) of 23.6% over the period 2021-2027.
- market size for fitness equipment $11.6 billion in 2020 and has a projected reach $14.8 billion to 2028 with a CAGR of 3.3% from 2021 to 2028.
- The size of the digital fitness market is estimated $9597.7 million in 2022 and is projected to a newly adjusted size of $26550 million until 2028 with a CAGR of 18.5% in the period under review.
- Weight loss market size is expected to be reached 274030 million USD until 2028, from $166990 million in 2021 at a CAGR of 6.9% over 2022-2028.
- The market size of Cardiovascular Devices is expected to be reached $54140 million until 2027, from $43040 million in 2020 at a CAGR of 3.9% over 2021-2027.
- The market size of heart rate monitors is estimated $14340 million in 2022 and is projected to a newly adjusted size of 18880 million US dollars until 2028 with a CAGR of 4.7% in the period under review.
- The size of the physical fitness equipment market is estimated $15040 million in 2022 and is projected to a newly adjusted size of 19750 million US dollars until 2028 with a CAGR of 4.6% in the period under review.
- Global Home Fitness App Market Size, Status and Forecast 2021-2027
- Global Heart Health Products Market Insights, Forecast to 2028
- Insights into the Global Weight Loss Apps Market, Forecast to 2028
- Global Connected Fitness Equipment Market Outlook 2022
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