Fitness Equipment Home & Gym Training Market is predicted to reach USD 15,762.61 million at a CAGR of 5.86% during the forecast period 2023-2030

Market Research Future (MRFR) has published on the “Fitness Equipment Home & Gym Training Market”

Fitness Equipment Home & Gym Training Market Highlights

The global fitness equipment home & gym training market is projected to witness significant growth during the review period, exhibiting a CAGR of 5.86%. The market was estimated to be USD 10,138.08 million in 2021 and is expected to reach a value of USD 15,762.61 million by the end of the forecast period (2023-2030).

Based on product type, the cardiovascular training equipment segment accounted for a market share of 49.6% in 2021 and is expected to exhibit a CAGR of 6.11% during the forecast period owing to the growing innovations by major players. For instance, in September 2022, Flexnest, a top D2C fitness brand launched Flexpad, India's first smart connected walking pad. The new Flexpad links to the Flexnest App like all other smart Flexnest equipment to provide consumers with 50+ virtual walks and 500+ trainer-guided workouts. Additionally, it has a built-in bluetooth speaker, a remote control for use, and top speeds of 12 km/h. The Flexpad is the ideal walking pad for a home workout and is sleek enough to be hidden under the bed or sofa. It was designed with home fitness needs and space limitations in mind.

Based on application, the commercial segment accounted for a market share of 52.6% in 2021 owing to the wide usage of fitness equipment home & gym training in health club/gym, hospitality, corporate offices as well as in public institutions. As a part of this, according to MRFR analysis, around the world, there are roughly 200,000 fitness clubs and fitness centres. People in practically every region have access to a gym or a fitness club nearby because to the abundance of fitness facilities.

Based on end user, the professional segment accounted for a market share of 50.7% in 2021 and is expected to exhibit a CAGR of 6.01% during the upcoming years. This is owing to the increased gym membership by the professionals across the region. For example, according to MRFR analysis, in 2019, more than 62.5 million gym members used the facility 104 days a year, compared to nine million non-members who used it 24 days a year on average. Only about 18% of members frequently visited the gym regularly. Of those who regularly visited the gym, 49.9% made it there at least twice per week. An additional 24.2% of people went to the gym at least once every week.

Based on pricing, the mass segment accounted for a market share of 69.3% in 2021 owing to the wide purchase of fitness equipment home & gym training among the people residing across the APAC region. For instance, according to MRFR analysis, many Indians prefer to and are willing to spend money on at least one piece of home exercise equipment, including a treadmill, cross-trainer, or even dumbbells and weights. Since the pandemic, home gyms have grown commonplace, and there is a high demand in the market for equipment that is dependable, sturdy, and long-lasting. Home gym equipment is seen as a trustworthy investment for a full and efficient home workspace as exercise applications, youtube videos, and online subscriptions become the "new normal.”

Based on distribution channel, the supermarket & hypermarkets segment accounted for a market share of 21.0% in 2021 owing to the wide purchase of fitness equipment home and gym training from supermarkets as well as hypermarkets owing to the wide benefits provided by them. For instance, supermarkets and hypermarkets that operate on a self-service basis, offer a variety of goods at discounts, give customers freedom of choice, and make significant profits are expected to drive market expansion. Besides this, during the covid-19 the urge among consumers to stay fit has increased its sales which in turn is expected to positively influence its market growth. As a part of this, according to a recent survey, approximately 17% of shoppers in the United States reported their household had purchased weights and/or dumbbells during the coronavirus (COVID-19) epidemic when conducted a survey. A similar number of homes had purchased treadmills during the pandemic.

Furthermore, the rising health awareness among consumers coupled with substantial number of people suffering from diabetes and obesity is a vital factor boosting its market growth. As a part of this, according to Diabetes Research Institute, in 2018, 10.5% of Americans, or 34.2 million people, have diabetes. 10.2% of the population, or around 26.8 million people, were projected to have diabetes. There are about 7.3 million diabetics who have not yet received a diagnosis. In addition, there were 1.5 million new cases of diabetes identified in adults in the United States. This includes over 210,000 kids and teenagers under the age of 20. Besides this, the growing initiatives taken by various government bodies across different region to control obesity is likely to propel its market growth. For instance, The Alabama Cooperation System's Alabama Preventing and Reducing Obesity is helping Alabamians for Long-Term Health (ALProHealth) is further increasing the access towards healthier foods by improving nutrition recommendations in local agencies and community sites and investigating a food hub infrastructure. They are also establishing master plans and land use interventions to connect transportation infrastructure with residences, early care and education programs, schools, workplaces, and parks or leisure facilities. Furthermore, the Arkansas Delta Region Obesity Program is improving state and local programs and systems, working with partners to connect sidewalks, paths, bicycle routes, and public transit with homes, early care and education, schools, workplaces, parks, and recreation centers, and working with food vendors, distributors, and producers on healthier food purchasing and sales. The program is also establishing healthy nutrition standards in key institutions. Georgia is focusing on locations in the counties of Calhoun, Clay, Dooly, Stewart, and Taliaferro where kids and families frequently congregate, such as schools, areas where food is sold, health departments, churches, and parks. Georgia is also concentrating on transportation, distributing food, and raising awareness via social media and the media. For a more significant systemic change, activities will be conducted in local communities, at the county level, and at the regional/state level.

