U.S. Home Fitness Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cardiovascular Training Equipment, Strength Training Equipment, and Others) and By Sales Channel (Online and Offline), 2023-2030

The U.S. home fitness equipment market size was valued at USD 4.81 billion in 2022. The market is projected to grow from USD 5.09 billion in 2023 to USD 8.50 billion by 2030, exhibiting a CAGR of 7.59% during the forecast period.

Increased health awareness among the U.S. population drove the fitness trend that accelerated this market in 2022. The obese population in the U.S. is increasing due to lack of exercise, high-calorie intake, and reduction in physical activity, leading to major health problems. Therefore, rising obesity prevalence and growing awareness regarding the health benefits of using such equipment drive the demand for fitness equipment in the U.S. As per the article 'The State of Obesity 2020: Better Policies for a Healthier America,' published by Trust for America's Health, a non-profit health organization, America's obesity rate has increased from 26.0% of the total population in 2008 to that of 42.4% in 2020.

COVID-19 IMPACT

Increasing Importance of Body Workout amid COVID-19 Pandemic to Drive Market

During the pandemic, many individuals opted to stay indoors to avoid coronavirus infection and fulfill social distancing norms. Fitness enthusiasts use home fitness equipment to improve body stamina and muscular strength and maintain health. Additionally, during the pandemic, growing awareness regarding the importance of adopting regular exercise routines among Americans has further accelerated the product demand in the U.S. These factors resulted in a significant increase in the U.S. population's demand for fitness equipment in 2020.

The stringent lockdown imposed by the U.S. government resulted in the closure of gyms and other fitness centers, soaring the demand for home fitness equipment in 2020. The prolonged pandemic resulted in augmented health awareness that increased the demand for residential fitness equipment in the U.S. In 2020, decreased opportunities for the population to exercise increased the number of home users of fitness equipment. Even though the U.S. market experienced a boom in 2020, the commercial fitness sector bounced back in 2021 with the reopening of gyms and other fitness centers in the U.S.

LATEST TRENDS

Shifting Consumer Interest Toward Virtual Workout is a Major Trend 

The pandemic helped popularize virtual workouts in 2020, as all the gyms were closed in the U.S. This factor accelerated the consumer demand for virtual body workout applications, such as Apple Fitness Plus, Peloton, Nike Training Club, and others, in the U.S. market. The lockdown in the U.S. created a growth opportunity for technology that promoted virtual workout sessions to help users keep up their fitness routines. The shift to digital platforms allowed individuals to customize their workout, which drove consumer demand for virtual training sessions and workouts and increased home fitness equipment demand among the U.S. households.

DRIVING FACTORS

Growing Residential Infrastructural Settings to Support Market

Many Americans prefer a gym setup at home to flexibly take workout sessions from the comfort of their living spaces. Therefore, growing residential infrastructural settings will support the home fitness equipment demand in the U.S. According to the statistical data presented by the U.S. Census Bureau and the Department of Commerce, U.S. construction spending increased from USD 1.63 billion in October 2021 to USD 1.64 billion in November 2021. Furthermore, the growing popularity of muscle-enhancing items such as barbells, dumbbells, and others will accelerate the U.S. home fitness equipment market growth.

Introduction of Innovative Exercise Equipment by Manufacturers to Aid the Market 

Nowadays, prominent exercise product manufacturers such as Johnson Health Tech Co. Ltd., Icon Health & Fitness Inc., Core Health & Fitness LLC, and others offer performance-tracking technology-based workout products in the U.S. These companies' efforts will likely support product demand in the U.S. For instance, in September 2020, Peloton Interactive Inc., a leading maker of exercise bikes and other gym equipment, launched Peloton Bike+, an innovative indoor exercise bike product, as part of its household smart gym lineup in the U.S. The product has a 23.8-inch HD resolution-based rotating touchscreen display, a four-speaker sound system, and one-tap connectivity features.

Moreover, growing consumer spending on IoT technology-based household products pushes companies to offer innovative exercise products. This factor contributes to the expansion of the exercise products industry in the U.S.

RESTRAINING FACTORS

Higher Cost of Digital Exercise Products to Restrain Market

The higher cost of digital exercise products is expected to limit their demand among the lower & middle-income U.S. population groups, restraining the growth of the U.S. market. Furthermore, increasing incidences of workout-related injuries due to improper usage of such products will cause a decline in product demand in the U.S. in the forecast period.

SEGMENTATION

By Equipment Type Analysis

Cardio Benefits Make Cardiovascular Training Equipment Segment Hold Major Market Share  

Based on equipment type, the market is segmented into cardiovascular training equipment, strength training equipment, and others.

