The market for home exercise equipment is predicted to grow at a CAGR of under ten percent during the forecast period. A number of factors, including increased knowledge of the need of living a healthy lifestyle, an increase in the prevalence of chronic diseases, and rising personal disposable income, can be attributed to this rise in the market value for home exercise equipment. "Home fitness equipment" refers to items used in homes for physical activity and activities related to fitness. A wide range of home workout equipment is available through both online and offline distribution channels. Home exercise equipment is designed for everyone, regardless of their gender or age. However, they must be used with the proper caution. The market for home exercise equipment is expanding as a result of rising urbanisation, modernization, and adoption of healthier lifestyles. The number of young people, knowledge of the value of maintaining health, and development in personal discretionary spending are some other indirect factors driving the home exercise equipment industry. The market for home fitness equipment will expand as obesity and overweight people become more prevalent. Long-term, the increased incidence of cardiovascular diseases could create considerable economic opportunities. There will be a rise in demand for home exercise equipment as a result of the overall expansion and growth of the health and wellness industry. The need for home exercise equipment has grown even more after the most recent coronavirus outbreak.
To curb the spread of COVID-19, the majority of gyms and fitness centres have had to close in recent months. As a result, there is a considerable demand for home exercise equipment like cycles, treadmills, and rowing machines. As a result, internet retailers have seen a considerable boost in their sales of exercise equipment. The COVID-19 pandemic has altered the fitness industry and increased demand for at-home workout programmes. Home fitness has become a notable business opportunity thanks to the rise in online home gym equipment sales. In addition to other detrimental consequences on businesses and the general economy, the COVID-19 outbreak has had a disastrous effect on people's health and access to healthcare. IT also had an effect on the world market for fitness equipment. If quarantine and social isolation measures are maintained, closed gyms may dramatically boost the culture of home workouts and the demand for exercise equipment for the home. Due to the advent of dangerous diseases like COVID-19 and the increasing prevalence of cardiovascular diseases, diabetes, and osteoarthritis, consumers' awareness of their own health is growing worldwide. Growing customer inclination for a fit and healthy lifestyle is the main factor promoting the growth of the fitness equipment industry. An increase in the number of fitness centres and health clubs around the world is a further factor driving the market's growth.
Global Home Fitness Equipment Market Key Players:
This study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: Amer Sports Oyj, Corepump, HOIST Fitness Systems, ICON Health & Fitness Inc., Johnson Health Tech. Co., Ltd., JTX Fitness, Keiser Corporation, Louis Vuitton, Nohrd, Nordic Track, Peloton, Precor Inc., ProForm, Schwinn, Technogym Spa, Tonal Systems Inc., True Fitness, Vectra Fitness, York Barbell.
Global Home Fitness Equipment Market Segmentation:
By Product Type: Based on the Product Type, Global Home Fitness Equipment Market is segmented as; Barbells & Ladders, Elliptical and Others, Extension Machines, Free Weights, Rowing Machines, Stationary Cycles, Treadmills, Other Training Equipment.
By Grade: Based on the Grade, Global Home Fitness Equipment Market is segmented as; Low-end Products, Mid-grade Products, High-end Products.
By Distribution Channel: Based on the Distribution Channel, Global Home Fitness Equipment Market is segmented as; Dealers, Online Shops {Direct Online Stores, Third Party Websites}, Retail Stores, Specialty Stores, Other Distribution Channels.
By End User: Based on the End User, Global Home Fitness Equipment Market is segmented as; Apartments, Condos, Houses, Offices, Small Gyms, Town homes, Other End Users.
By Training Type: Based on the Training Type, Global Home Fitness Equipment Market is segmented as; Cardiovascular Training Equipment, Strength Training Equipment, Others.
By Region: The home fitness equipment market is dominated by North America, and this trend of dominance will continue to thrive during the forecast period, with the United States and Canada emerging as the primary contributors. This is due to the expansion of the e-commerce industry in this area, the presence of important players, and the rapid rate of technological innovation. For the predicted period, Asia-Pacific will have the highest compound annual growth rate (CAGR).
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.