Home Fitness Equipment Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By 2033
- PUBLISHED ON
- 2023-05-31
- NO OF PAGES
- 247
- CATEGORY
- Retails & Consumer
Home Fitness Equipment Market size was valued at USD 5,545 million in 2022 and is projected to reach USD 11,459 million by 2033, growing at a CAGR of 7.8% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 5,545 million |
Market Forecast in 2033 | USD 11,459 million |
CAGR % 2023-2033 | 7.8% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHrD, Nordic Track, ProForm, Precor, Inc., Schwinn, JTX Fitness, Keiser Corporation, Corepump, York Barbell. |
Home Fitness Equipment Market- Description
The home fitness equipment market refers to the industry that produces and sells various types of exercise and fitness equipment designed for use in the home environment. This market has experienced significant growth in recent years, driven by factors such as increased health consciousness, convenience, and the growing popularity of home-based workouts.
Home fitness equipment has witnessed a significant integration of technology, leading to the development of smart equipment. Many fitness machines now come equipped with digital screens, connectivity features, and interactive workout programs. These advancements allow users to track their progress, access virtual training sessions, and connect with fitness communities.
Home Fitness Equipment Market: Key Trends
• Virtual Reality (VR) and Augmented Reality (AR)
Virtual reality and augmented reality technologies are being integrated into the home fitness equipment market to provide immersive and engaging workout experiences. VR and AR systems can transport users to virtual environments or overlay digital elements onto the real world, enhancing the enjoyment and effectiveness of workouts.
• Focus on Health Monitoring
With the increasing popularity of wearable fitness trackers and health monitoring devices, there is a growing demand for home fitness equipment that can seamlessly integrate with these technologies. Some fitness machines now offer features like heart rate monitoring, calorie tracking, and performance analytics, providing users with real-time feedback on their workouts and progress.
Home Fitness Equipment Market: Segmental Analysis
By Type
• Cardiovascular Training Equipment
• Treadmills
• Stationary Cycles
• Rowing Machines
• Elliptical and others
• Free Weights
• Power Racks
By End-User
• Households
• Apartment
Home Fitness Equipment market: Geographical landscape
North America has been one of the key regions driving the growth of the home fitness equipment market. The United States and Canada have a large consumer base that is increasingly adopting home workout solutions. Factors such as a busy lifestyle, rising health consciousness, and the availability of advanced fitness equipment contribute to the market's growth in this region.
Home Fitness Equipment Market- Recent Developments
• In 2022, GlobalBees, a prominent e-commerce company specializing in roll-ups, recently revealed its most recent financial commitment to Reach, a prominent brand in the fitness equipment and accessories sector. This marks GlobalBees's second venture into the sports industry. Reach primarily offers a wide range of workout gear, including weights, dumbbells, commercial gym equipment, leg massagers, and various other accessories.
Home Fitness Equipment Market: Key Companies
• Tonal Systems, Inc.
• ICON Health & Fitness, Inc.
• PENT
• Technogym
• Louis Vuitton
• PELOTON
• NOHrD
• Nordic Track
• ProForm
• Precor, Inc.
• Schwinn
• JTX Fitness
• Keiser Corporation
• Corepump
• York Barbell.
• Others
Home Fitness Equipment Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
Quality Assurance Process
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Market Research Process
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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
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- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global Home Fitness Equipment market size was valued at USD 5,545 million in 2022 and is projected to reach USD 11,459 million by 2033, growing at a CAGR of 7.8% during the forecast period.
What are the drivers shaping various markets?
Virtual reality and augmented reality technologies are being integrated into the home fitness equipment market to provide immersive and engaging workout experiences. VR and AR systems can transport users to virtual environments or overlay digital elements onto the real world, enhancing the enjoyment and effectiveness of workouts.
Who are the key competitors of market Players?
Some of the major players operating within the market are Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHrD, Nordic Track, ProForm, Precor, Inc., Schwinn, JTX Fitness, Keiser Corporation, Corepump, York Barbell.
What are the top performing segments, and countries / regions of each of the markets?
North America has been one of the key regions driving the growth of the home fitness equipment market. The United States and Canada have a large consumer base that is increasingly adopting home workout solutions.
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