At-Home Fitness Equipment Market Opportunity Analysis and Industry Forecast, 2021–2027
According to a new report published by Allied Market Research, titled, “At-Home Fitness Equipment Market by Product Type, Distribution Channel, End User, and Price Point: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the at-home fitness equipment market size is expected to reach $11,459 million by 2027 at a CAGR of 7.8% from 2021 to 2027.
Fitness equipment are widely used for physical fitness, weight management, and improving body stamina & muscular strength. The commonly used at-home fitness equipment are treadmills, stationary cycles, stair climbers, rowing machines, elliptical, and free weights. Rise in awareness regarding health & fitness, increase in obese population, government initiatives to promote healthy lifestyle, and increase in youth population are the major factors that drive the growth of the global at-home fitness equipment market. Moreover, upsurge in youth population, improved lifestyle, and rise in disposable income of individual in developing countries are anticipated to offer immense opportunities for the market players.
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An alarming rise in global obesity, especially in urban areas, supplements the growth of the at-home fitness equipment market. According to WHO, in 2016, around 1.9 billion adults were overweight and of these around 650 million were obese. Obesity is associated to a number of health issues or disorders such as sudden cardiac arrest, hypertension, hypotension, and diabetes. Therefore, to lose weight, reduce stress, and improve blood circulation, obese people tend to use more of fitness equipment, thereby increasing the sales for these products.
Further, the growing adoption of artificial intelligence (AI) and machine learning technology in the at-home fitness equipment is driving the global at-home fitness equipment market. It is expected that the AI based personal trainer is the upcoming trend in the at-home fitness equipment market. Tech giants such as Google and Apple are engaged in developing their smart wearable devices that can virtually guide and assist its users based on health data collection. This will boost the at-home fitness equipment market in future.
The global at-home fitness equipment market is segmented into product type, distribution channel, end user, price point, and region. Depending on product type, the at-home fitness equipment market is categorized into cardiovascular training equipment, free weights, and power racks. The cardiovascular training equipment segment is sub-segmented into treadmills, stationary cycles, rowing machines, and elliptical and others. By distribution channel, the global at-home fitness equipment market is segregated into dealers, online, retail, and gyms/clubs.
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The online segment is further segregated into direct distribution and 3rd party retailers. The retail segment is further fragmented into mass retailer and specialty retailer. By end user, the at-home fitness equipment market is segregated into households, apartment, and gym in apartment. By price point, the market is segmented into low, mid, and luxury.
Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. Partnership/collaboration agreement with key stakeholders is expected to be a key strategy to sustain in the market. In the recent past, many leading players opted for product launch or partnership strategies to strengthen their foothold in the market. To understand the key trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the fitness equipment market analysis includes Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHrD, Nordic Track, ProForm, Precor, Inc., Schwinn, JTX Fitness, Keiser Corporation, Corepump, and York Barbell.
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North America dominates in terms of at-home fitness equipment market share and is expected to retain its dominance during the forecast period.
In 2019, based on product type, the cardiovascular training equipment segment leads in terms of market share, and is expected to gain market share in the upcoming years
The free weights segment is poised to grow at highest CAGR during the forecast period.
Households segment is expected to gain market share in the upcoming years and is estimated to grow at a CAGR of 9.6% during the forecast period.
Based on region, Europe is anticipated to grow with robust CAGR of 7.6% during the forecast period.