With the growing concern about health and fitness, gym equipment, or called fitness equipment helps in gaining muscle strength, increasing endurance, manage weight, and enhances stamina. Various home gym equipment is available but the most commonly used ones are elliptical machines, stationary bikes, and treadmills for doing cardiovascular exercises. It helps in burning excess fat and stimulating heart rate simultaneously and hence improves overall health and fitness. In the strength training equipment division, cable stations, benches and racks, and free weights are commonly used to improve muscle strength and appearance.
The home gym equipment market in the global market is expected to grow at a high CAGR of 4.41% to account for a higher market share value of USD 6.34 billion by the end of the forecasted period (2019-2024).
COVID 19 Analysis
The situation of the global pandemic has affected the normal lives of people adversely. With the increasing outbreak of COVID 19, one has to deal with financial crises along with health concerns which have pushed the economies towards forced recession. The lockdown period has lead to the shutdown of various manufacturing and retail units of the home gym equipment market and hence resulted in a steep downfall in sales revenue.
However, it is expected that the market will recover from this pandemic situation at the end of the third quarter of the coming year.
The home gym equipment market in the global market is increasing tremendously owing to changing trend towards an increase in the health consciousness among people of all age groups. Also, the growing cardiovascular disease and obesity are major concerns that are driving the hoke gym equipment market in the global market.
The global market is increasing rapidly. The growing advancement in technology provides various growth opportunities in the home gym equipment market to grow more in the global market. The availability of Bluetooth-enabled dumbbells and rowing machines also provides growth opportunities in the market in the global market. Also, the growing trend of online shopping provides growth opportunities for increasing sales of home gym equipment during the forecasted period.
The home gym equipment market is growing at an increasing but some factors restrict the growth of the market in the global market. The high cost of home gym equipment is the major factor that hinders the growth of the market. Also, the availability of space for putting the large equipment is another constraint that hampers the growth of the market.
Value Chain Analysis
The home gym equipment market is increasing at a fast pace in the global market and has various benefits which add value to society as it helps in allowing diverse workouts at home, it does not have any time regulations as with the equipment at home we have 24×7 access to it. It also provides a high level of privacy in one’s comfort zone and it does not require any professional help which also makes it affordable to reach large masses.
The home gym equipment market in the global market has been divided based on the equipment type, and distribution channel.
Based on the Equipment Type
The global market has been divided based on the equipment type into cardiovascular training equipment and strength training equipment. The cardiovascular training equipment is the fastest-growing division and hence holds the largest market share in the market owing to changing lifestyle which is now shifted towards unhealthy diets and inactivity that causes various cardiovascular diseases and obesity and hence these tools help in maintaining and losing the weight for overall fitness and health. The other division which is strength training equipment is used to increase endurance and helps in muscle gaining. The demand for strength training equipment is expected to increase during the forecasted period.
Based on the Distribution Channels
The home gym equipment market in the global market has been divided based on the distribution channels into store-based and non-store-based. The store-based distribution channel is further sub-divided into specialty stores, hypermarkets, and other retail stores. Owing to the presence of supermarkets and hypermarkets, the store-based distribution channels are expected to show a higher market during the forecasted period. Also, with the growing trend of online showing, the non-store-based distribution channels are showing a positive growth rate as it has a large variety and attractive offers that help in increasing the sales revenues in the global market during the forecasted period.
The home gym equipment market in the global market has been divided based on the region into the North American region, European region, Asia-Pacific region, and the rest of the world. The largest market share in the market in the global market is held by the North American region as during 2015, many people were suffering from chronic diseases and obesity so now the trend has shifted towards health consciousness and fitness which lead to an increase in demand for home gym equipment in the global market and hence this region dominates in the global market.
The second-largest market share in the market in the global market is held by the European region owing to increasing awareness regarding health issues, mental health, and fitness in the young generation boost the demand for market in the global market during the forecasted period. The third-largest market share in the market is held by the Asia-Pacific region as this region is the fastest-growing region in the global market and shows a positive growth rate towards the market. Also, the changing lifestyle, rapid urbanization, and increasing middle and upper-class population accelerated the growth of home gym equipment in the global market.
The most prominent major key players in the home gym equipment market in the global market are as follows:
These most prominent major key players in the home gym equipment market use various strategies like mergers and acquisitions, collaboration, partnership, developing a new product, establishing a joint venture, developing the new production process, and many others to expand their customer base in the global market.
This global home gym equipment market research report consist of the following elements:
This global home gym equipment market research report contains factors that drive the global market along with the factors that restrain the growth of the market. This research report also contains various growth opportunities available in the market during the forecasted period. The impact of COVID 19 on the market is also mentioned. The future growth rate of the market during the forecasted period is estimated and mentioned.
Frequently Asked Questions (FAQ) :
Home Gym Equipment Market is projected to grow at a 4.41% CAGR between 2020-2027.
North America is expected to dominate the Home Gym Equipment Market.
Home Gym Equipment Market is predicted to touch USD 6.34 billion by 2024.
Store-based segment will dominate the Home Gym Equipment Market.
High equipment cost may limit the Home Gym Equipment Market.