Cardiovascular training equipment greatly regulates blood pressure and heart rate levels. The cardiovascular training equipment segment holds a major U.S. home fitness equipment market share owing to the significant demand of the U.S. population for cardiovascular training equipment such as treadmills, rowers, stationary bikes, and others to maintain their cardio health. Furthermore, growing awareness regarding treadmills and stationary bikes as an alternative to outdoor jogging or cycling activities will fuel further segmental growth.

Users can better do balance training, muscle building, and other strength training exercises by using free weights, exercise benches, an ab machine, and punching bags. Therefore, increasing awareness regarding the availability of such products is mainly driving the strength training equipment segment’s growth. Furthermore, the growing popularity of muscle training workout-related virtual courses was further supported by the demand for strength training equipment among U.S. adults in 2022.

Others segment includes various exercise products such as bands, ropes, dice, and sliders. The growing awareness regarding the availability of diverse varieties of such products among U.S. health-conscious adults mainly drives the others segment. Furthermore, shifting the U.S. teen population's preference toward rope jumping, group band stretching, and other traditional body workout activities further supports the demand for such products in the U.S.

By Sales Channel Analysis

Rising Trend of E-commerce Platforms Resulted in Online Segment Holding a Significant Market Share

By sales channel, the market is divided into online and offline.

The rising adoption of online shopping for exercise items among the U.S. population mainly drives the online segment. For instance, Amazon.com Inc., a leading global e-commerce giant, reported a 38% jump in its revenues from the U.S. and reached USD 386.1 billion in 2020. Key players such as Rogue Inc., TRUE Technology Inc., and others implemented pop-up advertising strategies to increase the number of visitors and product sales from their web pages, resulting in increased online sales and fueling the online segmental growth.

The offline segment holds a significant market share owing to the presence of many U.S. home fitness equipment retailers, such as Kohl's, Dick's Sporting Goods Inc., and others, contributing to the growing home fitness equipment sales.

Besides, people can effectively understand the product features from the sales representatives while shopping from such retail shops. This factor generates considerable product revenues. Furthermore, retailers give customers free demonstrations of fitness equipment to promote the product and maintain customer relationships.

KEY INDUSTRY PLAYERS

Product Innovation and Business Expansion are Key Strategies Fueling Market

Prominent players such as Icon Health & Fitness, Inc., Technogym SpA, and Body Energy Technology Co., Ltd. focus on developing interactive, connected health & fitness equipment to offer personalized body training solutions to users. For instance, in January 2022, NordicTrack, Icon Health & Fitness Inc.-owned fitness brand, introduced 'iSelect Adjustable Dumbbells,' a line of voice-controlled, adjustable dumbbells, in the U.S. market. These products are equipped with voice-controlled speakers that allow users to change the weight of the dumbbells from 5 to 50 pounds.

LIST OF KEY COMPANIES PROFILED:

• Icon Health & Fitness, Inc. (U.S.)


• Core Health & Fitness, LLC (U.S.)


• Johnson Health Tech Co., Ltd. (U.S.)


• Hoist Fitness Systems (U.S.)


• Rogue Fitness (U.S.)


• Body Craft Inc. (U.S.)


• BodyEnergy Technology Co., Ltd. (U.S.)


• TRUE Fitness Technology Inc. (U.S.)


• Torque Fitness (U.S.)


• Life Fitness, Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• October 2021: Life Fitness Today, a U.S.-based brand, unveiled the Life Fitness Connect mobile app for Apple and Android devices to track workouts and help exercisers stay motivated. The app has enhanced connectivity with the equipment and monitors the user's heart rate.


• August 2021: Peloton announced the launch of its new treadmill called Tread in the U.S., and the treadmill will have additional safety features.


• July 2021: iFit Health & Fitness Inc., a U.S.-based company, announced the acquisition of Sweat, a platform for women’s health & fitness. The acquisition expands the company's presence in the digital fitness market and increases its customer base.


• March 2021: BodyEnergy Technology Co. Ltd., an electric workout products maker, launched the BodyEnergy treadmill, human-powered treadmill equipment, in the U.S.


• March 2021: Life Fitness, a U.S.-based company, announced the enhancement of the connected fitness experience with Myzone heart rate devices that can be integrated with Life Fitness and Cybex cardio consoles. It can provide workout statistics to users, where they can track and view heart rate and calories burned during the workout.

REPORT COVERAGE

The research report analyzes the market in-depth and highlights crucial aspects such as prominent companies, equipment types, and sales channels. Besides this, the market outlooks insights into the market trends and highlights major industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth in the forthcoming years.

Report Scope & Segmentation