Global Home Fitness Equipment Market

Home Fitness Equipment Market Size, Share, Growth Analysis, By Type(Cardiovascular Training Equipment, Strength Training Equipment), By Sales Channel(Online, Offline), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25Y2003 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 61 | Figures: 75

Home Fitness Equipment Market News

  • In August 2021, Johnson Health Tech (JHT) announced the acquisition of Matrix Fitness South Africa to expand its health and fitness offerings in the region. This acquisition of the south African company will aid Johnson in serving a large customer base as well as leverage the customer with advanced and latest offerings in the fitness equipment market.
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Global Home Fitness Equipment Market size was valued at USD 11.3 billion in 2022 and is poised to grow from USD 11.8 billion in 2023 to USD 17.3 billion by 2031, growing at a CAGR of 4.9% in the forecast period (2024-2031).

The home fitness equipment market under study is a highly competitive one. This is because both domestic and foreign companies compete in this market. In this particular industry, Nautilus Inc., Icon Health & Fitness Inc., Johnson Health Tech Co. Ltd, Technogym SpA, and Peloton Interactive Inc. are the leading companies. Product innovation and new product development are the main strategies used by these top players since they allow them to provide the consumer new items that can further equalise the new launch to the consumer's preferences. Some of the other participants in the same market choose mergers and acquisitions as their primary strategy since it enables the top firms to get a competitive advantage over other local participants. 'Peloton', 'NordicTrack', 'Technogym', 'Nautilus, Inc.', 'ICON Health & Fitness', 'Precor', 'Johnson Health Tech', 'Life Fitness', 'Cybex International', 'Hoist Fitness Systems', 'Brunswick Corporation', 'Amer Sports', 'True Fitness Technology', 'Torque Fitness', 'Star Trac Health & Fitness', 'Paramount Fitness', 'Matrix Fitness', 'Octane Fitness', 'Core Health & Fitness', 'Body Solid Inc.'

Growing preference for digital technology to support market growth. The use of fitness applications on smart devices to improve and maintain personal fitness routines has grown in popularity, and this has had a substantial impact on the market's expansion. For instance, according to data from the World Economic Forum published in September 2020, usage of fitness applications increased by 50% in the first half of 2020. Additionally, the demand for the product has grown as online fitness classes become more and more well-liked. For instance, the Jawaharlal Nehru University of New Delhi, India, began offering its students an online exercise class to help them maintain their health and well-being, according to information from the New Indian Express that was published in April 2020.

According to the modernisation of society, consumers nowadays are changing their everyday routines by participating in sports. But due to hectic schedules, lengthy workdays, overcrowded gyms, and parking issues, more and more customers are actively leaning toward at-home workouts. Fitness equipment for the home reduces the inconvenience of travelling to a gym to utilise the machines and is quite economical over time. The advent of apps that give clients a platform to choose their personal trainers for either online classes or home visits, to satisfy their specialised and customised fitness requirements, such as bodybuilding, was one of the many breakthroughs that eventually occurred in this market.

The market in North America expanded significantly as a result of consumers' growing health consciousness and increased use of workouts that promote physical well-being, weight management, improved bodily stamina, and increased muscular strength. Other significant factors propelling the home fitness equipment market in the region include the rising obese population and rising health concerns. Consumers are now able to work out frequently to stay in shape thanks to the expansion of preventive healthcare practises and growing healthcare prices. Manufacturers who operate on the worldwide market are increasing their presence in response to the growing demand in order to gain a competitive edge. Additionally, as consumer interest in at-home workouts increases, so does the demand for such equipment, which is simultaneously driving the home equipment industry.

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Global Home Fitness Equipment Market

Report ID: SQMIG25Y2003

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