The latest report by IMARC Group, titled “Home Fitness Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global home fitness equipment market is expected to exhibit a CAGR of 2.9% during 2022-2027. Home fitness equipment refers to various exercise machines and devices used to perform and monitor physical activities. Some of the commonly used equipment includes treadmills, cardio machines, punching bags, pull-up bars, yoga mats, dumbbells, squat racks, exercise balls, and ellipticals. It assists individuals in burning calories and excess body fat, stimulating the heart rate, enhancing stamina, and building muscle mass. It also aids in weight management, strength training, and muscular strength development. As a result, home fitness equipment has gained immense popularity among consumers due to its cost efficiency, versatility, convenience, and flexibility to perform stress-free and customized workouts in a comfortable environment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Home Fitness Equipment Market Trends:
The rising health consciousness among the masses represents the primary factor driving the market growth. This can be attributed to the growing incidences of chronic diseases, such as obesity, cardiovascular disorders, arthritis, and diabetes, which have led to a significant shift toward healthier lifestyles. Additionally, due to hectic schedules, long working hours, and crowded fitness centers, individuals are increasingly inclining toward home workouts to eliminate recurring costs and the inconvenience of commuting to gyms daily. In line with this, several favorable initiatives undertaken by governing and non-governing agencies of numerous countries to spread awareness regarding the importance of health and fitness have escalated the product demand. Furthermore, various product innovations, such as the launch of technologically advanced, user-friendly home fitness equipment to offer enhanced experiences to individuals, have propelled the market growth. Besides this, the closure of gyms and fitness centers and surging consumer health concerns amid the sudden outbreak of coronavirus disease (COVID-19) have accelerated home fitness equipment sales. Other factors, including the widespread adoption of wearable devices that can be synchronized with fitness equipment, inflating consumer expenditure capacities, rapid urbanization, easy product availability via e-commerce platforms, and technological advancements, are also creating a positive market outlook.
- Based on the product type, the market has been segregated into cardiovascular training equipment (air bike, elliptical machines, punching bag, rowing machine, treadmill, and others), strength training equipment (ab wheel, adjustable dumbbells, adjustable kettlebell, medicine ball, mini resistance bands, pull up bars, weight-lifting bench, and others), and accessories (foam roller, weighted jump rope, and others). Amongst these, cardiovascular training equipment represents the largest market segment.
- The market has been classified based on the distribution channel into supermarkets and hypermarkets, specialty stores, online stores, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. At present, North America holds the leading position in the market.
- The competitive landscape of the market has also been analyzed, with some of the key players being Adidas AG, Amer Sports Corporation, Brunswick Corporation, Pure Gym Limited, Hoist Fitness Systems Inc., Icon Health & Fitness Inc., Johnson Health Tech. Co. Ltd., Technogym S.p.A., True Fitness Technology Inc., and Vectra Fitness Inc.
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