Newark, New Castle, USA, Feb. 27, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, “Home Fitness Equipment Market by Product Type (Cardiovascular Training Equipment, Treadmills), by Distribution Channel (Offline Retail Stores, Online Retail Stores), and End User (Households & Gym in Apartments) – Global Outlook & Forecast 2022-2030 ” published by Growth Plus Reports, the home fitness equipment market is expected to grow at a CAGR of 5.17% from 2021 to reach US$ 17.40 billion by 2030.
The global home fitness equipment market has been analysed from four different perspectives – Product Type, Distribution Channel, End User and Region
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Excerpts from ‘By Product Type Segmentation’
Based on the product type the global home fitness equipment market is segmented cardiovascular exercise equipment, rowing machines, stationary cycles, elliptical machines, and treadmills. Because cardiovascular disorders are becoming more common, cardiovascular exercise equipment is increasing its market share in the home fitness equipment sector. The cardiovascular training equipment category is anticipated to hold the greatest market share due to its ability to support in improving the health of people with heart disease, diabetes, and high blood pressure. Chronic lifestyle diseases are also becoming more common, and people all over the world are becoming more health conscious, which motivates the other market sectors and is one of the main drivers boosting its expansion. Due to a number of causes, including rising urbanisation, sedentary lifestyles, and the busy schedules of working professionals, fitness equipment that can be utilised at home is becoming more and more popular. Thus, the increasing use of this equipment for treating lifestyle diseases like diabetes, arthritis, stroke, and cardiovascular ailments is fuelling the segment’s expansion.
Excerpts from ‘By Distribution Channel Segmentation’
The global home fitness equipment market is segmented based on distribution channel into:
- Offline Retail Stores
- Online Retain Stores
- Direct Sales
The global home fitness equipment market was dominated by offline retail stores in 2021. Reduced delivery waits times and the availability of salespeople who help consumers choose products that suit their unique requirements and expectations. Also, the store-based distribution channels are anticipated to show a larger market for to the presence of supermarkets and hypermarkets. Additionally, due to their wide selection and alluring offers, non-store-based distribution channels are expanding at a good rate in conjunction with the developing trend of online shopping. This will aid boost sales revenues in the global market throughout the anticipated time. Further, the online industry is also growing quickly because it provides convenience to many clients who lack the time to shop around in different places. When customers shop online, they can more readily choose the goods or services they need from any supplier, anywhere in the world. There is a great chance for a wider range than at chain stores, and you have the freedom to browse without being pressed for time or under any other pressures.
Excerpts from ‘By Region Segmentation’
On the basis of geographical distribution, the global home fitness equipment market is expanded over North America, Europe, Asia Pacific, and Rest of the World.
Due to the rising number of home gyms and the region’s high consumption rate, North America dominated the market for home exercise equipment in 2021 in terms of revenue. People prefer to have a personalised workout, and to suit their needs, they are taking private training classes and receiving instruction from online professionals. Customized exercise programmes and preventive and precautionary healthcare have increased demand for the home fitness equipment industry. According to the Mayo Clinic, a non-profit academic medical centre based in the United States, 200 to 300 minutes of moderate-intensity exercise per week are required. This includes activities like quick walking and swimming, which are enthusiastically embraced by a large population around the world. Additionally, local companies in this region with a wide range of appealing product offerings, such as Precor Incorporated, Life Fitness, Cybex International, and others, helped to boost the demand for international fitness equipment in this region. Due to rising health consciousness among consumers and increased use of exercises that enhance physical well-being, weight management, physical stamina, and muscular strength, the market in the region’s growing obese population and growing health concerns are two more important aspects driving the home fitness equipment industry. On account of the expansion of preventive healthcare practises and rising healthcare costs, consumers are now able to exercise frequently to keep in shape. To acquire a competitive advantage, manufacturers who sell their products on the global market are expanding their presence in response to the rising demand. Additionally, the need for such equipment rises along with customer interest in at-home workouts, propelling the home equipment market. On other hand due to the rising number of households with two incomes and the consequent increase in spending on home fitness equipment, which is a key component in the market growth, the Asia Pacific market is anticipated to see rapid revenue growth. For instance, according to information made public by the Korean Times in June 2020, over half of all married couples in South Korea were anticipated to have two sources of income in 2019. Additionally, the local government is making efforts to promote health and physical education in schools, which have helped them gain traction.
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Home Fitness Equipment Market Scope
|Market size value in 2021||US$ 11.06 billion|
|Revenue forecast in 2030||US$ 17.40 billion|
|Growth Rate||CAGR of 5.17% from 2022 to 2030|
|Base year for estimation||2021|
|Segments covered||Product Type, Distribution Channel, End User, and Region|
|Regional scope||North America, Europe, Asia Pacific, and the Rest of the World (ROW)|
Excerpts from ‘Competitive landscape’
Product innovation and new product development are the main strategies used by the top players since they allow them to provide the consumer new items, which can further equalise the new launch to the consumer’s choice. To gain an advantage over other domestic competitors, some of the other firms in the same segment choose mergers and acquisitions as their primary strategy. These players are also able to break the ongoing cycle of rivalry and competition between the other competitors thanks to this particular method.
The key companies operating the global market are:
- iFIT Health & Fitness, Inc.
- Johnson Health Tech Co. Ltd.
- Amer Sports Corporation
- Core Health & Fitness, LLC
- Nautilus, Inc.
- Technogym S.p.A
- Hoist Fitness Systems
- Fitness World AS
- HAMMER SPORT AG
- Rogue Fitness
- Tonal Systems
- Nordic Track
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2020
- Base Year – 2021
- Forecasted Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- GLOBAL HOME FITNESS EQUIPMENT MARKET – ANALYSIS & FORECAST, BY PRODUCT TYPE
- Cardiovascular Training Equipment
- Elliptical Machines
- Stationary Cycles
- Rowing Machines
- Strength Training Equipment
- GLOBAL HOME FITNESS EQUIPMENT MARKET – ANALYSIS & FORECAST, BY DISTRIBUTION CHANNEL
- Offline Retail Stores
- Online Retail Stores
- Direct Selling
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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