SWOT analysis of the home fitness equipment market, business growth opportunities for 2027 – GBS News

According to Market Statsville Group (MSG), the global market size for home fitness equipment was $ 7.3 billion in 2021 and is expected to reach $ 13.3 billion by 2030, which will grow with a CAGR of 7.8% from 2022 to 2030. the coming years. A sedentary lifestyle and hectic schedules have led to the introduction of home fitness equipment. Exercising at home with fitness equipment saves on the cost of membership of the gym, which is a significant driving force for the global market. However, space constraints and the high cost of equipment limit market growth.

Home gym machines are available with cords and adjustable pulleys that provide options for abdominal muscles, arms, chest exercises, leg presses, shoulder backs and leg raises, allowing for adaptation to individual multifunction machines. Leading players in the industry are also developing innovative solutions. For example, Life Fitness, one of the players in the market, offers a foldable F3 treadmill for home users with wireless telemetry heart rate measurement and the convenience of minimal storage space.

Global Fitness Equipment Market Definition

Home gym equipment includes all the machines and monitors needed for various physical exercises.

Rising health awareness, an increase in the overweight population, an increase in government initiatives to promote healthy lifestyles and an increasing number of gyms and fitness clubs are driving the global home fitness equipment market.

Impact of COVID-19 on the Global Home Fitness Equipment Market
Governments in different countries have introduced strict lockdown rules and people have been forced to stay home to curb the spread of coronavirus. This prevented fitness enthusiasts from attending gyms and fitness centers. In addition, doctors stressed the need for regular exercise and exercise to boost immunity and prevent mental health problems. As a result, consumers have had to choose home fitness equipment and exercise at home to stay physically and mentally fit. In addition, celebrities and fitness experts took to social media platforms like Facebook and Instagram to demonstrate how to do exercises at home and maintain mental and physical health in these trying times. As a result, various fitness equipment brands experienced a sharp increase in the demand for home fitness equipment. Therefore, fitness has become a priority for people to fight the global health crisis. The demand for various home fitness equipment such as treadmills, elliptical trainers, free weights and rowing machines has increased rapidly around the world.

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Global market for fitness equipment for home use
Drivers: Multifunctional household appliances are suitable for households
A major problem when setting up a home gym is the limited space that makes it necessary to choose multifunctional fitness equipment. Multifunctional fitness equipment allows individuals to perform different workouts using the same piece of equipment. For example, Multi-Functional Workstation and Plate Loaded Multi-Gym are multifunctional fitness machines developed by Into Wellness (Realleader USA). These devices help save space and costs for householders and encourage the establishment of a home fitness center. Thus, all these factors are combined to promote the growth of the home fitness equipment market

Limitations: Alternatives to home training
Exercise in a gym is necessary for bodybuilding, but not all individuals have an interest in bodybuilding. Many fitness-conscious people train just to stay fit. In addition, power yoga, zumba, aerobics, swimming, outdoor games and hula hoops are other ways to maintain physical fitness.

The number of people choosing these alternatives to stay healthy has increased significantly in recent years instead of going to the gym, limiting market growth. In addition, the purchase of home fitness equipment involves significant investment and additional costs for supplements and proteins. On the contrary, alternatives like yoga, zumba, outdoor games and swimming are more cost effective compared to fitness equipment; Therefore, the availability of these alternatives to stay in shape is hampering the growth of the home fitness equipment market.

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The scope of the global home fitness equipment market
The study categorizes the market for home fitness equipment based on product type, distribution channel, end user and price at regional and global level.

Outlook by Product Type (Revenue, Billions of USD, 2017-2030)
cardiovascular exercise equipment
treadmill
Stationary cycles
rowing machines
Elliptical
Other things
Free weights
power racks
Outlook by distribution channel (revenue, $ billion, 2017-2030)
dealer
Online
retail
Gyms / clubs
By end user Outlook (revenue, $ billion, 2017-2030)
households
apartment
Gym in the apartment
By price outlook (revenue, USD billion, 2017-2030)
Low
center
luxury
By Region Outlook (Sales

billion USD, 2017-2030)
North America
U.S
Canada
Mexico
Europe
Germany
Italy
France
The United Kingdom
Spain
Poland
Russia
Slovenia
Slovakia
Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
the rest of Europe
Asia and the Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
Phillipines
Singapore
Australia and New Zealand
The rest of Pacific Asia
South America
Brazil
Argentina
Colombia
The rest of South America
Middle East and Africa
Saudi Arabia
UAE
South Africa
North Africa
The rest of the MEA
The fitness training equipment segment had the largest market share by product type
By product type, the global market for fitness equipment for the home is divided into fitness equipment, free weights and power racks. In 2021, cardiovascular exercise equipment had the largest market share in the global home fitness equipment market, accounting for 80.1%. Cardiovascular equipment stimulates the heart rate and helps burn excess body fat and build endurance. Exercise increases metabolism and reduces stress. This device is best used for conditioning both athletes and ordinary people. It is the most common type of fitness equipment for the home.

The cardiovascular exercise equipment segment dominates the global home fitness equipment market and is increasing its popularity among the obese population. In addition, cardiovascular exercise equipment is experiencing greater acceptance among the geriatric population who want to stay in physical shape while exercising in the comfort of their own home. In addition, cardiovascular machines offer additional features such as heart rate measurement and grip censorship systems that appeal to users of all ages.

North America will exhibit the highest CAGR in the forecast period

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

After North America, Europe is the fastest growing region with a CAGR of 7.6% over the forecast period. The study business in European countries performs better than other regions in terms of margins. Gyms and other commercial fitness equipment users often prefer reputable brands such as Technogym, Precor, Cybex, Nautilus, Johnson Health and Brunswick. As a result, many fitness professionals and fitness centers began offering their online services during lockdown. This encouraged home subscribers to buy exercise equipment online. This technological shift is likely to continue after the pandemic due to the benefits of online training. As more and more health-conscious consumers choose home exercise, the market for home exercise equipment is expected to grow during the forecast period.

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Key market players in the global home fitness equipment market
Major players in the global home fitness equipment market

ICON Health & Fitness, Inc.
Tonal Systems, Inc.
Technogym
PENT
Louis Vuitton
ProForm
Precor, Inc.
NOHrD
Nordic track
PELTON
Schwinn
JTX Fitness
Emperor Corporation
core pump
York barbell
These players use different strategies to win higher shares or to maintain leading positions in the market. Product launch, agreement and partnership are the most common strategies used by these players.

Recent developments
In February 2021, Schwinn partnered with the Good Co Bike Club to work with local businesses and urban advocacy programs throughout the United States to celebrate and promote black culture in cycling.
In December 2020, Nordic Track entered into a partnership with Gear Junkie to provide customers with fitness equipment to help them have a dream adventure outdoors.
In October 2020, Icon Health & Fitness, along with Pamplona Capital Management, raised approximately $ 200 million from L Catterton to expand its associated fitness equipment brands and training streaming platform.

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