Besides this, increasing inclination towards digital technology is another factor boosting its market growth. For example, the next generation of wearable fitness technology is comprised of fitness trackers, which are pedometers modern replacement. Numerous fitness-related metrics, including steps taken, heart rate, calories burned, and others, are recorded. Smartwatch elements, such as phone notification alerts, are becoming increasingly incorporated into wearable fitness equipment, such as FitBit's line of fitness trackers. Smartwatches also offer several fitness monitoring possibilities. Contrarily, fitness trackers are less expensive because they have fewer features and place more of an emphasis on functionality than on appearances. Apart from this, the growing gym membership is set to contribute to the growth of fitness equipment home & gym training which may serve as an opportunity for market growth. However, the prohibitive cost of the product may serve as a restraint for its market growth.

Market Synopsis

Fitness equipment home & gym training is usually a smaller segment of the larger sporting goods industry. Treadmills, free weights, weight machines, and elliptical trainers are examples of fitness equipment. A treadmill is a device with a moving belt that allows users to move while remaining standing. Animals were placed on treadmills to power butter churns or threshing machines as early as 1875 in the agricultural industry. In 1952, Wayne Quinton and Robert Bruce, a cardiologist, created the first treadmill for medical purposes. Bruce later licensed the invention to Nautilus, formerly Stairmaster, who started selling the treadmill as a fitness tool. Woodway, Aerobics, Inc., and Tunturi are a few of the first producers. The early models had a deck, a belt, and a motor. More sophisticated models had inclination features, preset workouts, and stronger decks in the 1980s and 1990s. Additionally, they could transmit data from PalmPilot.

A cross trainer, commonly referred to as an elliptical trainer, is a stationary exercise machine that allows users to imitate walking or jogging while standing still. These gadgets, which are propelled by leg force, first gained popularity in the 1990s. To give a supplemental form of aerobic activity, the user also grasps handles that are at shoulder height and pushes and pulls with them. The device's name derives from the way the handles move, which is somewhat elliptical. The driving mechanism, the resistance system, and the stride length are the three fundamental components of elliptical machines. Because its components move considerably more smoothly, rear drives are seen to be better than front end drives. Cheaper models include a preset stride length and a manually adjustable resistance level.

Moreover, the growing health awareness among consumers coupled with their increased workout as well as increased gym membership is likely to propel its market growth. The key factors driving the growth in the market are the rising health awareness among the consumers and increasing inclination towards digital technology to aid market growth. Additionally, the increasing product launches by key manufactures in the market is creating growth avenues owing to increasing health concerns and changing lifestyles in the upcoming short-term forecast period.

COVID-19 Impact on Fitness Equipment Home & Gym Training Market

The COVID-19 outbreak has influenced the whole production process, from the procurement of raw materials to production, packaging, and distribution. The whole production process for the fitness equipment home & gym training sector has suffered because of the outbreak. Providing fitness equipment home & gym training to various manufacturers has been delayed because of lockdown restrictions making it more difficult to transfer the raw materials required to create them. Both domestic and international companies provide the basic materials used to make fitness equipment home & gym training. Due to the necessity of sealing international borders, low quantities of these fitness equipment home & gym training were being produced. Delivering manufacturing units to stores has become more challenging for distributors due to lockdown restrictions. Even though there is a huge demand for fitness equipment home & gym training worldwide, the sectors are all experiencing major shortages.

When COVID-19 was originally discovered in March 2020, numerous nations decided to restrict international travel. Therefore, most of the populace was urged to remain inside and conduct business from home. Due to several factors, the sales of fitness equipment home & gym training demand have become stable.

