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The home gym equipment market is influenced by a variety of factors that have contributed to its significant growth and popularity in recent years. One of the primary drivers of this market is the increasing focus on health and fitness among consumers. With growing awareness of the importance of regular exercise for overall well-being, more people are seeking convenient ways to incorporate fitness into their daily routines. Home gym equipment offers individuals the flexibility to exercise at any time and in the comfort of their own homes, eliminating the need for costly gym memberships and commuting to fitness centers. As a result, the demand for home gym equipment continues to rise, driving market expansion.
Technological advancements in fitness equipment have played a crucial role in shaping the home gym equipment market. Manufacturers are continually developing new and innovative products that offer enhanced functionality, performance tracking, and interactive features. Smart home gym equipment equipped with built-in screens, connectivity options, and virtual training programs provide users with personalized workout experiences and real-time feedback on their progress. Additionally, advancements in materials and engineering have resulted in more compact, space-saving designs that are suitable for home use, further driving consumer interest and demand for home gym equipment.
Changing consumer lifestyles and preferences have also influenced the home gym equipment market. As people lead increasingly busy and hectic lives, many individuals prioritize convenience and flexibility when it comes to fitness. Home gym equipment allows users to exercise on their own schedule, without the constraints of gym hours or crowded fitness facilities. Moreover, as concerns about personal hygiene and safety have heightened in the wake of the COVID-19 pandemic, more consumers are opting to invest in home gym equipment as a safer alternative to public gyms, further driving market growth.
Distribution channels play a crucial role in the home gym equipment market, with various avenues available for consumers to purchase products. While traditional retail outlets such as sporting goods stores, department stores, and specialty fitness retailers carry home gym equipment, online channels have become increasingly prominent. E-commerce platforms offer consumers a convenient way to browse a wide range of home gym equipment brands, compare prices, read reviews, and make purchases from the comfort of their homes. Additionally, direct-to-consumer brands and subscription-based services provide consumers with curated selections of home gym equipment, further driving market accessibility and convenience.
Price competitiveness is another important market factor in the home gym equipment industry. Home gym equipment is available at various price points to cater to different consumer budgets and preferences. While some consumers may be willing to invest in premium home gym equipment with advanced features and technology, others may opt for more affordable options that provide basic workout functionality. Promotional activities such as discounts, sales, and bundle offers also influence purchasing decisions and stimulate demand in the market. Moreover, as consumers increasingly prioritize value for money and seek products that offer long-term durability and performance, manufacturers are focusing on offering high-quality home gym equipment at competitive prices to maintain market share.
Consumer preferences for specific types of workouts and fitness trends also impact the home gym equipment market. As trends such as high-intensity interval training (HIIT), strength training, and functional fitness gain popularity, consumers seek equipment that supports these workout modalities. Home gym equipment such as treadmills, stationary bikes, elliptical trainers, and weightlifting equipment cater to diverse fitness preferences and goals, allowing users to create personalized workout routines tailored to their needs. Additionally, as more people seek holistic approaches to fitness that incorporate elements of mindfulness and recovery, equipment such as yoga mats, foam rollers, and massage tools also experience increased demand, further driving market growth.
In conclusion, the home gym equipment market is influenced by a combination of factors including consumer demand for convenience, technological advancements, changing lifestyles, distribution channels, price competitiveness, and consumer preferences for specific fitness trends. As consumers continue to prioritize health and fitness and seek convenient ways to exercise at home, the demand for home gym equipment is expected to continue growing. Manufacturers and retailers that understand and respond to these market factors will be well-positioned to capitalize on opportunities for growth and innovation in the dynamic home gym equipment market.
Home Gym Equipment Market Highlights:
Global Home Gym Equipment Market Synopsis
Home gym equipment market size is expected to grow at a high CAGR of 4.80% to account for a higher market share value of USD 8.62 billion by the end of the forecasted period (2022-2030).
With the growing concern about health and fitness, gym equipment, or called fitness equipment helps in gaining muscle strength, increasing endurance, manage weight, and enhances stamina. Various home gym equipment is available but the most commonly used ones are elliptical machines, stationary bikes, and treadmills for doing cardiovascular exercises. It helps in burning excess fat and stimulating heart rate simultaneously and hence improves overall health and fitness. In the strength training equipment division, cable stations, benches and racks, and free weights are commonly used to improve muscle strength and appearance.
COVID 19 Analysis
The situation of the global pandemic has affected the normal lives of people adversely. With the increasing outbreak of COVID 19, one has to deal with financial crises along with health concerns which have pushed the economies towards forced recession. The lockdown period has lead to the shutdown of various manufacturing and retail units of the Home Gym Equipment Market and hence resulted in a steep downfall in sales revenue.
However, it is expected that the market will recover from this pandemic situation at the end of the third quarter of the coming year.
Market Dynamics
Drivers
The home gym equipment market in the global market is increasing tremendously owing to changing trend towards an increase in the health consciousness among people of all age groups. Also, the growing cardiovascular disease and obesity are major concerns that are driving the home fitness equipment market in the global market.
