Home Fitness Equipment Market to be Worth $ 14.63 Billion by 2031
Meticulous Research® recently released a report projecting that the global home fitness equipment market will reach $14.63 billion by 2031, with a compound annual growth rate (CAGR) of 6% from 2024 to 2031. This market's expansion is driven by several key factors, including the widespread incidence of obesity and cardiovascular diseases, advancements in home fitness technology, rising disposable incomes, and growing public awareness of the health benefits of regular exercise. However, the market's growth is hindered by challenges such as the absence of personal trainers or fitness instructors and the spatial requirements for home fitness equipment.
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The increasing convenience and accessibility of home fitness solutions are expected to create significant growth opportunities for market participants. Conversely, the market faces challenges such as the high cost and maintenance of home fitness equipment and the availability of alternative fitness options. Additionally, the trend of AI-powered home fitness training sessions is emerging as a significant factor in the market's evolution.
Key Players
Leading companies in the global home fitness equipment market include Peloton Interactive, Inc. (U.S.), Cybex International, Inc. (U.S.), Johnson Health Tech. Co., Ltd. (U.S.), Technogym S.p.A. (Italy), Dyaco International Inc. (Taiwan), Decathlon SA (France), Precor Incorporated (U.S.), Hammer Sport AG (Germany), Tonal Systems, Inc. (U.S.), HOIST Fitness Systems, Inc. (U.S.), and NordicTrack (U.S.).
Home Fitness Equipment Market: Future Outlook
The home fitness equipment market is segmented by Type (Cardiovascular Training Equipment [Exercise Bikes {AirBikes, Stationary Cycles}, Elliptical Machines, Treadmills {Manual, Automatic}, Rowers, Treadclimbers], Strength Training Equipment {Free Weights, Power Racks, Dumbbells}, Other Equipment and Accessories), Price (Low, Medium, High), Distribution Channel (Online/E-commerce, Retail), and Geography. The report also evaluates competitors within the industry and provides an analysis of the market at both global and regional levels.
Among the products analyzed in this report, the cardiovascular training equipment segment is expected to hold the largest share of the market in 2024. This segment includes exercise bikes, elliptical machines, treadmills, rowers, and treadclimbers. Its dominance is attributed to the rising prevalence of cardiovascular diseases, growing preference for cardio workouts to enhance endurance and stamina, and increasing concerns about weight management and fat loss. Regular cardiovascular exercise is also known to reduce stress and anxiety, contributing to the segment's significant market share.
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In terms of pricing, the medium-price segment is anticipated to account for the largest share of the home fitness equipment market in 2024. This segment's large share is driven by strong demand for equipment that balances quality and affordability, a broad selection of products in this price range, and increasing out-of-pocket spending.
When considering distribution channels, the retail segment is expected to capture the largest market share in 2024. This is due to the expansion of global retail chains, the presence of specialty fitness shops and retail stores, and consumer preferences for personalized shopping experiences and the ability to physically inspect large equipment before purchasing.
Geographic Analysis
This research report provides an in-depth analysis of key regions, including North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Netherlands, Ireland, Denmark, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), Latin America (Brazil, Mexico, and the rest of Latin America), and the Middle East & Africa. Among these regions, Asia-Pacific is expected to experience the highest CAGR during the forecast period. This growth is fueled by the increasing prevalence of cardiovascular diseases in Asian countries, a rise in physical activity participation, and the expansion of the middle class. Market players are strengthening their presence in Asia-Pacific to meet the growing demand. For instance, in December 2023, REP Fitness (U.S.) partnered with TheRack.co (Philippines), an omnichannel distributor, to expand in the Philippines in response to the rising demand for gym equipment and fitness products in the country.
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