Consumer awareness of the value of health and wellness has increased because of the COVID-19 problem. According to a survey, 68 percent of respondents prioritized their health more after the pandemic started. Exercise is also the most frequently mentioned method of stress release, according to a poll of gym visitors, which found that 65% of them use exercise to unwind. Prior to the COVID-19 outbreak, roughly 50% of these consumers stated that they used mobile apps to achieve their health and fitness goals; by June 2020, that percentage had risen to 75%. Consumers were regularly found to exercise at home and spend money on technology solutions in the surveys conducted throughout the pandemic. For instance, according to a recent report, consumer expenditure on connected exercise equipment increased by 5% each month, while spending on premium apps increased by roughly 10%. During the pandemic, slightly more than 10% of the general American population also established home gyms or used online exercise tools. Even when the pandemic has passed, 70% of online fitness users plan to continue or enhance their use of the platform.

With lockdown restrictions of many retail stores across the globe, many manufacturers of fitness equipment home & gym training are expected to move into the online/e-commerce channels. E-commerce channels are proving to be a life saver during these tough times. Individuals are also well accepting this move as they feel safe instead of going out to retail stores to buy fitness equipment home & gym training and increase the chances of getting infected from coronavirus. This is evident from the fact that many e-commerce channels have witnessed triple-digit growth rates in sales of various exercise products. For instance, according to MRFR analysis, due to the Covid-19 ban, internet sales of workout equipment have increased on marketplaces Flipkart, Amazon, and Snapdeal as well as sports goods merchants like Decathlon. Since April, consumers have been setting up at-home gyms due to the closing of gyms and outdoor exercise areas, with ecommerce now outpacing traditional stores in the sale of equipment including dumbbell kits, yoga mats, and push-up bars. Thus, the trend of online purchases of fitness equipment home & gym training is expected to continue the trend in the upcoming years and the market players are expected to increase their investments in e-commerce sales channels to capitalize on increasing demand. Hence, under the current scenario, fitness equipment home & gym training manufacturers are expected to have lucrative growth opportunities. Individuals across the globe are also anticipated to perceive online channels to be a safer mode for purchasing fitness equipment home & gym training for personal use. This is expected to create a long-lasting opportunity for online channels to increase their share of sales in the coming years.

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Competitive Landscape

The high competition among the players have encouraged the players to produce quality products in the market. In order to build new and quality products, numerous companies benefit from mergers, acquisitions, and product development. To preserve their positions and broaden their geographic reach, the players in the worldwide fitness equipment home & gym training market are using a variety of strategies, including expansion, mergers and acquisitions, alliances, joint ventures, and expansion. To gain the largest possible market share, new product launch was the growth strategy that was most frequently used by market participants.

There are numerous international, national, and regional players in the worldwide fitness equipment home & gym training industry. There is a lot of competition in this sector, and everyone is trying to increase their portion of customers' wallets. When comparing prices and quality, as well as product availability across regions, different suppliers will use different metrics. In order to be competitive, suppliers must offer reasonably priced, high-quality fitness equipment. Market and economic conditions, government laws, and technological progress all affect how quickly and how large market actors can expand. As a result, businesses in this sector need to concentrate on increasing output and refining their offerings to keep up with consumer demand. These companies are investing heavily in creating new products. Although worldwide companies account for the vast majority of sales, smaller regional and local firms are also present.

Key Developments & Growth Strategies

Investments

• iFit Inc. announced the raise of USD 355 million in capital, for the substantial investments in its core brands, product innovation, and the engagement of members.

Merger & Acquisitions 

• Tunturi completely acquired First-Degree Fitness Europe B.V. This strategic acquisition expanded the distribution network and product portfolio of companies in Europe, and the Middle East & Africa (EMEA).


• Johnson Health Tech has acquired Cravatex Brands Limited based out of India and is set to operate as an Indian subsidiary of the company. Cravatex has been functioning for over two decades in the Indian market and was previously a dealer of the JHT. The acquisition is expected to strengthen the company’s presence in the Indian fitness equipment market.


• Johnson Fitness and Wellness is an acquired gym source retail store locations present across Virginia, Pennsylvania, Connecticut, Massachusetts, New Jersey, and New York in the US. The acquisition has increased the total number of retail stores to around one hundred in the US and is expected to strengthen the company’s presence in commercial fitness businesses in the region.


