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The home fitness equipment market size is forecast to increase by USD 4.44 billion at a CAGR of 11.38% between 2023 and 2028.
The market in North America is one of the largest and is led by the US, followed by Canada. The presence of a large population that is health-conscious and able to afford home fitness equipment accounts for the dominance of the region in the global market. The increased incidence of age-related health conditions has also led to high demand in the region. Daily exercise helps in maintaining a healthy life, which, in turn, strengthens the immune system, thus reducing doctor visits and, thereby, healthcare expenditure. Daily exercise, facilitated by offerings like Core Health and Fitness LLC's StairMaster StepMill, not only fosters cardiovascular health and strength training at home but also contributes to overall well-being, potentially reducing healthcare expenses by minimizing doctor visits.
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The market is driven by a surge in healthy habits and awareness of health benefits among consumers, motivating them to invest in their well-being. Demand is increasing for innovative fitness products like smart treadmills and compact rowing machines, offering features such as heart rate monitoring and foldable forms for enhanced mobility. Trends show a rise in activities like biking, jogging, and swimming, reflecting a broader interest in aerobic workouts and flexibility exercises. Challenges include ensuring product durability and addressing pricing constraints to maintain market growth.
One of the key factors driving the market development 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.
Further, 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 to improve productivity and health which is significantly driving the market expansion during the forecast period.
A key factor shaping the 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 connection 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.
Limitations of cardiovascular equipment are one of the key challenges hindering 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 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 tools that have fewer adverse effects during exercise. Hence, such factors are negatively impacting the market which in turn will hinder the market development 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 such 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 3.3 billion in 2018. 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, 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.
The cardiovascular training equipment segment in the 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.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast years. 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 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.
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 Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about key companies, including 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 S.p.A, Torque Fitness, True Fitness Technology Inc., Tunturi New Fitness BV, Wattbike Ltd., WOODWAY Inc., and XMark Fitness
Market analysis and report of 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.
The market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market experiences robust growth driven by increasing product demand for innovative solutions like under desk treadmills and smart dumbbells such as the Bowflex SmartTech 560. These offerings cater to diverse health needs, from weight reduction to addressing health issues like heart disease and diabetes worldwide. With the rise of online fitness sessions and diet plans, the market witnesses a surge in fitness technology-related products, especially in developing and underdeveloped countries. From commercial gymnasiums to specialty fitness shops, consumers seek equipment like Elliptical trainers, Resistance bands, and Foam rollers for strength training and flexibility. Accessibility features and time efficiency drive preference for these products in both physical retail stores and online channels.
In the market, consumers prioritize healthy habits and fitness activities to reap health benefits and enhance stamina. Demand surges for innovative fitness products like smart treadmills, such as the DeerRun, known for its compact and foldable form for enhanced mobility. These treadmills boast built-in sensors tracking heart rate, jog and run speed, and distance covered. Alongside traditional equipment like rowing machines, buyers seek exercise instruments facilitating aerobic workouts and flexibility exercises to promote cardiovascular health. As lifestyle preferences shift towards home-based fitness, the market witnesses a rise in demand for convenient and efficient solutions catering to diverse fitness needs.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.38% |
Market growth 2024-2028 |
USD 4436.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.28 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, UK, Germany, and Japan |
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 S.p.A, Torque Fitness, True Fitness Technology Inc., Tunturi New Fitness BV, Wattbike Ltd., WOODWAY Inc., and XMark Fitness |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period |
Customization purview |
If our market 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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