Home Fitness Equipment Market Trends, Industry Share, Growth Drivers, Business Opportunities and Demand Forecast to 2028
The global home fitness equipment market size stood at USD 10.18 billion in 2020. The market could surge from USD 10.73 billion in 2021 to USD 14.74 billion by 2028 at a 4.6% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Home Fitness Equipment Market, 2021-2028.”
According to the analysis, heightened awareness about the health upsides of fitness equipment, including boosting stamina and energy, will augur well for the business outlook. Moreover, increased traction for jogging, biking, and swimming will encourage industry players to bolster their portfolios. For instance, the trend for smart treadmills to keep a check on run speed, jog, and heart rate will expedite investments globally.
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Fortune Business Insights™ lists out all the home fitness equipment market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Hoist Fitness Systems (U.S.)
- Technogym S.p.A. (Italy)
- Johnson Health Tech Co., Ltd. (U.S.)
- Icon Health & Fitness, Inc. (U.S.)
- Amer Sports Corporation (Finland)
- Nautilus, Inc (U.S.)
- Fitness World AS (Denmark)
The report offers a comprehensive perspective of the market size, share, revenue and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
Drivers and Restraints
Trend for Digital Technology to Bolster Growth Potentials
Home fitness equipment market share will grow at an upward trajectory on the back of the trend for fitness applications. The penetration of smart devices will play a pivotal role in maintaining and improving personal fitness routines. In September 2020, the World Economic Forum claimed that fitness apps observed a 50 percent rise in usage in the first half of 2020. Besides, an uptick in the number of online fitness sessions will also expedite the adoption of home fitness equipment. Moreover, the prevalence of heart diseases, obesity and diabetes may augment product adoption. However, an increased cost of fitness equipment could challenge major companies seeking to bolster their market presence.
Uptick in Dual-Income Households to Propel Investment in Asia Pacific
The Asia Pacific could emerge as a favorable investment hub following the prevalence of dual-income households. To illustrate, in June 2020, the Korean Times reported that approximately half of all married couples in South Korea were expected to have dual income in 2019. Besides, inclusion and promotion of health and physical education across schools will also bode well for the regional outlook.
North America home fitness equipment market growth could gain traction from the rising footfall of the gymnasium. Additionally, the presence of leading companies across the U.S. and Canada will underpin the regional growth. The penetration of fitness equipment and tools will be pronounced across online and offline sales channels.
Stakeholders anticipate the Europe market forecast to be robust on the back of growing traction for fitness and health products. A significant spike in per capita income will also trigger equipment adoption across the U.K., France, Italy, and Germany. Trading Economics noted the per capita income of Italy at USD 35,614, France at USD 44,317, Germany at USD 47,628 and the U.K. at USD 43,688. Prevailing trends suggest leading companies will exhibit profound traction for training equipment at home.
Cardiovascular Training Equipment to Remain Dominant with Rising Demand to Boost Health
In terms of type, the market is segregated into strength training equipment and cardiovascular training equipment. Stakeholders anticipate the cardiovascular training equipment segment to account for a sizable share of the global market due to the need to boost the health of people with diabetes, heart disease and high blood pressure.
Offline Sales Channel to Grow Due to Need to Eliminate Delivery Wait Time
With respect to sales channels, the industry is segregated into offline and online. The offline segment will contribute significantly to the global market due to the need to do away with the delivery wait time and boost convenience.
Industry Players Invest in Organic and Inorganic Strategies to Boost Portfolios
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (In relation to COVID)
- Global Home Fitness Equipment Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Cardiovascular Training Equipment
- Strength Training Equipment
- By Sales Channel (Value)
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
Notable Industry Developments
- June 2020: Lululemon announced the buying called Mirror, a home fitness brand, for USD 500 million.
- August 2021: Johnson Health Tech (JHT) announced the acquisition of Matrix Fitness South Africa to propel its health and fitness portfolio.
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