• Nautilus has acquired VAY, which specialized in AI technology and computer vision solutions. The acquisition is expected to help the company in utilizing its technology to track individual motion through cameras in the JRNY fitness app. The integration of the technology helps in pushing the company's equipment sales in the connected fitness solutions market.

Product Launches

• Technogym launched an energy-efficient and silent treadmill named Technogym Run that has a live console that provides workout programs, modes, and entertainment videos that are streamed on Netflix, YouTube, and television channels. The treadmill is designed in such a way that it aids in a full-body workout and resistance training on par with athlete training.


• A smart exercise bike named Technogym Ride that provides a real-time riding experience through simulation was launched in the US by Technogym in competition with Peloton. The bike console helps in accessing a range of video content and training apps including Netflix, Rouvy, Zwift, Training Peaks, Strava, and Eurosport.


• Life Fitness launched an innovative latest generation strength, cardio, and digital innovative products at IHRSA 2023.


• Nautilus launched motion tracking in its JRNY app that is aimed to help the user in achieving their health goals through personalized feedback by counting the number of reps and counts done while using the brand’s equipment. The launch is made available to both Android and iOS users who have a membership of JRNY.


• Kettler launched the “Rent a Kettler” scheme for home customers who want to train on various fitness equipment including cross trainers, bicycle ergometers, etc. for a minimum time of a month. The initiative is in line with the growing demand for home fitness equipment post-pandemic.


• Nautilus launched two bikes under the Schwinn brand named Schwinn 290 Recumbent Bikes and Schwinn 190 Upright. The two bikes are designed in such a way that it has connectivity feature with the JRNY platform.


• Nautilus launched a new treadmill named Bowflex BXT8J that can be connected to the company’s fitness app. The company has priced the product in the affordable range to maximize sales in the home fitness sector. The product is made available to the customers through selected online retail sales channels.


• Peloton has launched a rental scheme in the US market where customers can experience the Peloton Bike and Peloton Bike+ equipment at a monthly fee of USD 89 and USD 119 respectively across various locations in the US

By Region

• North America: North America is a key region in the global fitness equipment home & gym training market. The region comprises two major markets the US and Canada which hold the major market. Owing to the increased health awareness, North American consumers are more willing to spend time on their fitness. Thus, the residential use of fitness equipment has been growing since then. The US is considered to be one of the largest markets in North America, accounting for the majority of fitness training centers. The market growth is attributed to the presence of a large number of fitness centers, health clubs, and gyms in the country. Additionally, the demand for home fitness equipment has also increased in recent years due to the COVID-19 pandemic, as people are hesitant to visit gyms and prefer to work out at home.


• Europe: There has been a significant shift towards home fitness equipment due to the COVID-19 pandemic and subsequent lockdowns. Thus, European consumers have increasingly turned to home fitness solutions to maintain their fitness regimes and avoid crowded gyms. This trend is likely to continue even after the pandemic, as many consumers have discovered the convenience and flexibility of home fitness. Additionally, the European fitness equipment market is segmented into two categories, home, and gym equipment. Home equipment includes treadmills, ellipticals, stationary bikes, dumbbells, and other small fitness equipment that can be used at home. Gym equipment includes weightlifting machines, cardio machines, and other large-scale fitness equipment that are typically found in commercial gyms.


• Asia-Pacific: The Asia Pacific region is one of the fastest-growing markets for fitness equipment, both for home and gym training. The region is comprised of several countries including China, India, Japan, South Korea, and Australia, among others. The market for fitness equipment in the Asia Pacific region is primarily driven by increasing health consciousness among consumers, rising disposable incomes, and growing urbanization. China is one of the largest markets for fitness equipment in the Asia Pacific region. The increasing middle-class population and the rise in the number of fitness enthusiasts in the country have led to an upsurge in demand for fitness equipment.


• Rest of the World: The rest of the world market is showing consistent growth during the forecast period. Africa, the Middle East, and South America make up the rest of the world's market. South America is one of the key regions in the rest of the world market. The demand for fitness equipment is rapidly increasing in this region due to the growing awareness of the importance of physical fitness and the increasing number of fitness centers. Countries such as Brazil, Argentina, and Colombia are expected to drive the growth of the fitness equipment market in South America. In Argentina, the fitness equipment market has grown due to the increasing number of fitness centers and the rising popularity of group fitness classes. For example, the fitness chain Megatlon is present in more than 23 locations in Argentina, offering a variety of fitness equipment and classes. The Middle East region has witnessed a significant rise in the demand for fitness equipment due to the increasing focus on maintaining a healthy lifestyle.