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The home fitness equipment market size is estimated to grow at a CAGR of 9% between 2022 and 2027. The market is forecast to increase by USD 3,080.71 million. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
One of the key factors driving the home fitness equipment market growth is the rising obese population. There is an increase in the number of people who are identified as overweight and obese globally. Earlier, the obese population was more in high-income countries, but now there is a significant increase in the overweight population in low-income countries as well, especially in urban settings. The main factor fuelling the number of this obese population is the increasing consumption of fast food or junk food due to the convenience they offer. This excess weight and obesity have a significant influence on cancer rates. For instance, women are more vulnerable to developing obesity-related cancer when compared to men. As a result, there is a growing demand for home fitness equipment to improve productivity and health which is significantly driving the market growth during the forecast period.
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Trends- A key factor shaping the home fitness equipment market growth is the increasing smartphone penetration. There is a significant growth in smartphone penetration across the world. Some of the key countries with the highest smartphone penetration rate include South Korea, Australia, Israel, the US, Spain, the UK, Canada, Chile, Malaysia, and Germany. Additionally, the growing Internet speed is significantly influencing the distribution and consumption of various online services.
Moreover, there is an increase in demand for connected fitness products and connected gym equipment. Additionally, there is a rapid expansion in connected fitness that starts with monitoring physical activity and collecting data and displays through mobile apps, wearable devices, and more. Hence, such factors are expected to drive market growth during the forecast period
Challenges- Limitations of cardiovascular equipment are one of the key challenges hindering the home fitness equipment market growth. There is a growing popularity for resistance exercises among people as a complete fitness program. In addition, as cardiovascular equipment is not suitable for everyone, it fuels the adoption of resistance exercises as well. For example, the cushioned surface of a treadmill may still inflict a jarring impact on the back and stress the hip, knee, and ankle joints.
Moreover, the main limitation of fitness equipment such as treadmills is that there is only one option for exercise is walking or running, boredom sets in after a while. Additionally, the growing awareness regarding the drawbacks of cardiovascular equipment among people led to a shift to other types of equipment that have fewer adverse effects during exercise. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The cardiovascular training equipment segment in the home fitness equipment market has witnessed major growth in recent years. The cardiovascular training equipment segment comprises treadmills, cross-trainers, stationary bikes, and ski machines. As this segment including treadmills and cross-trainers has a lower lifespan than strength training equipment, the replacement sales of cardiovascular training equipment are higher than that of strength training equipment. As a result, this fuels the sales of cardiovascular training equipment. Additionally, factors such as the growth of the geriatric population, the lack of proper and nutritious diets, high obesity rates among all age groups, and the prevalence of cardiovascular diseases due to hectic lifestyles are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel segment comprises direct selling, distributors, department stores, and specialty stores. There is an increasing number of stores that offer home fitness equipment which is significantly contributing to the growth of the market. Additionally, there is an increasing preference among consumers for these stores as these stores have customer-care professionals to offer advice on the benefits of the equipment.
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The offline segment was the largest segment and was valued at USD 3,075.89 million in 2017. Additionally, the demand for these retail outlets, including department stores, distributors, and specialty stores is fuelled by the fact that they enable buyers to compare brands and offer them a large number of options to choose from. Additionally, these outlets enable customers to try the equipment before purchase. There is a high number of sales of home fitness equipment common through retail outlets, especially in developing regions, where internet penetration is low, and consumers are more comfortable with buying equipment that they can try and test before purchase. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global home fitness equipment market in North America is the presence of a large population that is health-conscious and ability to afford home fitness equipment as well as the increased incidence of age-related health conditions.
Furthermore, some of the key countries in North America which are significantly contributing to the market growth include the US followed by Canada. The increase in daily exercises helps to maintain a healthy life, which, in turn, strengthens the immune system, thus minimizing doctor visits and, thereby, healthcare expenditure. As a result, there is an increase in demand for home fitness equipment as it helps save time and is convenient. One of the main sub-segments of in-home fitness equipment with the highest demand in the region is cardiovascular equipment such as treadmills as they are convenient to use. Hence, such factors are expected to drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global home fitness equipment market witnessed significant growth due to food insecurity, limited physical exercise as most gyms and sports or outdoor exercise locations were closed, and increased stress, resulting in increased obesity in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in fitness centers. Such factors are expected to drive the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Home Fitness Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9% |
Market growth 2023-2027 |
USD 3,080.71 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.55 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ANTA Sports Products Ltd., Core Health and Fitness LLC, Decathlon SA, Dyaco International Inc., HOIST Fitness Systems Inc., Icon Health and Fitness Inc., Impulse Qingdao Health Tech Co. Ltd., Johnson Health Tech Co. Ltd., Life Fitness, Nautilus Inc., Origin Fitness Ltd., Paradigm Health and Wellness Inc., Rama Enterprises, TECHNOGYM SpA, Torque Fitness, True Fitness Technology Inc., Tunturi New Fitness BV, Wattbike Ltd., WOODWAY Inc., and XMark Fitness |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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