The global home fitness equipment market size is projected to grow from USD 10.73 billion in 2021 to USD 14.74 billion in 2028. The rising development of smart dumbbells is set to affect the market positively. These can be connected with smart electronic devices and have built-in sensors. In February 2021, for instance, Milt and Devon Linn announced their plan to open their 'smart fitness studio’ in West Chester next week. It is called The Exercise Coach and relies on robotics and computers instead of dumbbells and treadmills. Fortune Business Insights™ published this information in a new study, titled, “Home Fitness Equipment Market, 2021-2028.” As per the study, the market stood at USD 10.18 billion in 2020. It would exhibit a CAGR of 4.6% in the forecast period between 2021-2028.
Technogym Introduces Technogym Bike with Support from 1Rebel
In November 2019, Technogym, a leading provider of equipment and digital technologies headquartered in Italy, introduced its new smart indoor exercise bike called Technogym Bike. It will help the company to compete with the best-seller Peloton model. The launch was supported by 1Rebel, a London-based boutique fitness studio. It rolled out Ride Live, a platform delivering unlimited access to stream spin classes with trainers on Technogym Bike in the gym or at home.
COVID-19 to Raise Sales Backed by Growing Need to Maintain Health and Fitness
The COVID-19 pandemic has compelled non-fitness enthusiasts to become more attentive towards their health and fitness because of work-from-home practices. Besides, the urgent need to lower transmission of the coronavirus has surged the number of people working out from their homes. Thus, the sales of home fitness equipment are expected to rise amid the pandemic.
Drivers & Restraints-
Increasing Popularity of Online Fitness Sessions to Bolster Growth
The increasing usage of fitness applications in smart devices is set to play a crucial role in contributing to the home fitness equipment market growth in the near future. These applications help in maintaining and improving personal fitness routines. The World Economic Forum, for instance, declared that in the first half of 2020, fitness apps showcased a rise of 50% usage. At the same time, the rising trend of attending online fitness sessions would accelerate the demand for home fitness equipment. However, the growing construction of commercial gymnasiums worldwide may obstruct their demand in the upcoming years. According to Run Repeat, in 2020, there were approximately 205,176 gyms in the world.
Information source: https://www.fortunebusinessinsights.com/home-fitness-equipment-market-105118
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