At-Home Fitness Equipment Market

Market Overview

The global at-home fitness equipment market had a revenue share of USD 7,317 million in 2021, growing at a CAGR of 8.2%, and is expected to reach USD 13,745 million during the forecast period. 

The availability of a wide range of fitness equipment has contributed to the popularity of working out at home. Fitness equipment is called any machine or device required for physical exercise to maintain or manage overall weight, strengthen physical stamina, and improve muscular strength. The popularity of fitness equipment used at home can be attributed to sedentary lifestyles and hectic schedules. By exercising at home with fitness equipment rather than going to a gym, one can avoid the cost of a membership, which is a crucial factor contributing to the growth of the global at-home fitness equipment market.

Worldwide, the demand for home fitness equipment has elevated due to a greater emphasis on maintaining a healthy lifestyle. The most popular home fitness equipment includes treadmills, stationary bicycles, free weights, elliptical machines, and others. The global at-home fitness equipment market has been substantially fueled by the rise in obesity rates and health consciousness. In addition, an increase in urban population, an increase in disposable income, a desire among individuals to maintain their health, a rise in the popularity of bodybuilding, and an increase in government initiatives to promote a healthy lifestyle have all contributed to the adoption of home fitness equipment.

Market Dynamics

Global At-Home Fitness Equipment Market Drivers

Growing Younger Generation in Urban Regions to Bolster Market Growth

Globally, the proportion of young people has increased over the past years. In 2019, the United Nations estimated that approximately 1.2 billion people, or 16% of the global population, were between the ages of 15 and 24. Moreover, Asia-Pacific was home to approximately 668 million young people in 2019, making it the region with the largest youth population. In addition, Asia-Pacific is experiencing rapid urbanization, a rise in disposable income, a rise in health consciousness, and an increase in consumer health awareness. Moreover, the current trend of fitness and bodybuilding is gaining popularity among young people due to the growing influence of social media. Consequently, these factors are anticipated to significantly contribute to the market's growth for at-home fitness equipment over the forecast period.

The Rising Cases of Obesity to Foster Market Growth

The alarming rise in the global obesity rate, particularly in urban areas, is a significant market driver for fitness equipment. According to the World Health Organization, there has been a startling rise in the number of obese people worldwide. In 2016, 39% of adults aged 18 and older worldwide were overweight, while 13% were obese. Obesity is associated with various health problems and conditions, including sudden cardiac arrest, high blood pressure, hypotension, and diabetes. To remain healthy, reduce stress, and improve blood circulation, obese individuals tend to utilize fitness equipment more frequently, increasing the demand for these products.

Global At-Home Fitness Equipment Market Restraints

Renting Fitness Equipment to Restrict Market Growth

The acquisition of fitness equipment at home is economically beneficial to users. The costlier fitness equipment includes cardiovascular training equipment. Consequently, buying such at-home fitness equipment can financially burden some people. Many rental service providers, including Fitness at Home, have emerged to overcome this obstacle. However, by providing households with access to fitness equipment, these rental services inhibit the revenue generation of market participants. In turn, this decreases the demand for at-home fitness equipment, inhibiting the global market expansion.

Global At-Home Fitness Equipment Market Opportunities

Development of Fitness Device Technologies to Boost Market Opportunities

The market for at-home fitness equipment is anticipated to expand rapidly due to the incorporation of digital technology into this equipment. The lack of direction from professional trainers presents a problem for consumers who exercise at home. The application of artificial intelligence (AI) and machine learning has made it possible for an individual to receive real-time feedback based on their movements. Connected fitness devices are a collection of tools that integrate an individual's fitness and digital life to create a gym-like experience at home. The AI-enabled connected fitness devices could provide various personalized health solutions for nutrition, diet, and sleep based on individual data. Consequently, personalized training facilities provided by connected fitness devices are anticipated to provide growth opportunities for the global market for at-home fitness equipment.

Segmental Analysis

The global at-home fitness equipment market is classified based on product type, distribution channel, end-user, price-point, and region. 

On the Basis of Product Type

The fragments include cardiovascular training equipment, free weights, and power racks, depending on product type.

The cardiovascular training equipment segment is expected to hold the largest market share during the forecast period, growing at a CAGR of 7.5%. Cardiovascular exercise equipment enhances the heart rate, aids fat loss, and increases stamina. Physical activity improves metabolism and reduces stress. The cardiovascular training equipment segment holds the largest market for at-home fitness equipment due to the rising prevalence of obesity. Additionally, cardiovascular training equipment is gaining popularity among the elderly, who wish to maintain physical fitness while exercising at home.

On the Basis of Distribution Channels

The fragments include dealer, online, retail, and gyms/clubs based on distribution channels.

Dealers will likely have the largest share during the forecast period and grow at a CAGR of 6.6%. A dealer is a trader or merchant who purchases fitness equipment from manufacturers and distributes it to customers in exchange for a commission. Customers prefer to purchase at-home fitness equipment from dealers because dealers offer a vast selection of fitness equipment from various brands at affordable prices. The dealer segment's significance in the market is due to its massive popularity among the population, making it the most preferred channel for purchasing fitness equipment. In addition, the service they provide is the primary factor that encourages buyers to purchase fitness equipment from dealers.