Opportunities
The global market is increasing rapidly. The growing advancement in technology provides various growth opportunities in the home gym equipment market to grow more in the global market. The availability of Bluetooth-enabled dumbbells and rowing machines also provides growth opportunities in the market in the global market. Also, the growing trend of online shopping provides growth opportunities for increasing sales of home gym equipment during the forecasted period.
Restraints
The home gym equipment market is growing at an increasing but some factors restrict the growth of the market in the global market. The high cost of home gym equipment is the major factor that hinders the growth of the market. Also, the availability of space for putting the large equipment is another constraint that hampers the growth of the market.
Value Chain Analysis
The home gym equipment market is increasing at a fast pace in the global market and has various benefits which add value to society as it helps in allowing diverse workouts at home, it does not have any time regulations as with the equipment at home we have 24×7 access to it. It also provides a high level of privacy in one’s comfort zone and it does not require any professional help which also makes it affordable to reach large masses.
Market Segmentation
The home gym equipment market in the global market has been divided based on the equipment type, and distribution channel.
Based on the Equipment Type
The global market has been divided based on the equipment type into cardiovascular training equipment and strength training equipment. The cardiovascular training equipment is the fastest-growing division and hence holds the largest market share in the market owing to changing lifestyle which is now shifted towards unhealthy diets and inactivity that causes various cardiovascular diseases and obesity and hence these tools help in maintaining and losing the weight for overall fitness and health. The other division which is strength training equipment is used to increase endurance and helps in muscle gaining. The demand for strength training equipment is expected to increase during the forecasted period.
Based on the Distribution Channels
Home Gym Equipment Market in the global market has been divided based on the distribution channels into store-based and non-store-based. The store-based distribution channel is further sub-divided into specialty stores, hypermarkets, and other retail stores. Owing to the presence of supermarkets and hypermarkets, the store-based distribution channels are expected to show a higher market during the forecasted period. Also, with the growing trend of online showing, the non-store-based distribution channels are showing a positive growth rate as it has a large variety and attractive offers that help in increasing the sales revenues in the global market during the forecasted period.
Regional Analysis
The home gym equipment market in the global market has been divided based on the region into the North American region, European region, Asia-Pacific region, and the rest of the world. The largest market share in the market in the global market is held by the North American region as during 2020, many people were suffering from chronic diseases and obesity so now the trend has shifted towards health consciousness and fitness which lead to an increase in demand for home gym equipment in the global market and hence this region dominates in the global market.
The second-largest market share in the market in the global market is held by the European region owing to increasing awareness regarding health issues, mental health, and fitness in the young generation boost the demand for market in the global market during the forecasted period. The third-largest market share in the market is held by the Asia-Pacific region as this region is the fastest-growing region in the global market and shows a positive growth rate towards the market. Also, the changing lifestyle, rapid urbanization, and increasing middle and upper-class population accelerated the growth of home gym equipment in the global market.
Competitive Landscape
The most prominent major key players in the home fitness equipment marketin the global market are as follows:
- Cybex International, Inc. (U.S.)
- Impulse (Qingdao) Health Tech Co., Ltd (China)
- Kettler (GB) Limited (U.K.)
- Fitness EM LLC. (the U.S.)
- Tunturi New Fitness B.V. (Netherlands)
- DHZ Fitness Group GmbH (Germany)
- Hammer Sport AG (Germany)
- HOIST Fitness Systems, Inc. (U.S.)
- Vectra Fitness Parts LLC. (the U.S.)
- True Fitness Technology, Inc. (U.S.)
- Amer Sports Oyj (Finland)
- Johnson Health Tech. Co., Ltd (U.S.)
- Technogym SpA (Italy)
- Nautilus, Inc. (U.S.)
- Icon Health & Fitness, Inc. (NordicTrack) (U.S.)
These most prominent major key players in the home gym equipment market use various strategies like mergers and acquisitions, collaboration, partnership, developing a new product, establishing a joint venture, developing the new production process, and many others to expand their customer base in the global market.
Recent Developments
- In 2021, the North American region holds the largest market share in the home gym equipment industry in the global market and dominates in the global market.
- In June 2021, a partnership has been declared between NovoFit (having fitness equipment business in Australia) with Amer Sports brand, Peecor to increase the strength by capturing a larger market in the global market.
- In October 2021, the first Bowflex indoor cycling Bike was launched by Nautilus Inc. which can be affordable by middle-class range and has much less price than the Peloton Bike. It was launched to increase the fitness drive among all the peoples.
- In April 2022, a new partnership has been seen between Ironman World Championship, Ironman Virtual Racing Series events, Ironman 70.3 World Championship, and Technogym SpA to provide indoor training to the athletes.
Report Overview
This global home gym equipment market research report consist of the following elements:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Landscape
- Recent Developments
This global home gym equipment market research report contains factors that drive the global market along with the factors that restrain the growth of the market. This research report also contains various growth opportunities available in the market during the forecasted period. The impact of COVID 19 on the market is also mentioned. The future growth rate of the market during the forecasted period is estimated and mentioned.
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