Home Fitness Equipment Market: 38% of Market Growth is Expected in North America by 2027 - Technavio
NEW YORK , Feb. 8, 2024 /PRNewswire/ -- The home fitness equipment market is estimated to grow by USD 3.08 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 9% during the forecast period. North America is estimated to contribute 38% to the growth during the forecast period. The growth in the region is driven by a health-conscious population with the means to afford such equipment and an increase in age-related health conditions. The US and Canada are key contributors. Daily exercise promotes a healthy lifestyle, strengthens the immune system, reduces doctor visits, and lowers healthcare costs, driving demand for home fitness equipment for its time-saving convenience. Cardiovascular equipment, especially treadmills, is in high demand for its convenience and usability.
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Technavio has segmented the market based on Distribution Channel (Offline and Online ), Type (Cardiovascular training equipment and Strength training equipment ), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel for home fitness equipment includes direct selling, distributors, department stores, and specialty stores, contributing significantly to market growth. These stores offer customer-care professionals advice and enable brand comparison and product testing. They are preferred, especially in developing regions with low internet penetration, for their hands-on buying experience.
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The increased demand for home fitness equipment is a key factor driving growth. Home fitness equipment addresses time constraints for working professionals, allowing workouts at home. Consumers learn to use equipment through online resources, saving on trainer costs. A sedentary lifestyle increases the risk of anxiety, obesity, diabetes, and osteoporosis. Global prevalence of chronic back pain rises due to youth inactivity. Awareness of healthy lifestyles boosts home fitness equipment demand.
- The increasing smartphone penetration is a major trend.
- Limitations of cardiovascular equipment are one of the significant challenges hindering growth.
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Home Fitness Equipment Benefits
Home fitness equipment offers numerous benefits for individuals seeking to maintain an active lifestyle and achieve their fitness goals from the comfort of their homes. Home gym equipment provides convenient access to various exercise machines and workout gear, allowing users to engage in personalized fitness routines without the need to visit a gym. These fitness tools enable individuals to perform a wide range of exercises, promoting overall health and wellness. Personal fitness devices, such as smart fitness trackers and wearable technology, enhance the monitoring of workouts and progress, aiding in goal tracking and motivation. The availability of indoor fitness solutions caters to diverse exercise preferences, contributing to the popularity of home workout trends. The integration of fitness technology continues to innovate home fitness equipment, offering advanced features for an effective and enjoyable fitness experience.
What are the key data covered in this Home Fitness Equipment Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Home Fitness Equipment industry across North America, Europe, APAC, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Home Fitness Equipment companies
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Distribution Channel
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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