| Source: Acumen Research and Consulting
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LOS ANGELES, Oct. 13, 2022 (GLOBE NEWSWIRE) — The Global Home Fitness Market Size accounted for USD 11.3 Billion in 2021 and is projected to achieve a market size of USD 17.3 Billion by 2030 rising at a CAGR of 4.9% from 2022 to 2030.
Home Fitness Market Statistics
Home Fitness Market Growth Factors
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Home Fitness Market Report Coverage:
Home Fitness Market Dynamics
The growing virtual fitness market will drive up demand for high-quality fitness equipment that is easy to set up at home. Busy working professionals recommend exercising in the convenience of their own homes and at their own tempo by participating in online fitness sessions. In response to the growing home fitness equipment industry, market players are introducing digitally connected solutions for consumers. Customers are using digitally connected fitness equipment to experience a personalized prior training via online workout classes.
COVID-19 Impact Analysis on Global Home Fitness Market
The pandemic of the corona virus (COVID-19) hampered the fitness equipment market in 2020, resulting in the shutdown of health clubs and gyms as a result of worldwide lockdowns. As a result of falling demand from fitness centers, the industry experienced a quick downturn. Several people avoided going to the gyms because they were afraid the virus would spread through physical contact. This factor, on the other hand, increased demand for home fitness equipment because people preferred to workout indoors for safety reasons. Vaccinations, combined with the resumption of gyms in 2021, will benefit the market. As the fitness industry regains traction, fitness centers will pay special attention to equipment sanitation and social distancing in the gym space.
Home Fitness Market Trends
Innovative Product launched by the Prominent Player’s Fuel the Growth of Global Home Fitness Market
Businesses are concentrating on launching unique product to strengthen their position and capture a significant market share. For example, Nautilus Inc. unveiled JRNY in October 2019, a digital platform that uses Artificial intelligence to provide tailor made workouts that adjust effortlessly with the user. By releasing this product, the company hopes to be able to offer better solutions for its customers. Matrix Fitness, on the other hand, offers a training console that allows for guided strength training.
Global Home Fitness Market Business Strategies
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Home Fitness Market Segmentation
The global home fitness market is segmented into three categories: equipment, sales channel, and end-user. Elliptical machines, exercise bikes, treadmills, climbers, and other machines are all part of the cardiovascular segment. Weightlifting, barbells and ladders, weights, extension machines, power racks, and other subcategories of strength training are all subcategories of strength training. Sales channels are classified into two types: online and offline. Home, health clubs, offices, and hotels are the different types of end users.
Home Fitness Equipment Market Share
The cardiovascular segment, according to our home fitness industry analysis, will represent the majority of the share in the global home fitness equipment market. According to home fitness market forecasts, the offline segment will dominate the global home fitness equipment market, accounting for a sizable market share. End-users predict that the apartment gyms will monopolies the global home fitness market over the forecast period, setting all-time highs.
Rising Demand for Cardiovascular Equipment Foster the Growth of Global Home Fitness Market
People will demand more high-performance fitness equipment as they become more conscious of the dangers of obesity, such as heart attacks, high blood pressure, and diabetes. The market is poised to obtain greater traction as the number of health clubs and fitness centers incorporate sophisticated technology to accommodate to changing health trends and consumer demands.
Home Fitness Market Regional Growth
The global home fitness market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).
The Asia-Pacific region is anticipated to grow rapidly in the global home fitness market. For the home fitness market, the Chinese market is predicted to have the fastest growing CAGR in the APAC region. This is because a growing number of fitness centers are implementing high-end fitness equipment to attract customers. Furthermore, in 2019, China recorded the highest number of heart disease deaths. This factor has increased consciousness about health and well-being, resulting in an increase in the number of fitness centers. These elements contribute to the growth of the global home fitness market.
Europe, on the other hand, had the second highest market share in the home fitness market, trailing only North America. Fitness awareness is high, and disposable income is rising, both of which are driving the implementation of digitally connected fitness equipment. In response to the high demand for advanced equipment, manufacturers are announcing new solutions to meet changing consumer demands.
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Home Fitness Market Players
The major players involved in the home fitness market involve Technogym, Johnson Health Tech. Co., Ltd., HOIST Fitness Systems, Icon Health & Fitness, Inc., Amer Sports Oyj, True Fitness, Nautilus Inc., Tonal Systems, Core Health & Fitness, LLC.
Questions Answered By This Report
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