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The global home fitness equipment market size was USD 10.18 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market will exhibit a stellar growth of 25.1% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 10.73 billion in 2021 to USD 14.74 billion in 2028 at a CAGR of 4.6% in the 2021-2028 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The product has developed an escalating market enlargement as people are becoming progressively aware of the health benefits that it is able to deliver. Its capability to strengthen the specific part of the body, boost stamina & energy, and assist users in moving at their own pace has helped to draw more consumers. The increasing number of people involved in physical activities such as biking, jogging, swimming, and others has helped to surge the demand as it helps in building stamina at the comfort of their homes, for instance, according to the Global Wellness Institute. Org data, in 2018, the number of people involved in physical activities in North America was 57.8 percent, and Europe was 46.6 percent.
COVID-19 Pandemic to Result in the Rising Demand for Home Fitness Equipment
The eruption of the coronavirus has resulted in a spike in the number of people working out from their homes to avoid getting infected, which, in turn, would have a positive influence on the market growth. For instance, the data issued by the Business Wire in May 2020 declared that fitness equipment sales witnessed a growth of 170 percent, which is driven by the outbreak of the COVID-19. In addition, the pandemic has also propelled non-fitness enthusiasts to give more importance to the maintenance of their health and fitness, which thus helps to generate traction.
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Growing Shift towards Innovative Products is a Prominent Trend
The rising production of smart treadmills designed to help monitor heart rate, jog and run speed, distance covered, and also comes in a compact foldable form for easy mobility is acting as an opportunity for the market growth. For instance, the Peloton Tread treadmill has the capability to monitor heart rate, work out timing, distance covered, calories burned, and others. This product also comes with life and fitness demand classes. In addition, the manufacturing of smart dumbbells, which has built-in sensors to help monitor the movement of the arm and also has the ability to connect with smart electronic devices, is likely to fuel the demand. For instance, Bowflex SmartTech 560 dumbbell has the capability to be connected with smart devices through Bluetooth, and its sensors can detect arm movement.
Rising Health Complications to Fuel the Demand for Products
The increasing number of people with obesity surges the need for the product as it acts as a crucial tool in reducing their weight at their own pace. For instance, as per the data published by the State of Child Obesity.Org in September 2020, in the United States, adult obesity rates now surpass 35% in 12 states, 25% in 48 states, and 30% in 35 states. In addition, the rising awareness of the lack of physical activity has led to various health issues such as heart disease, diabetes, cancer, and others, which, in turn, has assisted in upsurging their demand. For instance, the data issued by the Center for Disease Control and Prevention in September 2019 states that the lack of physical activity contributes to heart disease, several cancers, and type 2 diabetes. Besides, not enough physical activity is also associated with USD 117 billion healthcare costs on a yearly basis.
Increasing Inclination towards Digital Technology to Aid Market Growth
The increasing popularity of the usage of fitness applications in smart devices for enhancing and maintaining personal fitness routines has played a significant role in the market growth. For instance, the World Economic Forum data released in September 2020 declares that fitness apps witnessed a rise of 50 percent usage in the first half of 2020. In addition, the rising popularity of taking online fitness sessions has resulted in fostering the need for the product. For instance, the New Indian Express data published in April 2020 mentions that the Jawaharlal Nehru University of New Delhi, India, started its online fitness class for students to assist in maintaining their health and well-being.
High Cost of the Product to Hamper Market Growth
Some fitness equipment available at a high cost, especially middle and low-income earners of developing and under-developed countries, is acting as a restraining factor for the market growth. For instance, according to Fitness Superstore, the price of Life Fitness F1 Smart Folding Treadmill is worth USD 3,499. In addition, the increasing establishment of commercial gymnasiums across the globe led to decreasing expenses made on home fitness equipment. It has a negative impact on market growth. For instance, according to the 2018 data of the International Health, Racquet & Sportsclub Association, the United States has over 39,570 gyms with more than 6 billion visits.
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Cardiovascular Training Equipment Segment to Remain at the Forefront
On the basis of type, the market is fragmented into cardiovascular training equipment and strength training equipment.
The cardiovascular training equipment segment is projected to be the larger market shareholder owing to its capability to help toughen the heart and muscle while also assisting to improve the health of people with heart disease, diabetes, and high blood pressure.
The strength training equipment segment also possesses a robust market presence owing to more consumers being attracted by the product's ability to increase muscle mass, provide stronger bones, flexible joints, and others.
