At-Home Fitness Equipment Market to Experience Significant Growth by 2030

Description

According to the Market Statsville Group (MSG), the global at-home fitness equipment market size was USD 7.3 billion in 2021 and is anticipated to reach USD 13.3 billion by 2030, registering a CAGR of 7.8% from 2022 to 2030. The adoption of at-home fitness equipment is expected to increase in the coming years. A sedentary lifestyle and hectic schedules have led to adopting at-home fitness equipment. Exercising at home using fitness equipment saves gym membership expenses, which is a key driving force of the global market. However, space limitations and the high cost of equipment restrain the market growth.

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At-home gym equipment are available with cables, and adjustable pulleys that provide options for abdominal, arm, chest exercises, leg press, shoulder back, and calf raises, offering customization in single multipurpose equipment. Also, leading players in the industry are coming up with innovative solutions. For instance, Life Fitness, one of the players operating in the market, offers an F3 folding treadmill to home consumers with wireless telemetry heart rate monitoring and the convenience of minimal storage space.

Global At-Home Fitness Equipment Market Definition

At-home fitness equipment comprises all machines and monitoring devices required for various physical exercises.

A rise in health awareness, an increase in the obese population, a surge in government initiatives to promote a healthy lifestyle, and an upsurge in the number of gyms and fitness clubs are driving the global at-home fitness equipment market.

COVID-19 Impact on the Global At-Home Fitness Equipment Market

Governments across various countries imposed stringent lockdown regulations, and people were forced to stay at home to contain the spread of the coronavirus. This restricted the fitness enthusiasts from going to gyms and fitness centers. Furthermore, doctors emphasized the need to work out and exercise regularly to boost immunity and prevent issues regarding mental health. Consequently, consumers had to opt for at-home fitness equipment and workout at home to keep themselves physically and mentally fit. Moreover, celebrities and fitness experts used social media platforms such as Facebook and Instagram to demonstrate how to do exercises at home and maintain mental and physical health during these tough times. As a result, various fitness equipment brands witnessed a sharp increase in the demand for at-home fitness equipment. Therefore, fitness became the priority for people to fight against the global health crisis. The demand for various home fitness equipment such as treadmills, ellipticals, free weights, and rowing machines increased rapidly across the globe.

Global At-Home Fitness Equipment Market Dynamics

Drivers: Multifunctional at-home equipment are suitable for households

A major issue for setting up a house gym is limited space, making it necessary to opt for multifunctional fitness equipment. Multifunctional fitness equipment allows individuals to do different workouts using the same equipment. For instance, Multi-Functional Workstation and Plate Loaded Multi-Gym are multifunctional fitness equipment developed by Into Wellness (Realleader USA). This equipment help to save space and cost for household individuals and encourages setting up an at-home gym. Thus, all these factors collectively boost the growth of the at-home fitness equipment market

Restraints: Alternatives to home workout

Working out in a gym is necessary for body building, but not all individuals have an interest in body building. Many fitness-conscious individuals work out only to stay fit. In addition, other ways to maintain body fitness include power yoga, Zumba, aerobics, swimming, playing outdoor games, and hula hoop.

The number of individuals opting for these alternatives to stay healthy has increased considerably over the past years instead of going to the gym, limiting the market growth. Moreover, purchasing at-home fitness equipment involves substantial investment and incur additional cost for nutritional supplements and proteins. On the contrary, alternatives such as yoga, Zumba, outdoor games, and swimming are more cost-effective as compared to fitness equipment; therefore, the availability of these alternatives to stay fit hinders the growth of the at-home fitness equipment market.

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Scope of the Global At-Home Fitness Equipment Market

The study categorizes the at-home fitness equipment market based on product type, distribution channel, end-users, and price at the regional and global levels.

By Product Type Outlook (Sales, USD Billion, 2017-2030)

• Cardiovascular Training Equipment
  • Treadmills
  • Stationary Cycles
  • Rowing Machines
  • Elliptical
  • Others
• Free Weights
• Power Racks

By Distribution Channel Outlook (Sales, USD Billion, 2017-2030)

• Dealers
• Online
• Retail
• Gyms/Clubs

By End-Users Outlook (Sales, USD Billion, 2017-2030)

• Households
• Apartment
• Gym in Apartment

By Price Outlook (Sales, USD Billion, 2017-2030)

• Low
• Mid
• Luxury

By Region Outlook (Sales, USD Billion, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • the Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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The cardiovascular training equipment segment had the largest market share, by product type

By product type, the global at-home fitness equipment market is divided into cardiovascular training equipment, free weights, and power racks. In 2021, cardiovascular training equipment had the largest market share of 80.1% in the global at-home fitness equipment market. Cardiovascular exercise equipment stimulates the heart rate and helps in burning excess body fat and builds endurance. Exercise strengthens the metabolism and reduces stress levels. This equipment is best used for conditioning by athletes and regular people alike. It is the most common type of at-home fitness equipment.

The cardiovascular training equipment segment dominates the global at-home fitness equipment market, increasing its popularity among the obese population. Moreover, cardiovascular training equipment is witnessing higher adoption among the geriatric population, who desire to stay physically fit while exercising in the comfort of their home. In addition, cardiovascular equipment offers additional features such as heart rate monitoring and grip censor systems, which attract users of all age groups.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the global at-home fitness equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is estimated to hold the highest CAGR of 8.1% in the global at-home fitness equipment market during the forecast period.

After North America, Europe is the fastest-growing region with a CAGR of 7.6% during the forecast period. The gym business in European countries fares better than other regions regarding profit margins. Gyms and other commercial users of fitness equipment often prefer recognized brands such as Technogym, Precor, Cybex, Nautilus, Johnson Health, and Brunswick. Consequently, many exercise professionals and gyms began to provide their online services during the lockdown. This encouraged at-home subscribers to purchase exercise equipment online. This technological shift is likely to continue after the pandemic, owing to the benefits of online training. With a higher number of health-cautious consumers opting for home exercise, at-home exercise equipment market is expected to grow during the forecast period.

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Key Market Players in the Global At-Home Fitness Equipment Market

Major Players in the global at-home fitness equipment market

• ICON Health & Fitness, Inc.
• Tonal Systems, Inc.
• Technogym
• PENT
• Louis Vuitton
• ProForm
• Precor, Inc.
• NOHrD
• Nordic Track
• PELOTON
• Schwinn
• JTX Fitness
• Keiser Corporation
• Corepump
• York Barbell

These players have been adopting various strategies to gain higher shares or to retain leading positions in the market. Product launch, agreement, and partnership are the most adopted strategies by these players.

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