What the Home Fitness Equipment Industry Will Look Like in the Future?

What the Home Fitness Equipment Industry Will Look Like in the Future?

The increasing usage of fitness applications in smart devices is set to play a crucial role in contributing to the home fitness equipment industry growth in the near future. These applications help in maintaining and improving personal fitness routines. These can be connected with smart electronic devices and have built-in sensors.

In February 2021, for instance, Milt and Devon Linn announced their plan to open their ‘smart fitness studio’ in West Chester next week. It is called The Exercise Coach and relies on robotics and computers instead of dumbbells and treadmills.

The global home fitness equipment market is projected to grow from USD 10.73 billion in 2021 to USD 14.74 billion in 2028. The rising development of smart dumbbells is set to affect the industry positively.

Published this information in a new study, titled, “Home Fitness Equipment Industry, 2021-2028.” As per the study, the industry stood at USD 10.18 billion in 2020. It would exhibit a CAGR of 4.6% in the forecast period between 2021-2028.

Technogym Bike With Support From 1Rebel

A leading provider of equipment and digital technologies headquartered in Italy introduced its new smart indoor exercise bike called Technogym Bike. It will help the company to compete with the best-seller Peloton model. The launch was supported by 1Rebel, a London-based boutique fitness studio.

It rolled out Ride Live, a platform delivering unlimited access to stream spin classes with trainers on Technogym Bike in the gym or at home. The research report delivers a blend of quantitative and qualitative assessment, as well as first-hand information by industry analysts.

It also includes inputs from industry participants and experts across the value chain. It not only offers home fitness equipment industry attractiveness as per segments, but also provides a complete picture of governing factors, macroeconomic indicators, and parent industry trends.

Popularity of Online Fitness Sessions to Bolster Growth

The World Economic Forum, for instance, declared that in the first half of 2020, fitness apps showcased a rise of 50% in usage. At the same time, the rising trend of attending online fitness sessions would accelerate the demand for home fitness equipment.

However, the growing construction of commercial gymnasiums worldwide may obstruct their demand in the upcoming years. According to Run Repeat, in 2020, there were approximately 205,176 gyms in the world.

Prominent Home Fitness Equipment Manufacturers

Core Health & Fitness, LLC (Washington, United States), Nautilus, Inc (Washington, United States), Technogym S.p.A. ( Italy), Hoist Fitness Systems (California, USA), Fitness World AS (Denmark), HAMMER SPORT AG (Germany), Rogue Fitness. (Ohio, United States)

1. Offline Segment to Grow Significantly Fueled by Ability to Eliminate Delivery Wait Time

This growth is attributable to the rising preference for offline sales channels because of their ability to eliminate delivery wait time. Additionally, the presence of skilled salesmen in stores will help customers to gain in-depth knowledge about numerous products. Besides, offline purchases provide the convenience of after-sale services.

2. Rising Number of Dual-income Households to Favor Growth in the Asia Pacific

Asia Pacific: It is expected to show robust growth throughout the forthcoming years on account of the rising expenditure on home fitness equipment as a result of dual-income households. Also, rising government initiatives to promote health and physical education in schools would aid growth in the region.

North America: The region earned USD 3.55 billion in 2020 in terms of revenue. The presence of renowned manufacturers, such as Cybex International, Life Fitness, and Precor Incorporated would augment growth.

Europe: The high per capita income is estimated to propel regional growth. A large number of people living in this region are engaged in regular exercises, which, in turn, is anticipated to surge the demand for home fitness equipment.

Collaborations & Acquisitions — Vital Plan of Key Players

Key companies present in the global industry are striving to gain a competitive edge by introducing new brands of home fitness equipment by collaborating with local firms. Some of the others are striving to broaden their geographical footprints through acquisitions.

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