Home Fitness Equipment Market - Growth, Trends and Forecast (2020 - 2025)
NEW YORK, June 2, 2020 /PRNewswire/ -- The home fitness equipment market is projected to grow at a CAGR of 2.86% during the forecast period (2020-2025).
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- Precautionary healthcare coupled with increasing preference for customized workout regime (including workout timing) and a comfortable home-friendly environment is increasing the demand for home fitness equipment as the customers are keen to exercise daily.
- Growth in home fitness equipment in the recent past is also the result of the inconvenience of commuting to a gym to use the machines, trainer fees, and membership fees primarily in developing countries.
- The space limitation primarily for bulk fitness equipment, such as massage chair, exercise bike, exercise treadmill, and cross, is a major factor that limits the growth of the home fitness equipment market. This stimulated start-up gyms, fitness centers, and health clubs around the world.
Key Market Trends
Consumers' Interest in Customized Workout Regimes
The busy schedule and long hours of working, crowded fitness centers, and problems regarding vehicle parking have resulted in an increasing number of consumers actively inclining towards home workouts. The home fitness equipment eliminates the inconvenience of commuting to a gym to use the machines and are highly cost-effective in the long run. The small, recurring cost incurred in transportation, workout equipment, trainer fees, and membership fees is a major factor promoting consumer inclination for home fitness equipment. Moreover, the increasing number of manufacturers investing in launching apps, which provides a platform for the customers to select their personal trainers for either online classes or home visits to meet their specific fitness requirements, such as bodybuilding. For instance, in 2019, MIRROR, the company that created the first nearly invisible, interactive home gym, announced the launch of one-on-one personal training. For the first time, members will be able to bring the country's top trainers into their homes through MIRROR's immersive technology.
North America Leading the Global Market
The North American market has witnessed significant growth, due to the rising health awareness among consumers with the growing adoption of exercises related to physical wellbeing, weight management, improving body stamina, and muscular strength driving the market growth in the country. The rising percentage of the obese population and increasing health concern are the other major factors that are driving the home fitness equipment market in the country. For instance, According to National Health and Nutrition Examination Survey, in 2016, about 39.6% of American adults were obese. Furthermore, the rising preventive healthcare measures and the augmenting healthcare costs are enabling consumers to engage in regular workouts to remain fit. Additionally, with the growing demand, manufacturers operating in the global market are expanding their presence to achieve a competitive advantage in the market. For instance, In 2019, Wattbike launched Wattbike Atom in the United States with real ride feel technology. The Atom offers the authentic, intelligent, and adaptable indoor performance training experience for the home, ideal for any cyclist and fitness enthusiast.
Competitive Landscape
The global home fitness equipment market is highly competitive, with the presence of various local and global players operating in the market. It is expected to witness significant growth over the forecast period, owing to the development of several marketing strategies, which greatly rely on product innovation, expansion across different regions, and partnerships with different companies to expand its product portfolio. Additionally, he adoption of a large fitness company brings the legitimacy of emerging companies in the market. For instance, Johnson Health Tech acquired specialty fitness retailer Leisure Fitness, Newark, Delaware, in order to expand its product portfolio. Also, the agreement propelled Johnson Health Tech's retail footprint to 315 stores worldwide with the addition of the 27 Leisure Fitness stores in 2016.
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