Some of the key players in the home fitness equipment market such as Icon Health & Fitness, Inc. (Utah, United States), Johnson Health Tech Co., Ltd. (Wisconsin, United States), Amer Sports Corporation (Helsinki, Finland), and others.
The global home fitness equipment market size is projected to grow from USD 10.73 billion in 2021 to USD 14.74 billion in 2028. The rising development of smart dumbbells is set to affect the market positively. These can be connected with smart electronic devices and have built-in sensors. In February 2021, for instance, Milt and Devon Linn announced their plan to open their ‘smart fitness studio’ in West Chester next week. It is called The Exercise Coach and relies on robotics and computers instead of dumbbells and treadmills. Fortune Business Insights™ published this information in a new study, titled, “Home Fitness Equipment Market, 2021-2028.” As per the study, the market stood at USD 10.18 billion in 2020. It would exhibit a CAGR of 4.6% in the forecast period between 2021-2028.
COVID-19 to Raise Sales Backed by Growing Need to Maintain Health and Fitness
The COVID-19 pandemic has compelled non-fitness enthusiasts to become more attentive towards their health and fitness because of work-from-home practices. Besides, the urgent need to lower transmission of the coronavirus has surged the number of people working out from their homes. Thus, the sales of home fitness equipment are expected to rise amid the pandemic.
Technogym Introduces Technogym Bike with Support from 1Rebel
In November 2019, Technogym, a leading provider of equipment and digital technologies headquartered in Italy, introduced its new smart indoor exercise bike called Technogym Bike. It will help the company to compete with the best-seller Peloton model. The launch was supported by 1Rebel, a London-based boutique fitness studio. It rolled out Ride Live, a platform delivering unlimited access to stream spin classes with trainers on Technogym Bike in the gym or at home.
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The research report delivers a blend of quantitative and qualitative assessment, as well as first-hand information by industry analysts. It also includes inputs from industry participants and experts across the value chain. It not only offers home fitness equipment industry attractiveness as per segments, but also provides a complete picture of governing factors, macroeconomic indicators, and parent market trends.
Drivers & Restraints-
Increasing Popularity of Online Fitness Sessions to Bolster Growth
The increasing usage of fitness applications in smart devices is set to play a crucial role in contributing to the home fitness equipment market growth in the near future. These applications help in maintaining and improving personal fitness routines. The World Economic Forum, for instance, declared that in the first half of 2020, fitness apps showcased a rise of 50% usage. At the same time, the rising trend of attending online fitness sessions would accelerate the demand for home fitness equipment. However, the growing construction of commercial gymnasiums worldwide may obstruct their demand in the upcoming years. According to Run Repeat, in 2020, there were approximately 205,176 gyms in the world.
Offline Segment to Grow Significantly Fueled by Ability to Eliminate Delivery Wait Time
By type, the market for home fitness equipment is segmented into cardiovascular training equipment and strength training equipment. Here’s a brief note on the sales channel criterion:
- By Sales Channel: The market is bifurcated into offline and online. Out of these, the offline segment generated the largest home fitness equipment market share in 2020. This growth is attributable to the rising preference for offline sales channels because of their ability to eliminate delivery wait time. Additionally, the presence of skilled salesmen in stores will help customers to gain in-depth knowledge about numerous products. Besides, offline purchases provide the convenience of after-sale services.
Rising Number of Dual-income Households to Favor Growth in Asia Pacific
- Asia Pacific: It is expected to show robust growth throughout the forthcoming years on account of the rising expenditure on home fitness equipment as a result of dual-income households. Also, rising government initiatives to promote health and physical education in schools would aid growth in the region.
- North America: The region earned USD 3.55 billion in 2020 in terms of revenue. The presence of renowned manufacturers, such as Cybex International, Life Fitness, and Precor Incorporated would augment growth.
- Europe: The high per capita income is estimated to propel regional growth. A large number of people living in this region are engaged in regular exercises, which, in turn, is anticipated to surge the demand for home fitness equipment.
Collaborations & Acquisitions — Vital Strategies of Key Players
Key companies present in the global market are striving to gain a competitive edge by introducing new brands of home fitness equipment by collaborating with local firms. Some of the others are striving to broaden their geographical footprints through acquisitions. Below are the two latest industry developments:
- December 2020: Peloton Interactive Inc. purchased Precor, a fitness equipment company for USD 420 million. It will help the company to expand its presence in the U.S. and strengthen its manufacturing capabilities.
- March 2019: In association with Jerai Fitness Pvt. Ltd., Salman Khan introduced ‘Being Strong,’ his latest equipment brand. It will offer state-of-the-art fitness equipment to reputed gyms in India.
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Fortune Business Insights™ lists out prominent home fitness equipment manufacturers operating in the global market. They are as follows:
- Icon Health & Fitness, Inc.(Utah, United States)
- Johnson Health Tech Co., Ltd. (Wisconsin, United States)
- Amer Sports Corporation (Helsinki, Finland)
- Core Health & Fitness, LLC (Washington, United States)
- Nautilus, Inc (Washington, United States)
- Technogym S.p.A. ( Italy)
- Hoist Fitness Systems (California, USA)
- Fitness World AS (Denmark)
- HAMMER SPORT AG (Germany)
- Rogue Fitness. (Ohio, United States)
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