In-depth analysis and market size and segmentation help determine prevailing Home Fitness Equipment market opportunities.
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, July 18, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Home Fitness Equipment Market by Product Type, Distribution Channel, End User and Price Point: Global Industry Opportunity Analysis and Forecast, 2021–2027”, the home fitness equipment market size is expected to reach USD 11,459 million by 2027 at a CAGR of 7.8% from 2021 to 2027.
Fitness equipment is widely used for physical fitness, weight control, and improving physical endurance and muscle strength. Common home fitness equipment includes treadmills, stationary bikes, stair climbers, rowing machines, ellipticals, and free weights. Rising health and fitness awareness, increasing obese population, government initiatives to promote healthy lifestyles, and increasing youth population are the major factors driving the growth of the global home fitness equipment market. Moreover, rising youth population, improved lifestyle and rising disposable income of individuals in developing countries are expected to offer huge opportunities for market players.
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The alarming rise in global obesity, especially in urban areas, is fueling the growth of the home fitness equipment market. According to the WHO, in 2016, about 1.9 billion adults were overweight, and of these, about 650 million were obese. Obesity is associated with numerous health problems or disorders such as sudden cardiac arrest, hypertension, hypotension and diabetes. Therefore, in order to lose weight, reduce stress and improve blood circulation, obese people tend to use more fitness equipment, thus increasing the sales of these products.
Furthermore, the growing adoption of artificial intelligence (AI) and machine learning technology in home fitness equipment is driving the global home fitness equipment market. The AI-based personal trainer is expected to be an upcoming trend in the home fitness equipment market. Tech giants such as Google and Apple are developing their own smart wearable devices that can virtually guide and assist their users based on the collection of health data. This will increase the home fitness equipment market in the future.
The global home fitness equipment market is segmented by product type, distribution channel, end user, price, and region. Based on product type, the home fitness equipment market is categorized into cardiovascular equipment, free weights, and power racks. The cardiovascular training equipment segment is sub-segmented into treadmills, stationary bikes, rowing machines, and ellipticals and others. By distribution channel, the global home fitness equipment market is segmented into dealers, online, retail, and gyms/clubs.
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The online segment is further divided into direct distribution and third-party retailers. The retail segment is further fragmented into mass retailers and specialty retailers. By end user, the home fitness equipment market is segmented into household, apartment, and home gym. By price, the market is segmented into low, mid and luxury.
Companies can operate in a highly competitive market by launching new products or updating 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 have opted for product launches or partnership strategies to strengthen their foothold in the market. In order to understand the key trends in the market, the strategies of the leading players are analyzed in the report. Some of the key players in the Fitness Equipment market analysis include Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHRD, Nordic Track, ProForm, Precor, Inc., Schwinn, JTX. Fitness, Keizer Corporation, Corepump and York Barbell.
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North America dominates the home fitness equipment market share and is expected to maintain its dominance over the forecast period.
In 2019, based on product type, the cardiovascular training equipment segment is leading in terms of market share and is expected to gain market share in the coming years
The free weights segment is poised to grow at the highest CAGR during the forecast period.
The household segment is expected to gain market share in the coming years and is estimated to grow at a CAGR of 9.6% during the forecast period.
On the basis of region, Europe is expected to grow at a strong CAGR of 7.6% during the forecast period
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