Los Angeles, October 13, 2022 (The Globe Newswire) – World Home Fitness Market The volume reached US$11.3 billion in 2021 and the market size is expected to reach US$17.3 billion by 2030 at a compound annual growth rate of 4.9% from 2022 to 2030.
Home Fitness Market Statistics
- The global home fitness market cap was $11.3 billion in 2021 and is expected to grow at a CAGR of 4.9% from 2022 to 2030
- North America home fitness market revenue collected over 45% market share in 2021
- According to our analysis, 54% of Americans who exercise have purchased fitness equipment
- The fitness market in Asia Pacific region will register a remarkable CAGR during the projected time frame from 2022 to 2030
- Among the applications, the female fertility segment captured more than 70% of the total market share in 2021
- The emergence of the COVID-19 pandemic is the primary driver for the growth of the home fitness equipment market
- Increased online sales of fitness equipment fuels home fitness equipment market
Home Fitness Market Growth Factors
- The high prevalence of obesity
- Increasing youth awareness of a healthy lifestyle
- The growth of government initiatives with regard to healthy and decent lifestyles
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Home Fitness Market Report:
|Market||Home Fitness Market|
|Home Fitness Market Size 2021||11.3 billion US dollars|
|Home Fitness Market 2030 forecast||17.3 billion US dollars|
|Home Fitness Market Compound annual growth rate during 2022 – 2030||4.9%|
|Home Fitness Market Analysis period||2018 – 2030|
|Home Fitness Market base year||2021|
|Home Fitness Market forecast data||2022 – 2030|
|covered slices||By equipment, sales channel, end use and geography|
|Home Fitness Market Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|An overview of the main companies||Technogym, Johnson Health Tech. Co., Ltd. HOIST Fitness Systems, Icon Health & Fitness, Inc. , Amer Sports Oyj, True Fitness, Nautilus Inc. , Tonal Systems, Core Health & Fitness, LLC, among others.|
|Report coverage||Market trends, drivers, restraints, competitive analysis, player rating, regulations analysis|
The dynamics of the home fitness market
The growing virtual fitness market will increase the demand for quality fitness equipment that is easy to set up at home. Busy working professionals recommend exercising in the comfort of their home and at their own pace by participating in online fitness sessions. In response to the growing industry of home fitness equipment, market players are providing digitally connected solutions to consumers. Customers use digitally connected fitness equipment for a personalized pre-training experience via online exercise classes.
Analysis of the impact of COVID-19 on the global home fitness market
The Coronavirus (COVID-19) pandemic hampered the fitness equipment market in 2020, leading to the closure of health clubs and gyms as a result of the worldwide shutdown. As a result of declining demand from fitness centers, the industry experienced a rapid contraction. Many people avoided going to gyms because they were afraid that the virus would spread through physical contact. On the other hand, this factor has increased the demand for home fitness equipment because people prefer to exercise indoors for safety reasons. The vaccinations, along with the resumption of gyms in 2021, will benefit the market. With the fitness industry regaining gravity, fitness centers will pay special attention to sanitation equipment and social distancing in the gym space.
Home fitness market trends
The innovative product launched by the prominent player fuels the growth of the global home fitness market
Companies focus on launching a unique product to consolidate their position and capture a significant market share. For example, Nautilus Inc. Unveiled by JRNY in October 2019, it is a digital platform that uses artificial intelligence to provide tailored exercises that can easily be adjusted with the user. By launching this product, the company hopes to be able to offer better solutions to its customers. On the other hand, Matrix Fitness offers a training console that allows directed strength training.
Global Home Fitness Market Business Strategies
- In July 2020, Lululemon announced its acquisition of Mirror, a home fitness company. This acquisition will benefit both the fitness company, which expects to generate more than $100 million in revenue this year and break even or slightly profit in 2021.
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Fitness Home Market Segmentation
The global home fitness market is divided into three categories: equipment, sales channel, and end user. Elliptical machines, exercise bikes, walkers, climbers and other machines are part of the cardiovascular sector. Weight lifting, barbells and ladders, weights, extension machines, power racks, and other subcategories of strength training are all subcategories of strength training. Sales channels are categorized into two types: online and offline. Home, health clubs, offices and hotels are different types of end users.
Home fitness equipment market share
The cardiovascular segment, as per our home fitness industry analysis, accounts for the majority share of the global home fitness equipment market. According to the home fitness market forecast, the global home fitness equipment market will be dominated by the offline segment, accounting for a large market share. End users expect apartment gyms to monopolize the global home fitness market during the forecast period, achieving all-time highs.
Increasing demand for cardiovascular equipment boosts growth of global fitness market
People will demand more high-performance fitness equipment as they become more aware of the risks of obesity, such as heart attacks, high blood pressure and diabetes. The market is poised for greater traction as the number of health clubs and fitness centers incorporates advanced technology to accommodate changing health trends and consumer demands.
Home Fitness Market Regional Growth
The global home fitness market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA).
The Asia Pacific region is expected to grow rapidly in the global home fitness market. For the home fitness market, the Chinese market is expected to have the fastest compound annual growth rate (CAGR) in the Asia Pacific region. This is because an increasing number of fitness centers are applying advanced fitness equipment to attract clients. Moreover, in 2019 China recorded the highest number of deaths from heart disease. This factor has led to an increased awareness of health and well-being, which has led to an increase in the number of fitness centers. These elements contribute to the growth of the global home fitness market.
On the other hand, Europe had the second highest market share in the home fitness market, after only North America. Fitness awareness is high, disposable income is on the rise, and both are driving the implementation of digitally connected fitness equipment. In response to the increasing demand for advanced equipment, manufacturers are announcing new solutions to meet the changing demands of consumers.
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Home Fitness Market players
The major players involved in the home fitness market include Technogym and Johnson Health Tech. Co., Ltd., HOIST Fitness Systems, Icon Health & Fitness, Inc., Amer Sports Oyj, True Fitness, Nautilus Inc., Tonal Systems, Core Health & Fitness, LLC.
This report answers the questions
- How big is the Home Fitness Market in 2021?
- What will be the compound annual growth rate of the home fitness market during the forecast period 2022 to 2030?
- Who are the major players in the Global Home Fitness Market?
- Which region had the largest share of the Home Fitness Market in 2021?
- What are the key market drivers for the Home Fitness Market?
- Who is the largest user of Home Fitness Market?
- What will the Home Fitness Market be worth in 2030?
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