Home Fitness Equipment Market - Size, Industry Share & Forecast (2024 - 2031)

By Product Type :

Based on the product type, the market is bifurcated into treadmills, elliptical machines, exercise bikes, rowing machines, strength training equipment, and others. The treadmills segment accounted for the largest revenue share in the year 2023. Treadmills is a type of fitness equipment that is mostly utilized for cardio training and helps in boosting overall cardiovascular health. Moreover, the utilization of treadmills offers a range of benefits including improved cardiovascular health, weight loss, improved bone and joint health, ease of customization, and others. The aforementioned benefits of treadmills are key determinants for driving its utilization in home workout sessions.

For instance, BowFlex Inc. is a manufacturer of these fitness equipment that offers T616 and T618 models of home treadmills in its product portfolio. The company's home treadmills are equipped with performance tracking, built-in USB charging port, LCD display, and heart rate monitors among others. Thus, the increasing advancements associated with treadmills is among the prime factors driving the expansion of the segment.

The strength training equipment segment is anticipated to register fastest CAGR during the forecast period. Strength training equipment is designed for use in resistance training which utilizes the resistance to cause muscular contraction in order to build strength, size of skeletal muscles, and anaerobic endurance. Strength training equipment includes weight machines, dumbbells, benches, leg press, and others. Moreover, the utilization of strength training equipment offers several benefits including improved muscle strength, weight management, enhanced mobility and balance, increased muscle-to-fat ratio, and improved posture among others.

In March 2023, Rogue Fitness is a manufacturer of these fitness equipment that offers a wide range of strength equipment intended for home usage in its product portfolio. The company's home strength equipment series mostly comprise of weight machines, benches, and others. Therefore, as per the analysis, the increasing development of strength training equipment for utilization in home workout setting is anticipated to boost the e of the segment during the forecast period.

By Price Range :

Based on the price range, the market is segregated into low, medium, and high. The medium segment accounted for the largest home fitness equipment market share of 52.05% in the year 2023. Based on the analysis, the expansion of the medium price range segment is attributed to several factors including the growing popularity of physical fitness and wellbeing along with rising demand for good quality equipment at an economical price among others.

For instance, Rogue Fitness offers a broad range of these fitness equipment including strength training equipment such as adjustable trainers, weight machines, functional trainers, and others at a medium price range of USD 300 to USD 1,000. Hence, based on the analysis, the rising availability of medium-priced fitness equipment is driving the trends of the segment.

High price segment is expected to witness significant CAGR during the forecast period. Factors including rising disposable income, increasing purchasing power of consumers, and rising demand for high quality fitness equipment with a wide range of features are fostering the expansion of the high price range segment.

For instance, TRUE Fitness offers a broad series of these equipment including treadmills, elliptical machines, exercise bikes, and strength machines ranging from USD 3,000 to USD 6,500 per unit. Thus, the increasing development of high range fitness equipment, equipped with broad features is expected to boost the trends of the segment during the forecast period.

By Sales Channel :

Based on the sales channel, the market is segregated into online and offline. The offline segment accounted for the largest revenue share in the year 2023. Offline sales channel involves the distribution of these equipment from manufacturers to the end-users indirectly through offline distributors including specialty stores, and retail outlets among others. Moreover, as per the analysis, the expansion of the offline segment is primarily driven by several factors including higher credibility, ease of customization as per the target market, and strong customer base among others.

For instance, Johnson Fitness & Wellness is a manufacturer of these equipment that provides a wide range of home exercise equipment that are available for purchase in over 100 retail stores spread across the United States. Therefore, the increasing availability of these equipment in offline sales channel is a prime factor driving the expansion of the market.

Online is expected to witness fastest CAGR during the forecast period. Online sales channel provides a distribution mode in which the manufacturers sell products through the company websites or any other third-party e-commerce websites that are available on the internet. As per the analysis, online sales channels offer several benefits such as an easy access to the products, faster buying process, higher flexibility, and quicker comparison of multiple products and prices among others. The above benefits of online sales channels are key determinants for driving its utilization for the distribution of these equipment.

For instance, Technogym S.p.A is among the few these equipment manufacturers that provide a range of fitness equipment for online purchase through the company website along with multiple e-commerce websites including eBay, Amazon, and others. Hence, the rising availability of fitness equipment in online sales channels is projected to drive industry growth during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Asia-Pacific accounted for the largest revenue share of USD 2,873.46 Million in 2023 and is expected to reach USD 5,188.91 Million by 2031, registering the highest CAGR of 7.7% during the forecast period. In addition, in the region, the China accounted for the maximum revenue share of 27.9% in the same year.

The rising pace of urbanization, increasing disposable income, and growing popularity of fitness and bodybuilding trends among younger individuals is providing lucrative growth prospects for the market in the region. Additionally, based on the home fitness equipment market analysis, rising cases of obesity and growing health concerns are significant factors boosting the home fitness equipment market growth in the Asia-Pacific region.

For instance, according to EU-ASEAN Business Council, over 30 million adults are living with obesity in the ASEAN region as of 2022, and the obesity rate is estimated to increase up to 52.4 million adults by 2030. Therefore, rising incidence of obesity cases is driving the adoption of the fitness equipment for facilitating home workout sessions for improved weight management, weight loss, and overall physical wellbeing, thereby, boosting the market growth in the Asia-Pacific region.

North America is expected to register CAGR of 7.2% during the forecast period. The market growth for fitness equipment in the North American region is mostly driven by the rising obese population, increasing health concerns, and growing adoption of fitness equipment for facilitating physical well-being, weight management, and others. For instance, according to the Trust for America's Health's (TFAH) State of Obesity 2022 report, 19 states in the U.S. have obesity rates of over 35% as of 2022, depicting an increase from 16 states in 2021. The rising rates of obesity is driving the market demand for fitness equipment to facilitate weight loss routine at the comfort of an individual's home, in turn boosting the market growth in North America.

Additionally, the prevalence of several fitness equipment manufacturers in North America such as BlowFlex Inc., Johnson Fitness & Wellness, Rogue Fitness, Core Health & Fitness LLC, others lead to significant innovations in fitness equipment in the North American region. The above factors are anticipated to drive the market growth in North America during the forecast period.