Offline Segment to Hold the Highest Market Share in the Forecast Period
Based on the sales channel, the market is segmented into online and offline. Offline is anticipated to be the leading segment on account of the channel’s ability to eliminate delivery wait time, the presence of a salesman who helps in guiding customers to buy products as per their specific needs and requirements, and convenience in terms of after-sale services.
On the other hand, the online sales channel segment has witnessed an upsurging growth as it provides comfort to a large number of consumers who don’t have much time to spend on browsing products in multiple stores.
North America Home Fitness Equipment Market Size, 2020 (USD Billion)
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Asia Pacific is estimated to have a robust presence in the global market. The rising number of dual-income households resulting in the spiking spending on home fitness equipment is acting as a driving factor for the market growth. For instance, the data published by the Korean Times in June 2020 states that in 2019, about half of all married couples in South Korea were anticipated to have dual income. In addition, the government of this region is taking certain steps to promote health and physical education in schools which have helped to generate traction. For instance, data published by the Press Information Bureau Government of India in December 2019 declares that health and physical education is mandatory for grade-1 to grade-10 in India.
North America is dominating in terms of the home fitness equipment market share, boasting revenue of USD 3.55 billion in 2020. The escalating number of million-dollar homes giving rise to the increasing establishment of a home gymnasium is evaluated to hike the consumption rate. For instance, the data published by USA Today in November 2018 mentions that homes that are worth 1 million and above have experienced an increase of 400,702 in 2018. In addition, domestic brands of this region, such as Precor Incorporated, Life Fitness, Cybex International, and others possessing a wide range of attractive product offerings, would assist in surging the demand.
Europe is projected to show substantial growth, owing to the high per capita income. It would increase the expenditure made on personal health and fitness products, including home fitness equipment. For instance, the data released by Trading Economics has declared the per capita income of the European countries of 2019 with Germany at USD 47,628, France at USD 44,317, Italy at USD 35614, UK at USD 43688. Furthermore, a large number of people in Europe involved in regular exercise has played a crucial role in raising the demand. For instance, the data issued by Play Time.Org in March 2018 states that 40 percent of people in Europe are taking exercise sessions at least once a week.
South America is assessed to exhibit considerable growth due to the thriving expansion of e-commerce, thereby helping to intensify online sales of home fitness equipment. For instance, the data published by Trade.Gov states that in 2019, the sales through e-commerce channels in Brazil have witnessed a rise of 16 percent as compared to the prior year. Furthermore, the high gross domestic product (GDP) attained by countries of this region would lead to a hike in the expenditure made on fitness goods. It would significantly contribute to regional growth. For instance, the data issued by the World Bank declares that in 2018, the gross domestic product of Argentina was evaluated to be USD 517.62 billion.
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The Middle East & Africa is expected to have a considerable presence in the market. The escalating growth of the urban population would give rise to the adoption of a healthier lifestyle. This includes having a proper fitness routine at home, which has further helped to surge its consumption rate. For instance, the data released by the World Bank.Org mentions that in 2019, the urban population of South Africa was estimated to be 67 percent.
Key Players are Shifting towards Incorporating AI Technology to Intensify Competition
Key players of the home fitness equipment market are progressively shifting their attention towards incorporating AI technology into fitness equipment. This will help to revolutionize the fitness equipment industry and will have a positive impact on its growth. For instance, Otari’s AI Smart Mat comes with a game-changing capability with access to data & pressure-sensitive inputs, which will result in more accurate instructions. The product also has multiple attractive attributes that include an AI-enabled camera, 2 HiFi speakers, ultra-wide HD display, and Android and IOS device connectivity.
An Infographic Representation of Home Fitness Equipment Market
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The home fitness equipment market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, end-users, and leading product types. Besides this, it offers insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
By Sales Channel
Fortune Business Insights states that the global market size was USD 10.18 billion in 2020 and is projected to reach USD 14.74 billion by 2028.
In 2020, the North American market value stood at USD 3.55 billion.
Registering a CAGR of 4.6%, the market will exhibit moderate growth in the forecast period (2021-2028).
The cardiovascular training equipment segment is projected to lead this market during the forecast period.
The rising health concern across the globe is the major factor driving the growth of the market.
Icon Health & Fitness, Inc. (Utah, United States), Johnson Health Tech Co., Ltd. (Wisconsin, United States), and Amer Sports Corporation (Helsinki, Finland) are the major players in the global market.
North America dominated the market in terms of share in 2020.
The rising spending power in various countries around the world is expected to drive the adoption of this product.
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