Home Gym Equipment Market Size to Reach Revenues of around USD 31 Billion by 2025 - Arizton

CHICAGO, Oct. 28, 2020 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global home gym equipment market report.

The global home gym equipment market is expected to grow at a CAGR of 8.5% during the period 2019−2025.

Key Highlights Offered in the Report:  

1. High gym dropout rate in APAC countries and technological advancements in home gym equipment is propelling the demand for home gym equipment in the market.
2. The gradual reopening of gyms and health clubs, a customer shift is inevitable, as a majority of consumers have space constraints and need heavy equipment for their fitness routines. This is expected to impact the market growth during the forecast period.
3. The home gym equipment market depends on various factors including seasonality, customer buying patterns, product innovation, purchasing power, and type of distribution channel. Revenue in the market is highly susceptible to economic factors, price fluctuations in raw materials, trade-related constraints (for instance, the US and China trade issue has impacted the sourcing of raw materials as well as vendors that completely outsource the manufacturing of home gym equipment), and other economic changes. Hence, margins are expected to vary based on the above factors.
4. The market demand is expected to be high during the short-term and more for online multichannel platforms as vendors are expected to increase their online presence through e-commerce platforms (own or third party).
5. Some of the gym users are not expected to return to gyms as cases are increasing globally. Therefore, gyms will not be witnessing pre-COVID-19-level numbers in the short term during the forecast period, thereby positively impacting the home gym equipment market.
6. The home fitness equipment market in North America, Europe, and APAC is highly fragmented compared to other regions such as Latin America and MEA.

Key Offerings:

• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product, distribution channel, and geography
• Competitive Landscape – 3 key vendors and 13 other vendors

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Home Gym Equipment Market – Segmentation

• In terms of market share, the cardiovascular fitness equipment segment is projected to lead the market during the forecast period. This is majorly due to the wide acceptance of treadmills as cardiovascular fitness devices for home exercise and is considered as one of the basic home gym equipment globally.
• Offline multi-channels include convenience outlets, off-line direct marketing, catalog marketing, and others. The sale of home gym equipment via offline modes has remained higher than online sales as consumers prefer offline channels to shop for fitness devices due to the lack of awareness about the types of equipment and logistical challenges.
• The strength training equipment segment is expected to grow in 2021 after that it is likely to decline after that. The decline is expected due to the reopening of shift gyms and health clubs. As gyms are closed, consumers prefer their homes for workout sessions, using online videos and training sessions during the COVID-19 pandemic.

Home Gym Equipment Market by Product

• Cardiovascular Equipment
• Ellipticals
• Treadmills
• Exercise Bikes
• Others
• Strength Training Equipment
• Free Weights
• Barbells & Ladders
• Extension Machines
• Others

Home Gym Equipment Market by Distribution Channel

• Offline
• Online

Home Gym Equipment Market – Dynamics

Vendors are actively launching digitally advanced equipment, which has increased competition when it comes to technological innovations in the home gym equipment market. For instance, in 2015, Nautilus launched the Gravitron chin/dip machine and variable stride elliptical. Further, the company is expected to improve its products with eddy-current brake resistance systems, telemetric heart rate monitoring on screen, and digitally linked training programs. Vendors are expected to capture customer insights using real time sentiment data to gauge future needs in the market. Several manufacturers heavily rely on customer insights for further innovation for a competitive edge in the market. Vendors are constantly investing in smart fitness layouts with personalized AI platforms in treadmills, ellipticals, and other equipment. Fitness programs and real-time guidance will drive market growth. 

Key Drivers and Trends fueling Market Growth:

• Licensing of Brands and Intellectual Property
• High Dropout Rate in APAC
• Growth in E-Commerce of Fitness Equipment

Home Gym Equipment Market – Geography

Home gym equipment is a promising market in APAC due to widespread awareness among consumers and investments by vendors, which are expected to fuel demand in the near future. Also, because of factors such as a busy schedule and long hours of work, crowded fitness centers, and vehicle parking hassles in metros, consumers have been more inclined to home gyms. However, major challenges include price and size of equipment.

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Home Gym Equipment Market by Geography

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• APAC
• China
• Japan
• South Korea
• Australia
• India
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey

Major Vendors

• Technogym
• Nautilus
• Dyaco

Other Prominent Vendors

• BFT Fitness
• Cybex
• Fitness World
• HOIST Fitness
• Impulse
• Inspire Fitness
• Johnson Health
• Nelco
• NordikTrack
• SportsArt
• Torque Fitness
• True Fitness
• Tuntari

Explore our health & wellness profile to know more about the industry.

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SOURCE Arizton Advisory & Intelligence