Global At-home Fitness Equipment market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
- Vikas Kumar
- October 11, 2021
- CONSUMER GOODS, NEWS
- At-home Fitness Equipment market, At-home Fitness Equipment market Growth, At-home Fitness Equipment market news, At-home Fitness Equipment market Share, At-home Fitness Equipment market Size, At-home Fitness Equipment market Trend
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Global at-home fitness equipment market is expected to reach the market valuation of USD 8.24 billion by 2027 expanding at a reasonable CAGR of 4.97% during the forecast period (2021-2028) from USD 5.92 million in 2020. At-home fitness equipment is any apparatus or machine used for physical activity by the consumer at the comfort of their home in order to enhance their muscular strength to remain fit and helps them in managing their body weight.
The at-home fitness equipment market is witnessing an uptick because of the increasing demand for advanced fitness equipments and the rise in GDP that signifies the increased standard of living. For instance, as per the World Bank, GDP per capita worldwide increased from US$ 10,249 in 2015 to US$11,433 in 2019. Also, In 2021, Luxembourg has the fastest-growing economy with 5.86% and is the top country in GDP per capita (US$125,923) amongst the 10 richest economies. Consequently, consumers in the developed and developing countries where per capita income is witnessing a rise are spending more on smart home fitness equipment that integrates latest technology such as AI and machine learning. Also, a rise in awareness for maintaining their mental and physical health coupled with these technological advancements is gaining traction among consumers with high per capita incomes.
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Furthermore, the growing number of chronic diseases due to the lack of physical activity and sedentary lifestyle is also expected to boost at-home fitness equipment market globally as there is a significant shift of consumers towards healthy lifestyle and in order to remain fit. For instance, chronic diseases are the leading cause of death and disability in the United States. 133 million Americans i.e., 45% of the population have at least one chronic disease. Chronic diseases are responsible for seven out of every 10 deaths in the U.S., killing more than 1.7 million Americans every year. Owing to these alarming facts, more and more people are spending on at-home fitness equipment which in turn is fueling the market growth.
However, some of the major restraints in the market include the high cost of at-home fitness Equipment and alternatives to home workout are impeding the growth of this market globally.
Based on product type, the market is divided into cardiovascular training equipment, strength training equipment and others. The cardiovascular training equipment segment dominated the at-home fitness equipment market and grabbed XX% market share in 2020 and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the growing awareness among consumers to maintain their cardiovascular health. Further, this segment is also sub-segmented into treadmills, elliptical machines, stationary cycles and rowing machines. Among these, stationary cycles segment grabbed a significant market share of the at-home fitness equipment market in 2020.
Based on sales channels, the global at-home fitness equipment market is segmented into online and offline. The offline segment occupied the largest share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027. However, the online segment is also anticipated to grow at a considerable CAGR during the forecast period owing to the increasing number of internet users, growing social media users, and key promotional and marketing initiatives on social media platforms. For instance, in 2020, 1.3 million new users joined social media every day and 54% of social browsers use social media to research products.
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Additionally, the report provides detailed report also provides insights of global at-home fitness equipment market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to an overall increase in consumer awareness regarding personal well-being and the growing consumer spending on fitness equipment. At the same time, Asia-Pacific is also identified as a potential market offering significant growth opportunities for several market players in the global at-home fitness equipment market.
Icon Health & Fitness Inc., Core Health & Fitness LLC, Johnson Health Tech Co. Ltd., Decathlon, Technogym SpA, Nautilus Inc., Echelon Fitness Multimedia LLC, TRUE Fitness, Dyaco International Inc., Rogue Fitness are some of the key players operating in the global at-home fitness equipment market. Several M&As along with partnerships have been undertaken by these players to develop new and innovative equipment.
Global At-home Fitness Equipment Market Segmentation
Market Insight, by Product Type
- Cardiovascular Training Equipment
- Elliptical Machines
- Stationary Cycles
- Rowing Machines
- Strength Training Equipment
Market Insight, by Distribution Channel
Market Insight, by End-User
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Icon Health & Fitness Inc.
- Core Health & Fitness LLC
- Johnson Health Tech Co. Ltd.
- Technogym SpA
- Nautilus Inc.
- Echelon Fitness Multimedia LLC
- TRUE Fitness
- Dyaco International Inc.
- Rogue Fitness