According to Ameco Research, the global home fitness market size is estimated to reach a market value of around USD 17 billion by 2030; rising a CAGR above 4% over the forecast timeframe from 2022 to 2030.
The home fitness industry is made up of sales of fitness equipment used at home. Home fitness kit contains devices and machines used for exercising and monitoring physical exercises at home for burning excess fat, weight management, muscle strength development, stamina improvement, improving appearance and personality, simulating heart rate, maintaining overall health and fitness, and treating and recovering from medical conditions. The market is made up of revenue generated by the sales of home fitness equipment manufactured by companies.
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Covid-19 Impact on Global Home Fitness Market
In recent years, the COVID-19 pandemic has been a massive worldwide health crisis and a spreading rapidly pandemic. When compared to previous pandemics around the world, the current COVID-19 disease outbreak is now at the top of the list in terms of international coverage. It’s the first time that the entire world is affected at the same time and in such a powerful way in such a short period of time. As per the World Health Organization, the death rate from COVID-19 was initially around 2%, but has since risen to around 4–6%. Although the numbers do not appear to be alarming, the number of cases and the rate at which they are rising slowly but surely make the situation alarming. The exponential rise in COVID-19 cases has resulted in billions of people being isolated and the world being put on lockdown. COVID-19 has had an impact on nearly everyone on the planet. Due to work-from-home guidelines, the gap between personal and professional lives has narrowed, and people’s lives are swirling around these two as a result of the lockdown. People have also been thinking about an important issue at home, namely, the significance of their fitness and health. Thus, with the isolation of billions coupled with work from home instructions, people started exercising at home, which skyrocketed the worldwide home fitness market share.
Global Home Fitness Market Growth Aspects
Precautionary healthcare, combined with a growing preference for customized workout regimens, has spurred the growth of the home fitness equipment market. People nowadays are more inclined to lead an active lifestyle that includes regular exercise in order to maintain a healthy weight and reduce the risk of chronic diseases.
The incorporation of machine learning and artificial intelligence technology in-home fitness contributes to the global at-home fitness equipment market. The AI-based personal trainer is expected to be the next big thing in the at-home fitness equipment market.
The home fitness equipment market is expected to be hampered by a lack of space in homes. To manage their expenses, city dwellers are confined to small homes or apartments, which limit the amount of space available for fitness equipment. Virtual reality fitness equipment, equipment, and mobile applications are arising trends in the home fitness industry for getting physical workouts, with fun games and effective training scenarios to motivate and inspire people to keep up with their fitness goals.
The global home fitness market has been segmented by Ameco Research based on equipment, sales channel, and end-use. Based on the equipment, the market is strength training (barbells & ladders, extension machines, weightlifting power racks, weights, and others) and cardiovascular (climbers, elliptical machines, exercise bikes, treadmills, and others). Based on the sales channel, the market is separated into offline and online. Based on service, the market is categorized into home, office, health clubs, and hotels.
The global home fitness market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Although North America has the largest market share, Europe is expected to grow at the fastest rate throughout the forecast period. Furthermore, rapid urbanization in Asia-developing Pacific’s economies, an ageing population, and increasing per capita expendable income are expected to drive the region’s implementation of at-home fitness equipment. Because of its high per capita income, Europe is expected to grow rapidly. It would result in more money being spent on personal fitness and health products, such as home fitness equipment. Additionally, the rising per capita income of the European countries is also expected to create significant growth opportunities for the market in the coming years.
Some key players covered in the global home fitness industry are Amer Sports Oyj, HOIST Fitness Systems, Icon Health & Fitness, Inc., Johnson Health Tech. Co., Ltd., Nautilus Inc., Technogym, and True Fitness.
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