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NEW YORK , Feb. 20, 2023 /PRNewswire/ -- Major players in the home fitness equipment market are Cybex, Nautilus, Precor, Technogym, Fitnessathome, Fitness World, Johnson Health Tech, NordicTrack, ProForm, TRUE Fitness, Vectra Fitness, Woodway, HOIST Fitness Systems, Amer Sports , Icon Health And Fitness, Torque Fitness LLC, Impulse (Qingdao ) Health Tech Co. Ltd., Brunswick Corporation and Paramount. Hexagon Dumbbells
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The global home fitness equipment market is expected to grow from $15.13 billion in 2022 to $16.55 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia -Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The home fitness equipment market is expected to grow to $24.28 billion in 2027 at a CAGR of 10.1%.
The home fitness equipment market consists of sales of cardiovascular training equipment, stationary cycles, dumbbells, kettlebells, store-based equipment, and in-home gym equipment.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Home fitness equipment refers to any equipment or tool used during physical activity at home to improve the experience or results of a workout regimen by adding fixed or adjustable quantities of resistance or to otherwise improve the strength or conditioning effects of that exercise.
Asia Pacific was the largest region in the home fitness equipment market in 2022.Western Europe was the second largest region in the home fitness equipment market.
The regions covered in the home fitness equipment market report are Asia-Pacific , Western Europe , Eastern Europe , North America , South America , Middle East and Africa .
The main product types of home fitness equipment are treadmills, elliptical machines, rowing machines, strength training equipment, other and applications into home, small gyms, offices, and others.An elliptical machine is a stationary workout machine that allows to stair climb, walk, or run without putting too much strain on the joints, reducing the chance of impact injuries.
It is distributed through offline retail stores, online retail stores, direct selling and are used in home, small gyms, offices, and others.
Precautionary healthcare coupled with an increasing preference for customized workout regimes has contributed to the growth of the home fitness equipment market.Today people are inclined towards maintaining an active lifestyle with regular exercise which can maintain a healthy weight and decrease the risk of chronic diseases.
According to Mayo Clinic, an American nonprofit academic medical center, 150 to 300 minutes of moderate-intensity activity is needed in a week which includes physical activities such as fast walking or swimming as an important part of preventive care and to prevent weight gain.People prefer to have a customized workout and are getting trained by online experts and individual training courses in order to meet their requirements.
Preventive and precautionary healthcare and customized workout regimes have increased the demand for home fitness equipment market.
Space limitation in homes is expected to limit the growth of the home fitness equipment market.People living in cities are confined to small homes or apartments to manage their expenses, which limits the amount of space for fitness equipment.
According to American Council on Exercise, a treadmill or elliptical machine occupies 30 square feet, a stationary bike occupies 10 square feet, a rowing machine occupies 20 square feet, and free weights occupy 20 to 50 square feet of space.Moreover, the average size of a simple weight bench is 50 inches long and 19 inches wide.
Therefore, it is difficult for the user to adjust everything in small spaces. Reduced space in houses resulting in space limitation for fitness equipment is hindering the market growth.
Virtual reality fitness equipment, accessories and apps are the emerging trends in the home fitness equipment market to get physical workouts, which can inspire and motivate to keep up fitness goals with fun games and real-life training scenarios.They not only inspire and motivate into working out and firming up the body but also saves thousands of dollars on cross trainers, treadmills and stationary bikes.
For instance, the VR Fitness Company is creating the world's first reality gym experience by providing virtual reality fitness machines that are built to give a safe and fun aerobic session for all fitness levels and making exercise a lot more fun and exciting. Virtual reality accessories are also available in the market which is connected to fitness equipment over Bluetooth and are compatible with the fitness equipment.
In December 2020 , Peloton Interactive, Inc., a US-based exercise and media company acquired Precor Incorporated for an amount of $420 million . Through this acquisition, Peloton increases its increased R&D capabilities, expanded U.S. manufacturing presence, and accelerated commercial vertical expansion to improve the customer experience. Precor Incorporated is a US-based fitness equipment manufacturing company that pioneers in the design, development of fitness programs, and manufacturing of exercise equipment for home and commercial purposes.
The countries covered in the home fitness equipment market report are Australia , Brazil , China , France , Germany , India , Indonesia , Japan , Russia , South Korea , UK and USA .
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The home fitness equipment market research report is one of a series of new reports that provides home fitness equipment market statistics, including home fitness equipment industry global market size, regional shares, competitors with a home fitness equipment market share, detailed home fitness equipment market segments, market trends and opportunities, and any further data you may need to thrive in the home fitness equipment industry. This home fitness equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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