Source: GlobeNewswire (MIL-OSI)
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Home Fitness Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 23, 2021 (GLOBE NEWSWIRE) — The Global Home Fitness Market is expected to grow at a CAGR of around 4.7% from 2020 to 2027 and reach the market value of over US$ 22.6 Bn by 2027.
The Asia Pacific region is expected to have phenomenal growth in the global home fitness market. The Chinese market is expected to have the fastest growing CAGR in the APAC region for the home fitness market. This is due to an increase in the number of fitness centers incorporating high-end fitness equipment in order to attract customers. Furthermore, China has the highest number of heart disease deaths in 2019. This factor has resulted in increased awareness of health and well-being, which has increased the number of fitness centers. These factors contribute to the expansion of the global home fitness market.
Europe, on the other hand, accounted for the second largest market share in the home fitness market after North America. Fitness awareness is high, and disposable income is increasing, that is driving the adoption of digitally connected fitness equipment. Manufacturers are launching new solutions to meet changing consumer demands in response to the high demand for advanced equipment.
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The growing virtual fitness market will increase demand for high-quality fitness equipment that is simple to install at home. Busy working professionals prefer to participate in online fitness sessions to exercise in the comfort of their own homes and at their own pace. Market players are launching digitally connected solutions for consumers in response to the growing home fitness equipment industry. Customers are taking advantage of the advantages of digitally connected fitness equipment to enjoy a personalized training experience via online workout classes.
COVID-19 impact analysis on global home fitness market
The corona virus (COVID-19) pandemic hampered the fitness equipment market in 2020 due to the temporary closure of health clubs and gyms as a result of global lockdowns. The industry experienced a brief downturn as a result of declining demand from fitness centers. Several people avoided visiting the gyms due to concerns about the virus spreading through physical contact. This factor, on the other hand, resulted in an increase in demand for fitness equipment from homes, as people preferred to exercise indoors for safety reasons. The introduction of vaccines, combined with the reopening of gyms in 2021, will help the market. Fitness centers will pay special attention to equipment sanitization and social distancing in the workout space as the industry regains traction.
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Innovative product launched by the prominent player’s fuel the growth of global home fitness market
Companies are focusing on launching differentiated products in order to solidify their position and capture a large market share. For example, in October 2019, Nautilus Inc. unveiled JRNY, a digital platform that uses AI to provide tailored workouts that adjust automatically with the user. The company hopes that by launching this product, it will be able to provide better solutions to its customers. Matrix Fitness, on the other hand, provides a training console that provides a guided strength training experience.
The global home fitness market is divided into three segments: equipment, sales channel, and end-user. The market is divided into cardiovascular and strength training equipment. The cardiovascular segment is further subdivided into elliptical machines, treadmills, exercise bikes, climbers, and other machines. Weightlifting, weights, barbells & ladders, extension machines, power racks, and others are all subcategories of strength training. There are two types of sales channels: online and offline. End-users are further classified as home, health clubs, office, and hotel.
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Rising demand for cardiovascular equipment foster the growth of global home fitness market
As people become more aware of the dangers of obesity, such as high blood pressure, heart attacks, and diabetes, there will be a greater demand for high-performance fitness equipment. With the increase in the number of health clubs and fitness centers incorporating advanced equipment to cater to changing health patterns and consumer demands, the market is poised to gain significant traction.
Some of the leading competitors are Technogym, Johnson Health Tech. Co., Ltd., HOIST Fitness Systems, Icon Health & Fitness, Inc., Amer Sports Oyj, True Fitness, Nautilus Inc., and among others
Some of the key observations regarding the home fitness market include:
- In July 2020, Lululemon, announced acquisition with at-home fitness company Mirror. The acquisition will enhance both the fitness company expects to do more than US$100 Mn in revenue this year, and it will either break even or be slightly profitable in 2021.
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