Portland, OR, July 19, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global Home Fitness Equipment Market was set at $ 5.54 billion in 2019 and is projected to reach $ 11.45 billion by 2027, increasing at a CAGR of 7.8% from 2021 to 2027.
The rise of young populations in developing regions, the growth of government initiatives promoting healthy lifestyles, the rise in obesity prevalence, and multifunctional home devices are driving the growth of the global home fitness equipment market. However, fitness equipment rental, high cost of home fitness equipment, and home exercise alternatives are hampering market growth. On the contrary, it is expected that the development of connected fitness equipment technology and the use of virtual (VR) in fitness equipment for the home will create lucrative opportunities in the near future.
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- The Covid-19 pandemic led to increased adoption of fitness equipment for the home due to increased health concerns and awareness of the side effects of a hectic lifestyle.
- The closure of gyms and fitness studios has further increased the demand for fitness equipment for the home.
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The global home fitness equipment market is segmented based on product type, sales channel, end-user, price, and region. In terms of product type, the cardiovascular training equipment segment dominated in 2019 with a market share of more than four fifths. However, the free weights segment is expected to have the fastest CAGR of 11.7% over the forecast period.
Based on the users, the households segment is expected to record the fastest CAGR of 9.6% in the forecast period. On the flip side, the fitness studio had the largest share in the apartment segment in 2019 with more than two-fifths of the market and is set to maintain its dominance through the end of 2027.
The global home fitness equipment market is analyzed in various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2019, accounting for more than three-fifths of the market. The same region is expected to have the highest CAGR of 8.1% during the investigation period.
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Global Home Fitness Equipment Market report includes an in-depth analysis of key market players such as Nordic Track, ProForm, Precor, Inc., Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHrD , Schwinn, JTX Fitness, Keizer Corporation, Corepump, and York Barbell.
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Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “Market Research Reports” and “Business Intelligence Solutions” to global corporations as well as medium and small businesses. AMR provides focused business insights and advice to help clients make strategic business decisions and achieve sustainable growth in their respective market areas.
We have professional business relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. Pawan Kumar., CEO of Allied Market Research is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality data and help customers succeed in every possible way. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.