Market-Overview
Market Research Future (MRFR) assessed the global Home Gym Equipment Industry 2020 across the review period till 2024. Across 2019 to 2024, the home gym market can expand at 4.41% CAGR. By 2024, the home gym market can value at USD 6.34 Bn. Rapid technological innovations in the fitness industry and the introduction of wearable technology can benefit the market in the near future. The gradual increase in health consciousness among people, especially among obese group of people, can favor the Home Gym Equipment Industry. The booming e-commerce business and high consumer satisfaction from online purchase can add to the market rise. However, issues with cost of home gym equipment can hinder the market surge. The increase in need to build strength and endurance among people, especially the geriatric population, can counter the market slow down. In addition, the increase in sales of home gym equipment due to their high demand among professionals, owing to their hectic schedule, can bolster the market upsurge.
Key Players
Nautilus, Inc. (US), Cybex International, Inc. (US), Johnson Health Tech. Co., Ltd. (US), Impulse (Qingdao) Health Tech Co., Ltd (China), Fitness EM LLC. (US), DHZ Fitness Europe GmbH (Germany), Tunturi New Fitness B.V. (Netherlands), Kettler (GB) Limited (UK), Icon Health & Fitness, Inc. (NordicTrack) (US), Technogym SpA (Italy), Amer Sports Oyj (Finland), True Fitness Technology, Inc. (US), Vectra Fitness Parts LLC. (US), HOIST Fitness Systems, Inc. (US), and Hammer Sport AG (Germany) are some active names in the Home Gym Equipment Industry that are listed by MRFR to gain insights on growth dynamics.
Market Segmentation:
The segment assessment for the Home Gym Equipment Industry is done by equipment type and distribution channel
The Equipment Type-based segments of the Home Gym Equipment Industry are strength training equipment and cardiovascular training equipment market. The cardiovascular Training Equipment segment can earn substantial revenue for the Home Gym Equipment Industry. Changes in lifestyles and slashing unhealthy diets consumed by obese people can promote the demand for such equipment to enhance their body functions.
The Distribution Channel-based segments of the Home Gym Equipment Industry are non-store and store. The store-based segments of the market are hypermarkets and supermarkets, and specialty stores among others. The increase in number of gym equipment retail stores and rise in sales of home gym equipment from supermarkets and hypermarkets can dominate the market rise. The non-store-based segment can attain decent market share as online purchasing home gym equipment and proliferation of e-commerce sector are observed. Thus, the non-store segment can surge at high CAGR in the forecast period.
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Regional Analysis
In North America, the Home Gym Equipment Industry can rise at high pace due to the growing obesity group of people and increase in chronic diseases. The increase in health consciousness of people is creating the demand for home gym equipment, thus can trigger the market in the forecast period. In Europe, the increase in awareness about health awareness among the ageing population can increase the demand for home gym equipment, thus support Europe market in the near future. In Asia Pacific, the regional market can thrive as sales for home gym equipment can earn decent revenue. Increase in disposable income, alterations in middle- and upper-class lifestyles can benefit the regional market. Rapid development of the wellness industry and increase in GDP of India can also boost the Home Gym Equipment Industry. The Home Gym Equipment Industry in Rest of the World can be attributed to the growing inclination of consumer toward fit lifestyles.
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Market ForecastHome Gym Equipment Market is projected to be valued at USD 6.34 Billion by 2024 at a CAGR of 4.41% from 2019 to 2024.
Changes in lifestyles due to busy work schedules and unhealthy eating habits are leading to a focus on fitness.
Additionally, a rise in the prevalence of chronic diseases and obesity are driving the growth of the global home gym equipment market.
Nevertheless, the incorporation of smart devices in fitness machines and development of wearable technology provide lucrative opportunities to market players during the forecast period.Market USPIntroduction of connected and smart gym equipment, machines, and devicesGrowth Opportunities in the MarketPopularity of cardiovascular training equipment: The cardiovascular training equipment segment dominated the global home gym equipment industry in 2018 and is expected to maintain its dominance during the forecast period.
Treadmills, elliptical trainers, exercise bikes, rowing machines, and stair machines are the most common and popular cardiovascular equipment for home use.
Cardiovascular training equipment elevates the heart rate and offers a full-body workout.
