The global home fitness equipment market has seen a surge in demand over the past few years, and it is only set to grow in the coming years. The increasing awareness about health and fitness, and the preference for personal fitness equipment due to the pandemic, have contributed to the growth of this market. According to a report by Allied Market Research, the global home fitness equipment market was valued at $14.40 billion in 2019 and is projected to reach $15.20 billion by 2027, growing at a CAGR of 2.9% from 2020 to 2027. In this blog post, we will take a closer look at the market size of the home fitness equipment market and the factors driving its growth.
What Is The Market Size Of The Home Fitness Equipment Market
The home fitness equipment market has witnessed tremendous growth in recent years due to the increasing emphasis on leading a healthy lifestyle. The market size of the home fitness equipment market has been projected to exceed USD 14 billion by the year 2026. The rise in awareness about maintaining a healthy lifestyle, are the key factors driving the demand for home fitness equipment. The sedentary lifestyle of the majority of the population, particularly in urban areas, is resulting in cardiovascular diseases and other health issues, driving demand for home fitness equipment.
The demand for home fitness equipment is also rising due to the outbreak of the COVID-19 pandemic, which has resulted in gym closures across the world. With people confined to their homes, the home fitness equipment market has witnessed a surge in demand. Additionally, increasing health concerns among millennials and baby boomers have further propelled the market growth. The development of advanced technologies in equipment such as interactive virtual reality and wearable devices is expected to further boost the growth of the home fitness equipment market in the coming years.
Based on product type, the market is classified into cardio equipment, strength equipment, and others. Cardio equipment is expected to make up the largest share of the market due to increased awareness regarding cardiovascular health. Geographically, North America is expected to be the largest market for home fitness equipment, followed by Europe due to the high health awareness among the population in these regions.
How Has The Home Fitness Equipment Market Changed During The Covid-19 Pandemic?
The home fitness equipment market has experienced steady growth in recent years and has become a multi-billion-dollar industry. According to a report by Grand View Research, the global market size was valued at $15.2 billion in 2019 and is projected to reach $29.4 billion by 2027, growing at a compound annual growth rate (CAGR) of 8.7% from 2020 to 2027.
The growth of the market can be attributed to several factors including the rising health and fitness consciousness among consumers, the increasing prevalence of lifestyle diseases, and the availability of affordable and innovative fitness equipment. Additionally, the COVID-19 pandemic has accelerated the demand for home fitness equipment as more people have turned to exercising at home due to gym closures and social distancing measures.
The market is segmented based on product type, including cardiovascular training equipment, strength training equipment, and other equipment such as yoga mats and jump ropes. Among these, the cardiovascular training equipment segment held the largest market share in 2019 and is expected to continue its dominance in the coming years. Geographically, North America held the largest market share in 2019, followed by Europe and Asia Pacific, with the latter expected to grow at the highest CAGR during the forecast period.
What Factors Are Driving Growth In The Home Fitness Equipment Market?
The home fitness equipment market has been steadily growing in recent years, spurred on by the increasing demand for convenient and affordable ways to exercise at home. According to a report published by Allied Market Research, the global home fitness equipment market was valued at $14.2 billion in 2019 and is expected to reach $15.2 billion by 2027, growing at a CAGR of 2.5% during the forecast period.
The market is segmented by product type, including treadmills, exercise bikes, strength training equipment, and others. Treadmills dominated the market in terms of revenue share in 2019, accounting for around 32% of the total market share. Geographically, North America held the largest share of the market in 2019, owing to the high adoption rate of fitness equipment and an increase in health consciousness among the population.
The COVID-19 pandemic further accelerated the growth of the home fitness equipment market in 2020, as people were forced to stay indoors and look for alternative ways to stay active. With the ongoing emphasis on health and wellness, it is anticipated that the market size will continue to grow in the years to come.
Who Are The Major Players In The Home Fitness Equipment Market?
The home fitness equipment market has grown significantly in recent years. According to market research firm Statista, the global market size of home fitness equipment was valued at $12.6 billion in 2019, and it is expected to reach $15.2 billion by 2025. This growth can be attributed to several factors, including an increasing focus on health and wellness, the convenience and cost-effectiveness of exercising at home, and the availability of advanced technology in fitness equipment.
Additionally, due to the ongoing COVID-19 pandemic, there has been a surge in demand for home fitness equipment as many people have been unable or unwilling to go to gyms or exercise studios. In fact, a report by Technavio projected that the global home fitness equipment market would grow by $2.9 billion from 2020-2024, driven by the pandemic and related lockdowns and restrictions.
Overall, the market size of the home fitness equipment market is expected to continue to grow as more consumers prioritize health and fitness, and as advancements in technology make it increasingly easy and convenient to exercise at home.
How Are E-Commerce And Online Retailers Impacting The Home Fitness Equipment Market?
The home fitness equipment market has witnessed significant growth in recent years due to the increasing awareness of the importance of a healthy lifestyle among people. According to a report by Market Research Future, the global home fitness equipment market is expected to reach USD 6.52 billion by 2023, growing at a CAGR of 4.8% during the forecast period (2018-2023).
The market is primarily driven by technological advancements in fitness equipment, rising health concerns, and the increasing popularity of home workouts. Additionally, the COVID-19 pandemic has further boosted the demand for home fitness equipment as people are avoiding public gyms and workout facilities. This has led to a significant increase in sales of treadmills, dumbbells, and resistance bands, among other equipment.
Regionally, North America is expected to hold the largest market share in the home fitness equipment market due to high disposable income, increasing health consciousness, and availability of advanced products. However, the Asia Pacific region is also expected to witness significant growth in the upcoming years due to the growing urban population and increasing awareness regarding fitness and wellness.
Conclusion
In conclusion, the home fitness equipment market has experienced significant growth in recent years and is expected to continue to grow in the coming years. The COVID-19 pandemic has also accelerated the demand for home fitness equipment, leading to an unprecedented surge in sales. The market size is predicted to reach $15.2 billion by 2027, driven by factors such as the rising awareness of the importance of fitness, increased disposable income, and advancements in technology that make home fitness equipment more user-friendly and effective. With the growing interest in health and wellness, we can expect the home fitness equipment market to remain a lucrative and innovative industry for years to come.
