"Assisting You in Establishing Data Driven Brands"
The global home fitness equipment market size was valued at USD 11.15 billion in 2022 and is projected to grow from USD 11.60 billion in 2023 to USD 16.56 billion by 2030, exhibiting a CAGR of 5.2% during the forecast period.
Home fitness equipment has gained significant popularity as consumers have become more aware of healthy habits, which contributes to the several health benefits in the long run. The eagerness to boost energy and motivation in their daily life has helped to draw the attention of many consumers toward home fitness products. The increasing number of people involved in numerous fitness activities, including, biking, jogging, swimming, and others has surged the product demand as it helps users build stamina in the comfort of their homes.
COVID-19 Pandemic Boosted Demand for Home Fitness Products
The COVID-19 pandemic caused a significant increase in the number of people working out from their homes to avoid getting infected, which, in turn, positively influenced the home fitness equipment market growth. For instance, data issued by Business Wire in May 2023 revealed that fitness equipment sales witnessed a growth of 150% in 2020, driven by the outbreak. In addition, the pandemic compelled non-fitness enthusiasts to give more importance to their health and fitness, which also played a vital role in generating demand for the product.
Request a Free sample to learn more about this report.
Growing Shift Toward Innovative Fitness Products is a Prominent Market Trend
The rising production of smart treadmills that monitor heart rate, jog & run speed, and distance covered, and come in a compact, foldable form for easy mobility, is expected to be a lucrative opportunity for the market. For instance, the Peloton Tread treadmill can monitor a user’s heart rate, workout timing, distance covered, and calories burned. In addition, the production of smart dumbbells, which have built-in sensors to monitor the movement of arms and can connect with smart electronic devices, is likely to fuel the product demand. For instance, Bowflex SmartTech 560 dumbbell can be connected to smart devices through Bluetooth and its sensors can detect arm movement.
Rising Health Ailments to Fuel Product Demand
The increasing number of people suffering from obesity is predicted to surge the sales of home fitness machines as they are a crucial tool to reduce weight. For instance, as per the data published by the U.S. Department of Health & Human Services in September 2022, more than 35% of adults in 16 states of the country had obesity. In addition, rising awareness of lack of physical activity led to various health issues, such as heart disease, diabetes, cancer, and others, thereby increasing the demand for these fitness products.
Increasing Inclination Toward Digital Technologies to Aid Market Growth
The increasing popularity of fitness applications in smart devices for enhancing and maintaining personal fitness routines has played a significant role in boosting the market growth. For instance, according to the data published by Fitness Online, in March 2023, the World Economic Forum stated that fitness apps witnessed a rise of 50% in their usage in the first half of 2020. In addition, more people are opting for online fitness sessions and seeking proper guidance on their diet plans, which is expected to augment the need for this product throughout the forecast period.
High Product Cost to Hamper Market Growth
Some fitness equipment are sold at a high cost, which can be quite expensive for middle and low-income earners in developing and under-developed countries, thereby restraining the market growth. For instance, according to Fitness Superstore, the price of the Life Fitness F1 Smart Folding Treadmill is USD 3,499. In addition, the growing establishment of commercial gymnasiums across the globe led to decreased spending on home fitness equipment, stifling the market expansion. For instance, according to July 2021 data from the International Health, Racquet & Sportsclub Association, the U.S. had over 32,270 health clubs.
To know how our report can help streamline your business, Speak to Analyst
Heart and Muscle Benefits of Cardiovascular Training Equipment to Lead the Segment
Based on type, the market is fragmented into cardiovascular training equipment and strength training equipment.
The cardiovascular training equipment segment is projected to capture the larger market share as this equipment can strengthen the heart and its muscles, and improve the health of people living with heart disease, diabetes, and high blood pressure.
The strength training equipment segment is also expected to have a robust market presence due to the product's ability to increase muscle mass and make bones stronger, increase flexibility in joints, and other major benefits.
Instant Customer Support from Offline Channels to Augment Segment’s Demand
Based on sales channel, the market is segmented into online and offline. Offline channel is anticipated to be the leading segment due to its ability to eliminate wait time on deliveries. These stores also have a salesman who guides customers to buy products as per their specific needs and offer convenience in terms of after-sale services.
The online segment has also witnessed robust growth as it provides convenience to many consumers who don’t want to spend a lot of time looking for products in multiple stores.
North America Home Fitness Equipment Market Size, 2022 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
North America holds the largest global home fitness equipment market share. The rising number of luxurious homes has increased the establishment of a home gymnasium, which will improve the product consumption considerably. In addition, domestic brands of this region, such as Precor Incorporated, Life Fitness, Cybex International, and others have a wide range of attractive product offerings, which will assist in bolstering the product demand.
Asia Pacific is estimated to have a robust presence in the global market. The rising number of dual-income households has spiked the spending on home fitness equipment, thereby driving the market growth. In addition, governments across the region are taking certain steps to promote fitness and physical education in schools, which has helped the product gain major traction among customers.
Due to the high per capita income, Europe is projected to show substantial growth in the coming years. Customers are increasing their investments in personal health & fitness products, including home fitness equipment. Furthermore, the growing number of people involved in regular exercise has played a crucial role in surging the product’s demand across the region.
South America is projected to exhibit considerable growth due to the strong expansion of the region’s e-commerce sector, thereby intensifying the sales of home fitness equipment through online channels. Furthermore, the high Gross Domestic Product (GDP) of various countries in this region is expected to boost the expenditure on fitness products. These factors will significantly contribute to the regional market’s growth.
To know how our report can help streamline your business, Speak to Analyst
The Middle East & Africa region is expected to have a considerable presence in the market. Notable growth of the urban population is anticipated to boost the adoption of a healthier lifestyle. This includes having a proper fitness routine at home, which has further surged the product’s consumption rate.
Key Players are Incorporating AI Technology to Intensify Competition
Key manufacturers of home fitness equipment are progressively shifting their attention toward incorporating AI technology in their fitness products. This will help them revolutionize the home fitness equipment industry. For instance, in June 2020, Otari’s AI Smart Mat comes with the capability to access data & pressure-sensitive inputs, which will result in more accurate instructions. The product has multiple features including an artificial intelligence (AI)-enabled camera, 2 HiFi speakers, an ultra-wide HD display, and Android & IOS device connectivity.
KEY INDUSTRY DEVELOPMENTS:
An Infographic Representation of Home Fitness Equipment Market
To get information on various segments, share your queries with us
The home fitness equipment market research report provides a detailed market analysis 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 in recent years.
CAGR of 5.2% from 2023 to 2030
Value (USD Billion)
By Sales Channel
North America (By Type, Sales Channel, and Country)
Europe (By Type, Sales Channel, and Country)
Asia Pacific (By Type, Sales Channel, and Country)
South America (By Type, Sales Channel, and Country)
Middle East and Africa (By Type, Sales Channel, and Country)
Fortune Business Insights states that the global market size was USD 11.15 billion in 2022 and is projected to reach USD 16.56 billion by 2030.
In 2022, the North America market value stood at USD 3.87 billion.
Registering a CAGR of 5.2%, the market will exhibit moderate growth in the forecast period of 2023-2030.
The cardiovascular training equipment segment will lead this market during the forecast period.
Rising health concern across the globe is a major factor driving the market growth.
Icon Health & Fitness, Inc., Johnson Health Tech Co., Ltd., and Amer Sports Corporation are the major players in the global market.
North America held a dominant share in the market in 2022.
The rising spending power in various countries across the world is expected to drive the adoption of this product.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry