Home Gym Equipment Market Size By Equipment Type, By Category, By Price, By Distribution Channel Forecast 2024 – 2032

Home Gym Equipment Market Size

The global home gym equipment market was estimated at USD 11.3 billion in 2023. The market is expected to grow from USD 11.9 billion in 2024 to USD 17.2 billion in 2032, at a CAGR of 4.7%.
 

In recent times, there has been a surge in the number of people investing in in-home gym equipment as it is easily accessible. This is due to the increase in focus towards personal health as well as fitness. From time to time, people exercise regularly, but many people may not bother going outside to the gym in case they might not have enough time to work out. The convenience of home gym equipment means that one does not have to worry about the place or time while working out. This new concept caters to the people who are not able to go to gyms because of social anxiety, lack of transportation, or even time. Working out from home increases the likelihood of an individual exercising more often, which benefits their overall health.
 

According to the U.S. Bureau of Labor Statistics, average consumer unit spent over 111 dollars are estimated to have been spent in the year 2021 in athletic services and items of commodities range such as game tables and exercise machines. The average American spends between $20-$100 every month on their gym membership. In addition, boutique fitness studios in the US have attracted almost five million customers lately. According to the International Health, Racquet & Sports Club Association report which states that Americans spend around fifty dollars monthly on gym services. Such advancements make it clear that people are getting more invested in innovative fitness solutions. Higher spending capacity and growing sales of fitness equipment are also positively affecting the market.
 

It is also assumed that home gym equipment is much cheaper than other long-term investment options. With time, it also proves beneficial since it helps save on paying monthly gym fees. According to the Fitness Industry Association, there is a growing tendency for people to invest in more effective and long-lasting workout equipment at home as they become more health conscious.
 

Home Gym Equipment Market Trends

• Increasing use of smartwatches and fitness trackers. These devices offer convenience and advanced features that appeal to many consumers. According to the International Data Corporation (IDC), the global wearable device market including smartwatches and fitness trackers grew by 20.3% year-over-year in 2022, with shipments reaching 535.5 million units. Smartwatches showed the largest share of this growth. Also, smart home gym equipment is also receiving a lot of attention because of its creativity and functionality. These devices are portable, can get easily be connected to Wi-Fi which allows users to connect them to fitness apps for proper tracking of their progress.
   
• Advanced equipment for home gyms has become a trend as it provides users with an array of virtual workouts. With this, the user can do several types of exercises which would make it easier for them to follow through with their fitness goals. The International Health, Racquet, and Sports club Association (IHRSA) claims that from 2024 till 2029, there will be a rise in usage of smart home equipment. The association anticipates that there will be a 7.2% CAGR because of a constantly increasing demand for smart gym equipment.
   

Home Gym Equipment Market Analysis

The market by equipment type is segmented into cardiovascular training equipment and strength training equipment.
 

• Cardiovascular training equipment held the dominant market of USD 6.6 billion in 2023 and are expected to reach USD 10.1 billion by 2032.
   
• The latest innovation in technology has improved cardiovascular equipment like treadmills and, stationary bikes. Today, they come with features that include touch screens, internet, and interactive training programs to make fitness more enjoyable. For example, new workouts are provided by VR headsets which assign you an interactive coach who gives you tailored classes that are motivational. VR headsets allow for outdoor simulated workout sessions. Interactive trainers provide guided exercises and motivation. These modern technologies make exercising more fun and enable people to stick to their fitness routine.
   
• The International Health, Racquet and Sports club Association states that 60% of users prefer the updated equipment because it helps them achieve their fitness goals. These statistics portray how technology has influenced the design of modern cardio exercise machines.
   
• Manufacturers are trying to create connected fitness systems that allow users to track their workouts, analyze performance, and set realistic fitness goals to achieve. Moreover, these systems can be easily coordinated with fitness trackers and smartphone apps, which can create useful data metrics. This helps with the understanding of the training patterns and helps with participation, even in online fitness games.
   

• The home gym equipment market by category is segmented smart equipment and conventional equipment.
   
• The conventional equipment segment accounted for a market share of around 74% in 2023.
   
• Electric powered tools with cords plugged into outlets are more powerful than cordless equipment, thus making them ideal for prolonged activities in business, production, and manufacturing industries where constant power supply is needed.
   
• Smart home gym equipment is a critical component of the fitness ecosystem interconnecting with smartphones, other IoT devices, and online portals. Such technology provides the ability to monitor how the users participate in exercises, analyze their performance, and transfer data from multiple devices, thus enhancing user experience. Users can get personalized exercise programs and schedules along with motivational support through the integration with the fitness apps, virtual coaching platforms, and social media. Smart home gym equipment is supportive of this trend as the International Health, Racquet & Sports club Association IHRSA reported that the global fitness industry is rapidly adopting and expanding connected fitness solutions.
   

• In the U.S., the home gym equipment market is growing at a rate of 4.4% each year. All homes in America have a gym, accounting for around 79% of the market share. As the world moves towards an era of globalization, the population of the United States is more health conscious than ever, which has increased the demand for working out at home. These factors, along with constant fitness technologies, have helped the USA dominate the home gym market.
   
• Germany is one of the major countries in the European region's home gym equipment market and is growing at a rate of 4.7% each year. The country has experienced a notable increase in health and fitness awareness among its citizens, with more individuals recognizing the importance of regular physical activity for maintaining overall health.
   
• In China, the market for home gym equipment is growing at a rate of 6.1% each year. The growth of this market can be attributed to the mounting awareness of health and fitness, especially among city dwellers. Increased household income and a better understanding of exercise have added to the demand for home gym equipment. As reported by the China Sporting Goods Federation, the fitness market in China is growing, especially in the shift to exercising at home, which is part of a global phenomenon.
   

Home Gym Equipment Market Share

The global gym equipment industry is fragmented, with prominent players, such as ICON Health & Fitness Inc., Johnson Health Tech, PENT, Precor Inc., and Schwinn holding a market share of 8%-12%.
 

• In the home gym equipment industry, Schwinn has the largest share due to its comprehensive product portfolio.
   
• Schwinn is known for its brand reputation and innovative expertise in fitness technology. The company has built substantial brand equity in the fitness industry and therefore, provides a wide range of fitness equipment like exercise bikes, treadmills, and elliptical trainers with varying intensities.
   

Home Gym Equipment Market Companies

Major players operating in the market are:

• ICON Health & Fitness Inc.
• Johnson Health Tech
• Life Fitness
• Nautilus, Inc
• NOHrD
• Nordic Track
• PELOTON
• PENT
• Precor Inc.
• PRIME Fitness USA
• ProForm
• Schwinn
• Speediance
• Technogym
• Tonal Systems Inc.  
   

Home Gym Equipment Industry News

• In September 2023, Peloton announced the addition of Peloton Row and expansion of its product offerings in Canada. Peloton Row has added a new minimal impact, cardio and strength work out to the full range of existing Peloton equipment which includes Peloton Bike, Peloton Bike+, Peloton Guide and Peloton Tread.
   
• In July 2022, Johnson Health Tech (JHT) has acquired the fitness division of Cravatex Brands Limited, the former distributor for JHT, and with this acquisition, Cravatex becomes the first fitness equipment company to fully own a subsidiary in India.
   

This home gym equipment market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) and volume (Thousand units) from 2021 to 2032, for the following segments:

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Market, By Equipment Type

• Cardiovascular Training Equipment   
  • Treadmills
  • Exercise Bikes
  • Rowing Machines
  • Elliptical and others
  • Stair Climber/Step mill
  • Others (Spin Bike, Cross-Trainer, Air dyne Bike, Jacob’s Ladder, etc.)
• Strength Training Equipment
  • Dumbbells
  • Barbells
  • Body Bars
  • Kettlebells
  • Resistance Band
  • Others (Stability Balls, Stability Balls, Slam Balls, TRX, etc.)   

Market, By Category

• Conventional Equipment
• Smart Equipment  

Market, By Price Range

• Low
• Medium
• High/Premium  

Market, By Distribution Channel

• Online
  • E-commerce
  • Third Party Website/Company Website
• Offline
  • Supermarkets/Hypermarkets
  • Multi-Brand Stores
  • Sport Stores/ Independent Departmental Stores
  • Specialty Stores/Sports Chain Outlets

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa