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Home Fitness Equipment Market to Reach USD 18.94 billion by 2032; Increasing Inclination Toward Digital Technologies to Aid Market Growth

March 07, 2024 | Consumer Goods

The global home fitness equipment market size touched USD 11.60 billion in 2023 and is predicted to reach USD 12.10 billion in 2024. The market is anticipated to touch USD 18.94 billion by 2032, recording a CAGR of 5.8% over 2024-2032.


Fortune Business Insights™ displays this information in its latest report titled “Home Fitness Equipment Market Size, Share & COVID-19 Impact Analysis, By Type (Cardiovascular Training Equipment and Strength Training Equipment), By Sales Channel (Online and Offline), and Regional Forecast, 2023-2030”.


Home fitness machines, such as stationary cycles and treadmills, have gained notable momentum in demand among people as they are looking for various ways to improve their health. These products are known to strengthen a particular body part, help users lose weight, and build energy & stamina. The rising participation in sports activities will further augment the home fitness equipment market growth.


Home Fitness Equipment Witnessed Robust Demand During COVID-19 Pandemic


The market grew significantly during the COVID-19 outbreak as more people started working out at their homes to avoid the risk of infection. The pandemic also forced several people who were not inclined towards sports activities to find ways to keep themselves fit, further adding to the product demand.


Growing Adoption of Digital Technologies to Boost Market Growth


The popularity of fitness applications in smart devices has increased tremendously as they can enhance and maintain personal fitness routines. This factor is expected to augment the market progress in the coming years. For instance, the data published by Fitness Online has stated that, in March 2023, World Economic Forum revealed that fitness apps noticed a growth of 50% in their usage during the first half of 2020. In addition, a rising percentage of individuals are participating in online fitness sessions and looking for proper guidance on their diet plans. This factor is predicted to fuel the need for this product during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/home-fitness-equipment-market-105118


Competitive Landscape


Incorporation of AI Technology by Top Market Players will Intensify Competition


Some of the top participants in the market are trying to incorporate AI and other advanced technologies in their fitness products. For example, Otari’s AI Smart Mat comes with the feature of accessing data & pressure-sensitive inputs that can offer more accurate instructions to users. This product has several other features such as 2 HiFi speakers, an ultra-wide HD display, an artificial intelligence (AI)-enabled camera, and Android & IOS device connectivity.


Notable Industry Development:



  • June 2020 – Lululemon announced that it finalized the acquisition of a home fitness brand called Mirror for around USD 500 million.


List of the Companies Profiled in the Report:



  • Icon Health & Fitness, Inc. (U.S.)

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

  • Amer Sports Corporation (Finland)

  • Core Health & Fitness, LLC (U.S.)

  • Nautilus, Inc. (U.S.)

  • Technogym S.p.A. (Italy)

  • Hoist Fitness Systems (U.S.)

  • Fitness World AS (Denmark)

  • HAMMER SPORT AG (Germany)

  • Rogue Fitness. (U.S.)


Further Report Findings



  • North America is anticipated to capture a dominant home fitness equipment market share. This is mainly due to growing preference for smart home devices. The construction of luxurious homes is growing at a robust pace across the region. This has fueled the demand for home gymnasium, thereby improving the product consumption considerably. In addition, many domestic brands across the region, such as Life Fitness, Precor Incorporated, Cybex International, and others have a vast range of innovative product offerings, which will play a key role in boosting the product demand.

  • Asia Pacific is projected to have a strong presence in the global market. The percentage of dual-income households in this region has increased substantially in recent years. This has increased customers’ spending on home fitness products, thereby driving the market expansion. Furthermore, governments in the region are announcing various schemes and programs to promote the importance of staying physically fit in schools and colleges, which has helped a wide range of home fitness equipment gain major traction among customers.

  • Growing cases of heart diseases, diabetes, and high blood pressure are expected to help the cardiovascular training equipment segment hold a major market share in the coming years. These machines can help heart patients strengthen their heart and its muscles and improve their quality of life.

  • Offline in the sales channel segment is estimated to capture a large share of the global market during the forecast period. This channel usually has a salesman that guides customers in buying the right product to fulfill their unique fitness needs. They also offer a lot of convenience and allow customers to physically inspect the product before buying it to avoid faulty purchases. These stores also provide high-quality after-sales service to their customers and can eliminate the overall waiting time on deliveries. These factors will increase the popularity of offline stores among customers across the world.


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Growth Rate



CAGR of 5.8% from 2024 to 2032



Historical Period



2020-2022



Unit



Value (USD Billion)



 



By Type



  • Cardiovascular Training Equipment



  • Strength Training Equipment



 



By Sales Channel



  • Online



  • Offline



Segmentation



North America (By Type, Sales Channel, and Country)



  • U.S. (By Type)

  • Canada (By Type)

  • Mexico (By Type)


Europe (By Type, Sales Channel, and Country)



  • Germany (By Type)

  • France (By Type)

  • Italy (By Type)

  • Spain (By Type)

  • U.K. (By Type)

  • Russia (By Type)

  • Rest of Europe (By Type)


Asia Pacific (By Type, Sales Channel, and Country)



  • China (By Type)

  • India (By Type)

  • Japan (By Type)

  • South Korea (By Type)

  • Australia (By Type)

  • Rest of Asia Pacific (By Type)


South America (By Type, Sales Channel, and Country)



  • Brazil (By Type)



  • Argentina (By Type)

  • Rest of South America (By Type)


Middle East and Africa (By Type, Sales Channel, and Country)



  • South Africa (By Type)



  • UAE (By Type)

  • Rest of Middle East and Africa (By Type)


Global Home Fitness Equipment Market
  • PDF
  • 2023
  • 2019-2022
  • 160

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