The retail segment will have the second-largest share. A retail store is one of the most common locations to purchase fitness equipment. Customers typically prefer to purchase fitness equipment for home use from a retail store due to the retailer's convenience. Fitness equipment is technical goods that necessitate some technical expertise to understand. Thus, knowledgeable salespeople assist customers in product selection decisions at the retail store.

On the Basis of End-User

Based on end-user, the segments include households, apartments, and gym-in apartment users.

The segment of the gym-in apartment is anticipated to hold the largest market share during the forecast period growing at a CAGR of 7.3%. The market for at-home fitness equipment is currently experiencing a surge in the popularity of apartment gyms. These are located within a society or apartment complex, and only members of that society or apartment complex have access to them. Rapid urbanization is the primary factor that is anticipated to drive the expansion of the gym-in apartment segment. According to the United Nations, approximately 4 billion people will reside in cities by 2030. 

High spending power and rising fitness equipment awareness in urban areas are anticipated to contribute to growth in the gym-in apartment segment. In addition, Asia-Pacific and LAMEA have high growth potential and present lucrative opportunities for the players in the at-home fitness equipment market. Urbanization results in the construction of more apartment complexes, and gyms are becoming an increasingly vital component of every new building/apartment complex. Consequently, it is anticipated that these factors will facilitate the expansion of the market during the forecast period.

The household segment will hold the second-largest share. Home fitness equipment is most common in developed nations such as the United States, the United Kingdom, and France. The household adoption of fitness equipment is anticipated to increase considerably. This results from sedentary lifestyles and hectic schedules, which have prompted the adoption of home fitness equipment. Using fitness equipment to exercise at home reduces gym membership costs, contributing to the growth of the at-home fitness equipment market.

On the Basis of Price Points

Based on price points, the fragments include low, mid, and luxury price points.

The segment of mid-priced equipment will likely hold the largest market share during the forecast period and grow at a CAGR of 8.8%. This is consumers' most desired price point worldwide, as they can purchase high-quality, feature-rich equipment. North America and Europe are the leading markets for mid-priced home equipment due to the high purchasing power of consumers, the demand for technologically advanced equipment, and the prevalence of obesity. Additionally, the preference for high-quality fitness equipment for home use is fuelling the market growth for this segment in several developed nations.

The luxury fitness equipment segment will have the second-largest share. Luxurious home fitness equipment is equipped with advanced features, crafted from high-quality materials, enhanced performance, and designed fashionably. Peloton, Louis Vuitton, and NOHrD are well-known luxury at-home fitness equipment market leaders. They primarily serve a small segment of premium-class consumers in developed countries such as the United States, the United Kingdom, Germany, France, and Italy.

Regional Analysis

The region-wise segmentation of the global at-home fitness equipment market includes North America, Asia-Pacific, Europe, and LAMEA.

Why is North America and Europe Projected to be the Most Lucrative Market During the Assessment Period?

North America is expected to grow at the highest CAGR of 8.3% during the forecast period and hold the largest market share. This is because a more significant number of obese populations in the region leads to higher usage of fitness equipment. Long-term adverse effects of obesity on health include cardiovascular disease, stroke, type 2 diabetes, high blood pressure, cancer, and other bone and joint diseases. This has increased the demand for weight management services in the region.

In 2018, an analysis for Canada revealed that nearly 7.3 million adults aged 18 and older in Canada were obese. In addition, an additional 9.9 million individuals were considered overweight. In 2015, 61.9% of Canadians of age 18 and older were overweight or obese, and an increase was witnessed in the percentage. In North America, consumers must take health factors seriously and work to improve them due to such reports and data-driven. Moreover, after the pandemic outbreak, many consumers renovated additional areas of their homes into home gyms and activity spaces. This trend encouraged the purchase of home exercise equipment by consumers.

Europe will hold a share of USD 2,902 million, growing at a CAGR of 7.9% during the forecast period. Profit margins are higher in European countries than in other regions for the gym industry. During the pandemic outbreak, the closure of fitness clubs and the mandated restriction of direct social contact increased the popularity of online fitness classes and home fitness. As a result of the pandemic lockdown, many fitness professionals and gyms began offering their services exclusively online. This encouraged home-based subscribers to buy fitness equipment online. With an increasing number of health-conscious consumers opting for at-home exercise, the market for at-home exercise equipment is anticipated to expand over the forecast period.

Recent Developments

• In 2022, Technogym released Biostrength for strength training, a technology that uses artificial intelligence and scientific research. 
• In 2022, Nordic Track introduced the NordicTrack Commercial Series Treadmills on YouTube.  

At-Home Fitness Equipment Market Segmentation

By Product Type

• Cardiovascular Training Equipment
• Free Weights
• Power Racks

By Distribution Channel 

• Dealers
• Online
• Retail
• Gyms/Clubs

By End-User

• Households
• Apartment
• Gym-in Apartment

By Price-Point

• Low
• Mid
• Luxury

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA