Global Home Fitness Equipment Market Opportunities And Strategies
The global home fitness equipment market is expected to grow from $6.76 billion in 2019 to $9.49 billion in 2020 at a compound annual growth rate (CAGR) of 40.4%. The growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and other commercial activities that paved way for increasing demand for fitness equipment for home-based workouts and improvement of online fitness content. The market is expected to stabilize and reach $8.62 billion in 2023 at a CAGR of -3.16%. Preventive and precautionary healthcare and customized workout regimes have increased the demand for the home fitness equipment market. However, space limitation in homes is expected to limit the growth of the market.
Home fitness equipment includes devices and machines used for performing and monitoring physical exercises at home for management of weight, improving stamina, developing muscle strength, improving appearance and personality, burning excess fat, simulating heart rate, or treating and recovering from medical conditions and to maintain overall health and fitness. The market consists of revenue generated by the companies manufacturing home fitness equipment by the sales of these products.
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The global home fitness equipment market is further segmented based on type and geography.
By Product: Treadmills, Elliptical machines, Rowing machines, Strength training equipment, Other
By Applications: Home, Small Gyms, Offices, Others.
By Geography: The global home fitness equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American home fitness equipment market accounts for the largest share in the global home fitness equipment market.
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Trends In The Home Fitness Equipment Market
Virtual reality fitness equipment, accessories and apps are emerging trends in the home fitness equipment market to get physical workouts which can inspire and motivate to keep up fitness goals with fun games and real-life training scenarios. They not only inspire and motivate into working out and firming up the body, but also save thousands of dollars on cross trainers, treadmills and stationary bikes.
Home Fitness Equipment Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides home fitness equipment market overviews, analyzes and forecasts home fitness equipment market size and growth for the global home fitness equipment market, home fitness equipment market share, home fitness equipment market players, home fitness equipment market size, home fitness equipment market segments and geographies, home fitness equipment market trends, home fitness equipment market drivers and home fitness equipment market restraints, home fitness equipment market’s leading competitors’ revenues, profiles and market shares. The home fitness equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.