The key is to find the best home workout equipment for your space, budget and commitment level According to Research Report the global home fitness equipment market size is set to gain impetus from the increasing development of smart treadmills. They help to accurately monitor run and jog speed, as well as heart rate. They can also be easily folded for easy mobility. In February 2021, Peloton, for instance, introduced an affordable version of ‘The Tread,’ a smart treadmill in the U.S. in May. Fortune Business Insights™ presents this information in a new report, As per the report, the home fitness equipment market size is projected to grow from USD 10.73 billion in 2021 to USD 14.74 billion in 2028 at a CAGR of 4.6% in the forecast period. It stood at USD 10.18 billion in 2020.
COVID-19 Pandemic: Closure of Gymnasiums to Surge Sales of Home Fitness Equipment
The COVID-19 pandemic has surged the number of people working out at the comfort of their homes. Stringent lockdown norms by regulatory bodies in various countries have resulted in the temporary closure of public gymnasiums and Retro fitness institutes. As per Business Wire, as of May 2020, the sales of home fitness equipment showcased a growth of 170% amid the pandemic. Our reports will deliver accurate information about the current status of the industry.
The research report of the home fitness equipment industry presents in-depth information about value chain optimization, recent developments, import & export analysis, market share, production analysis, trade regulations, strategic growth analysis, impact of domestic and localized organizations, application niches, geographical expansions, emerging revenue pockets, technological innovations, product approvals, and category market growths.
Rising Demand for Million-dollar Homes to Help North America Dominate
Geographically, North America procured USD 3.55 billion in terms of revenue in 2020. This growth is attributable to the rising number of million-dollar homes. It is surging the demand for home gymnasiums. Also, the presence of prominent home fitness equipment companies, such as Cybex International, Life Fitness, and Precor Incorporated in the region would bolster growth. Asia Pacific, on the other hand, is expected to exhibit a significant growth throughout the forthcoming years. Increasing government initiatives to promote health and physical education in schools and colleges will augment growth. In December 2019, the Press Information Bureau Government of India, for instance, declared that for grade-1 to grade-10, health and physical education will be mandatory.
Increasing Need to Prevent Diabetes and Cancer will Favor Growth
The increasing cases of obesity across the globe are expected to propel the home fitness equipment market growth in the near future. The Behavioral Risk Factor Surveillance System (BRFSS) mentioned that as of September 2020, adult obesity rates now exceed 25% in 48 states, 30% in 35 states, and 35% in 12 states. Apart from that, the rising awareness of the benefits of regular exercising to prevent numerous health issues, such as cancer, diabetes, and heart diseases would accelerate the demand for home fitness equipment. However, in low and middle-income countries, the equipment is not so popular because of its high cost. It may hinder growth.
Cardiovascular Training Equipment Segment Held the Largest Share in 2020
Based on the sales channel, the market for home fitness equipment is segregated into offline and online. By type, it is divided into strength training equipment and cardiovascular training equipment. Out of these, the cardiovascular training equipment segment generated the largest home fitness equipment market share in 2020. This growth is attributable to the rising utilization of the equipment as they help in improving the health of those living with high blood pressure, diabetes, and heart diseases.
Key Players Focus on Acquisition Strategy to Co-develop New Products & Compete with Rivals
The global market for home fitness equipment houses a large number of reputed manufacturers. Most of them are participating in the acquisition strategy to develop unique products for gaining more shares.
Below are the two latest industry developments:
• December 2020: Peloton acquired Precor, an exercise equipment manufacturer for USD 420 million. It will help the company to meet promised delivery windows and speed up production.
• June 2020: Lululemon planned to acquire Mirror, an in-home fitness company for USD 500 million to strengthen its position and sell more workout apparel & equipment.