Global Home Fitness Equipment Market By Product Type (Treadmills, Cardiovascular Training Equipment, Stationary Cycles, Power Racks, and Other Product Types), By Distribution Channel (Online Platforms and Offline Stores), End-User (Households, Gym in Apartments, and Apartments), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Home Fitness Equipment Market size is expected to be worth around USD 19 Billion by 2032 from USD 12 Billion in 2022, growing at a CAGR of 5% during the forecast period from 2023 to 2032.

Home fitness equipment refers to any apparatus that is used to do physical activities to enhance strength and improve the strength or conditioning effects of that exercise. Different types of home fitness equipment are strength training equipment, rowing machines, elliptical machines, treadmills, and others.

The demand for home fitness equipment was surging around the globe because of the increasing focus on a healthy lifestyle. Also, the increasing health consciousness and obesity rates will likely increase the demand for the global Home fitness equipment market. Furthermore, other factors such as an increase in government initiatives for promoting a healthy lifestyle, a rise in disposable income, a rise in the popularity of bodybuilding, and a rise in urban population will likely boost the growth of the market during the forecast period.

Driving Factors

Increasing Health Consciousness Among the People

Presently, the value of general health and physical fitness is being recognized. The demand for home exercise equipment has increased as more people seek to maintain their health and wellness. Additionally, the Home fitness equipment is a convenient option for those who can’t commit to going to the gym due to their busy schedules.

Also, various technological advancements in Home fitness equipment like IoT and artificial intelligence have improved the experience of users and thus, this factor was expected to increase the growth of the market during the forecast period.

Restraining Factors

High Cost of Equipment

The cost of the Home fitness equipment is high thus, customers may need to invest more money in these products. But, a few of the lower-priced pieces of equipment may have less durability and low quality. These factors may discourage consumers from purchasing this equipment. Therefore, all these factors may restrain the growth of the market. Furthermore, another factor is limited space. People who live in small apartments will likely face problems as they have limited space to adjust this equipment in their flats.

Growth Opportunities

Advancement of Fitness Device Technologies

The market was estimated to grow rapidly because of the implantation of digital technologies in Home fitness equipment. Machine learning and artificial intelligence have made it possible for the consumer to get real-time feedback which was based on their movements. This innovation has the ability to integrate the fitness of individuals and digital life to create a gym-like experience at home.

Additionally, AI-based connected fitness devices can deliver different personalized health solutions for sleep, diet, and nutrition based on individual data. All these above-mentioned factors were expected to propel the growth of the Home fitness equipment market during the forecast period.

Latest Trends

Fitness and Bodybuilding were the Current Trends

The current trend of fitness and bodybuilding is acquiring popularity among young individuals because of the increasing influence of social media. Therefore, it is estimated that this factor will likely boost the growth of the market during the forecast period. Additionally, an increase in consumer health awareness, a rise in health consciousness, a rise in disposable income, and rapid urbanization are a few of the factors that will enhance the market growth.

By Product Type Analysis

The cardiovascular Training Equipment Segment Accounted for the Majority of the Market Share

The product type segment is divided into treadmills, cardiovascular training equipment, stationary cycles, power racks, and other product types. The cardiovascular training equipment segment accounted for the majority of the market share of 35.2% owing to its capability that helps to strengthen the muscle and heart along with proper assistance to improve people health who are suffering from high blood pressure, diabetes, and heart disease. Additionally, the stationary cycles segment has several benefits as it makes bones stronger, increases muscle mass, and flexible joints.

By Distribution Channel Analysis

The online Platforms Segment Held the Largest Market Share

The distribution channel segment is divided into online platforms and offline stores. The online platforms segment held a market share of 54%. Home users purchase various fitness equipment online for their personal use as they are attracted by the offers provided by online retailers. Additionally, fitness equipment is a crucial requirement for their core business. Thus, these businesses prefer online buying to get efficient equipment for their clients.

By End-User Analysis

The Gym in the Apartments Segment Dominated the Market

The end-user segment is divided into households, gyms in apartments, and apartments. The gym in apartments segment dominated the market with the highest revenue share owing to the increase in the installation and ordering of home fitness equipment in the apartments which includes gym facilities. Furthermore, due to the pandemic customer engagement was increased which resulted in the growth of the segment. Also, the growth of the segment has allowed online retailers to enhance the availability and variety of products.

Market Segments

By Product Type

• Treadmills
• Cardiovascular Training Equipment
• Stationary Cycles
• Power Racks
• Other Product Types

By Distribution Channel

• Online Platforms
• Offline Stores

By End-User

• Households
• Gym in Apartments
• Apartments

Regional Analysis

North America Dominated the Market with the Highest Revenue Share

North America accounted for the majority of the share of 43% and it is estimated that the dominance will continue during the forecast period owing to the increasing health awareness among consumers and the rising adoption of exercises which is related to the improvement in muscular strength and body stamina, weight management and physical well-being.

Also, the increasing healthcare costs and the growing preventive healthcare measures were estimated to shift individuals towards exercise. Furthermore, consumers’ interest was increasing in Home workouts, thus, the demand for Home fitness equipment was projected to surge in this region during the forecast period.

Europe was expected to have significant growth during the forecast period due to the high per capita income in this region. Thus, the expenditure made on fitness products and personal health along with home fitness equipment was estimated to increase. APAC was projected to grow at a significant CAGR during the forecast period owing to the increasing number of dual-income households which resulted in a surge in Home fitness equipment. This will drive the growth of the Home fitness equipment market in this region.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Gradual Shift of Major Players Towards Integrating AI Technology to Intensify Competition

Various key players in the Home fitness equipment market were concentrating on integrating AI technology to intensify competition in the market. Thus, the market will have a positive impact which further leads to an increase the market growth. For instance, the AI Smart Mat of Otari has the capability to give accurate instructions as it has pressure-sensitive inputs & access to data. Additionally, it has various attributes including Android & IOS device connectivity, ultra-wide HD display, 2 Hifi speakers, and an AI-2enabled camera.

Top Key Players:

• Johnson Health Tech Co. Ltd.
• Icon Health & Fitness, Inc.
• Fitness World AS
• Amer Sports Corporation
• Core Health & Fitness, LLC
• Nordic Track
• ProForm
• Hoist Fitness Systems
• Nautilus, Inc.
• Other Key Players

Recent Developments:

• In August 2021- Matrix Fitness South Africa was developed by Johnson Health Tech Co. Ltd. Previously it was a distributor for JHT. Thus, Johnson Health Tech Co. Ltd. became the first company that had its own subsidiary in Africa. Also, the main strategy behind it was to enhance the businesses in the African region. This will result in the growth of the market.
• In June 2021- ICON Health & Fitness declared that its changed name i.e. iFIT Health & Fitness Inc. (iFIT). As per this firm, the change reflects the commitment of iFIT to delivering personalized, connected health and fitness experiences to its increasing community. Presently, I have over 5 million members in 120 countries.

Report Scope: