Rising awareness of consumers toward a healthy and fit lifestyle has increased the demand of home fitness equipment. The market is majorly driven by the fitness-conscious population across the globe. Product innovation rising trend of home-based workouts are driving the home fitness equipment market. Rising obesity rates in developing countries due to hectic lifestyles and increased consumption of junk food have also propelled the demand for home fitness equipment. Initiatives such as corporate wellness programs also contribute to the growth of the home fitness equipment market. However, large-scale resale of used devices limits industry growth. Increasing demand from developing countries would ensure overall market growth. Even in situations like lockdowns and quarantines due to the outbreak of coronavirus, corporates are promoting online fitness activities, which is enhancing the demand for home fitness equipment across the world.
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On the back of these factors, the global home fitness equipment market is projected to be valued at US$ 6 Bn by the end of 2030, and expand at a CAGR of 5% during the forecast period (2020 to 2030).
Key Takeaways of Home Fitness Equipment Market Report
- North America is expected to remain prominent in the global home fitness equipment market, with increasing awareness toward a healthy lifestyle and high consumer preference for fitness activities in the region. According to the Sports & Fitness Industry Association (SFIA), sales of fitness products in the United States are increasing considerably, of which, home-based fitness equipment occupied a significant share in the market.
- Innovative and self-monitoring and virtual group exercises are boosting the demand for home fitness equipment. Due to the outbreak of COVID-19, there is an increase in the number of home workout sessions, as consumers are following online sessions instead of going to the gym.
- Moreover, companies are significantly offering a wide variety of home fitness equipment. The trend is likely to continue through the course of the forecast period.
“The outbreak of the coronavirus pandemic and quarantine measures taken by government bodies across the globe have drastically impacted the manufacturing industry. Due to this, the supply chain of products has also been disrupted, worldwide. However, stay-at-home and stay-fit are trending across the world. Moreover, governments are also taking initiatives to increase awareness among the public regarding fitness practices,” says a PMR analyst.
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Increasing e-Commerce Penetration Leading to Rising Customer Engagement
Increasing penetration of e-Commerce for selling various products, worldwide, has surged the growth of B2C businesses in the consumer goods sector. Over the last few years, consumer behavior has considerably changed, and they are searching as well as purchasing more products online, including home fitness equipment, through various online platforms. These factors are expected to fuel the revenue growth of the home fitness equipment market. In order to capitalize on young adults that are tech-savvy, players in the market are engaging with them through various social media and other digital platforms to market and sell their products, along with increasing their market share via online sales channels.
PMR’s report underlines groundbreaking insights into the competitive scenario of the home fitness equipment market, along with highlighting differential strategies used by manufacturers. Some of the prominent players in the global home fitness equipment market include ICON Health & Fitness, Inc., Nautilus, Inc., Brunswick Corporation, TRUE Fitness Technology, Inc., Core Health and Fitness, LLC, Precor Incorporated, Johnson Health Tech Co., Ltd., Amer Sports Corporation, Cybex International, Technogym S.p.A., Torque Fitness, LLC, Vectra Fitness, NordicTrack, Woodway USA, Inc., Fitness World, HOIST Fitness Systems, and others.
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More Valuable Insights on Home Fitness Equipment Market
Persistence Market Research released a new market research on the home fitness equipment market, covering global industry analysis of 2015–2019 and forecasts for 2020–2030. The home fitness equipment market study reveals compelling insights on the basis of product (punching bags, treadmills {manual and automatic}, dumbbells {adjustable and fixed}, resistance bands, cycles {stationary cycle, air bike, and elliptical machines}, weightlifting benches, and others), application (cardiovascular training, strength training, and others), end user (male and female), and sales channel (direct and indirect {hypermarkets/supermarkets, specialty stores/ sports chain outlets, multi-brand stores, discount stores, independent departmental stores, online retailers, and sports stores), across seven regions.
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