USD 11.3 billion
Report ID: SQMIG25Y2003 | Region: Global | Published Date: February, 2024 | Pages: 242 | Tables: 61 | Figures: 75
Global Home Fitness Equipment Market size was valued at USD 11.3 billion in 2021 and is poised to grow from USD 11.8 billion in 2022 to USD 17.3 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).
The short-term demand for home fitness equipment is rising as consumers are eager to exercise every day. Preventive healthcare, together with a growing preference for personalized training routines (including workout time) and a comfortable home-friendly atmosphere, are contributing to this trend. The inconvenience of traveling to a gym to utilize the machines, trainer fees, and membership fees, particularly in developing nations, contributed to the recent growth in home exercise equipment. One of the main 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 bikes, treadmills, and cross trainers. This has encouraged the opening of new health clubs, fitness facilities, and gyms all over the world.
Additionally, there are numerous options for small-scale training equipment, even if not everyone can afford a gym with everything. Due to this, businesses like Temple Studio are now selling an all-in-one home gym that is about the size of a little fridge and costs less than USD $400. Additionally, industry participants are giving clients the option of administering their services through mobile websites and applications due to the rising popularity of smartphones.
The e-health platforms provide self-operated and expertly guided services including video-on-demand, live remote instruction, the ability to design one's own exercise regimen, and more. Due to the accompanying advantages of e-health platforms, they are projected to continue to be in demand from working and time-constrained consumers.
As a result, the market for health and fitness equipment is anticipated to be driven by e-health platforms, gyms, and consulting services for fitness centres. Through online workout courses, consumers are taking advantage of the advantages of digitally connected fitness equipment to get a tailored training experience. Platforms for online self-care have emerged as a key component of a safer and healthier future. People have spent more time indoors due to the COVID-19 pandemic, therefore it's critical to remain moving for both physical and emotional health. Regular gym users found it difficult to miss their health club routines. E-health and fitness platforms have been some key instruments for assisting people in maintaining their physical health.
Due to the change in people's gym and exercise routines, the pandemic thus assisted the home fitness equipment market in further market penetration. Online exercise platforms like Nike Training Club, TREAD, Adidas Training by Runtastic, HealthifyMe, and Daily Yoga offer users a gym-like experience in the current year, which has a detrimental impact on health and fitness facilities.
US Home Fitness Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11.3 billion
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The Global Home Fitness Equipment Market is segmented based on the Type, Sales Channel and region. Based on the Type, the Global Home Fitness Equipment Market is segmented as Cardiovascular Training Equipment and Strength Training Equipment. Based on the Sales Channel, the Global Home Fitness Equipment Market is segmented as Online and Offline. Based on Region Home Fitness Equipment Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Home Fitness Equipment Market Analysis by Type
The home fitness equipment market is divided into cardiovascular training equipment and strength training equipment on the basis of type. Due to its capacity to help strengthen the heart and muscle while also supporting in improving the health of persons with heart disease, diabetes, and high blood pressure, the cardiovascular training equipment category is anticipated to hold the largest market share. Due to more consumers being drawn to the product's capacity to enhance muscle mass, give stronger bones, flexible joints, and other benefits, the strength training equipment segment also has a large market presence.
Home Fitness Equipment Market Analysis by Sales Channel
The home fitness equipment market is divided into online and offline segments based on the sales channel. On account of the channel's capacity to reduce delivery wait times, the presence of a salesperson who aids in guiding consumers to acquire products in accordance with their unique wants and requirements, and the convenience of after-sale services, offline is predicted to be the leading sector. On the other side, the internet sales channel segment has experienced a surge in growth as it offers convenience to many customers who don't have much time to spend looking through merchandise in several stores.
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The market in North America expanded significantly as a result of consumers' growing health consciousness and increased use of workouts that promote physical well-being, weight management, improved bodily stamina, and increased muscular strength. Other significant factors propelling the home fitness equipment market in the region include the rising obese population and rising health concerns. Consumers are now able to work out frequently to stay in shape thanks to the expansion of preventive healthcare practises and growing healthcare prices. Manufacturers who operate on the worldwide market are increasing their presence in response to the growing demand in order to gain a competitive edge. Additionally, as consumer interest in at-home workouts increases, so does the demand for such equipment, which is simultaneously driving the home equipment industry.
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Home Fitness Equipment Market Driver
Home Fitness Equipment Market Restraint
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The home fitness equipment market under study is a highly competitive one. This is because both domestic and foreign companies compete in this market. In this particular industry, Nautilus Inc., Icon Health & Fitness Inc., Johnson Health Tech Co. Ltd, Technogym SpA, and Peloton Interactive Inc. are the leading companies. Product innovation and new product development are the main strategies used by these top players since they allow them to provide the consumer new items that can further equalise the new launch to the consumer's preferences. Some of the other participants in the same market choose mergers and acquisitions as their primary strategy since it enables the top firms to get a competitive advantage over other local participants.
Home Fitness Equipment Market Top Company Profiles
Home Fitness Equipment Market Recent Developments
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According to our analysis, as more individuals become aware of the health advantages that the product can provide, the market for it has expanded at an increasing rate. More customers have been attracted by its capacity to improve a specific body area, increase energy and stamina, and allow users move at their own pace. According to the Global Wellness Institute, the demand has increased due to the growing popularity of physical activities like biking, running, swimming, and others that allow people to exercise in the comfort of their own homes and improve stamina
|Market size value in 2021
|USD 11.3 billion
|Market size value in 2030
|USD 17.3 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Home Fitness Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Home Fitness Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Home Fitness Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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