Feb 23, 2022 SOURCE: BusinessWire

$16.42 Billion Home Fitness Equipment Market - Global Forecast to 2026 - ResearchAndMarkets.com

The "Home Fitness Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The home fitness equipment market was valued at USD 16,423.69 million in 2020, and it is projected to register a CAGR of 2.75% during the forecast period, 2021-2026.

The COVID-19 pandemic has reshaped the landscape of fitness and has led to the at-home fitness industry skyrocketing. Home fitness has become a notable opportunity, with the boom in the online sales of home gym equipment. In addition to the serious implications on people's health and healthcare services, the COVID-19 pandemic has had a significant impact on businesses and the economy. Thus, it also had an impact on the home fitness equipment market globally. With the continuation of quarantines and social distancing norms, gyms remain closed, which is likely to highly boost the culture of home-workout and, in turn, boost the demand for fitness equipment for homes.

Additionally, around the world, many gyms and fitness studios are closed due to the COVID-19 pandemic. However, fitness enthusiasts are not letting their fitness goals fall by the wayside because they are stuck at home. In fact, this is an opportunity for equipment manufacturers to tap into the market as an increased number of people are now motivated to develop a home fitness routine that can extend beyond social distancing mandates. Precautionary healthcare, coupled with an increasing preference for customized workout regimes (including workout timing) and a comfortable home-friendly environment, is increasing the demand for home fitness equipment, as the customers are keen to exercise daily.

Growth in home fitness equipment in the recent past was also the result of the inconvenience of commuting to a gym to use the machines, trainer fees, and membership fees, primarily in developing countries. The space limitation, primarily for bulk fitness equipment, such as massage chair, exercise bike, exercise treadmill, and cross, is a major factor that limits the growth of the home fitness equipment market. This has stimulated start-up gyms, fitness centers, and health clubs around the world.

Key Market Trends

Consumers' Interest in Customized Home Workout Regimes

The busy schedule and long hours of working, crowded fitness centers, and problems regarding vehicle parking have resulted in an increasing number of consumers actively inclining toward home workouts. Home fitness equipment eliminate the inconvenience of commuting to a gym to use the machines and are highly cost-effective in the long run. The small, recurring costs incurred in transportation, workout equipment, trainer fees, and membership fees are a major factor promoting consumer inclination for home fitness equipment.

Moreover, an increasing number of manufacturers are investing in launching apps that provide a platform for customers to select their personal trainers for either online classes or home visits, to meet their specific and customized fitness requirements, such as bodybuilding. For instance, in 2019, MIRROR, the company that created the first nearly invisible, interactive home gym, announced the launch of one-on-one personal training. For the first time, members will be able to bring the country's top trainers into their homes through MIRROR's immersive technology.

North America is Leading in the Home Fitness Equipment Market

The North American market witnessed significant growth due to the rising health awareness among consumers, with the growing adoption of exercises related to physical well-being, weight management, improving body stamina, and muscular strength. The rising obese population and increasing health concerns are other major factors driving the home fitness equipment market in the region. For instance, according to the CDC, In 2017-2018, the obesity prevalence was 40.0% among US adults.

Furthermore, the rising preventive healthcare measures and the augmenting healthcare costs are enabling consumers to engage in regular workouts to remain fit. Additionally, with the growing demand, manufacturers operating in the global market are expanding their presence to achieve a competitive advantage in the market. For instance, in 2019, Wattbike launched Wattbike Atom in the United States with real ride feel technology. The Atom offers an authentic, intelligent, and adaptable indoor performance training experience for the home, ideal for any cyclist and fitness enthusiast.

Competitive Landscape

The home fitness equipment market is highly competitive, with the presence of various local and global players, including Anta International Limited (Amer Sports Oyj), Nautilus Inc., Johnson Health Tech. Co. Ltd, and Origin Fitness Ltd (Anytime Leisure Limited). The market is expected to witness significant growth over the forecast period, owing to the development of several marketing strategies that greatly rely on product innovations, expansion across different regions, and partnerships with different companies to expand product portfolios.

Additionally, the adoption of a large fitness company increases the legitimacy of emerging companies in the market. For instance, Johnson Health Tech acquired specialty fitness retailer Leisure Fitness, Newark, Delaware, to expand its product portfolio. Also, the agreement propelled Johnson Health Tech's retail footprint to 315 stores worldwide, with the addition of 27 Leisure Fitness stores in 2016.

Companies Mentioned