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Home Gym Equipment Market - By Equipment Type (Cardiovascular Training Equipment and Strength Training Equipment), By Category (Smart Equipment and Conventional Equipment), By Price, Distribution Channel Forecast 2024 – 2032
Report ID: GMI9499
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Published Date: May 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 531
Countries covered: 22
Pages: 340
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Home Gym Equipment Market Size
Home Gym Equipment Market size was valued at around USD 11.3 billion in 2023 and is anticipated to register a CAGR of 4.7% between 2024 to 2032, driven by increasing health awareness and shift towards home fitness.
As consumer become more health-conscious, there's a greater emphasis on incorporating regular exercise into daily routines. Home gym equipment provides a handy way for individuals to reach their exercise objectives without regard for time or location, coordinating with the trend toward a healthy lifestyle. Home gym equipment provides fitness opportunities accessible to user who may be unable to join regular gyms due to time limits, transportation challenges, or social anxiety. By bringing fitness solutions directly into homes, user’s are more likely to engage in regular physical exercise, which leads to better health.
Home gym equipment market is also being driven by the rising disposable income and consumer spending on the fitness equipment boosting the overall the market. The average consumer unit spent $111.80 on athletic gear, game tables, and exercise equipment in 2021 U.S. Bureau of Labor Statistics. The average American spends between $20-$100 every month on their gym membership. Boutique studios in the US are currently catering to nearly 5 million people across different segments.
Home gym equipment is frequently regarded as a long-term investment in health, providing a cost-effective alternative to gym subscriptions in the long run. As individuals appreciate the importance of prioritizing their health and well-being, they are more prepared to invest in long-lasting, high-quality exercise equipment for their homes.
Home gym equipment is convenient and accessible, but it might not include the same variety and range of machines and equipment as professional gyms. This restricted variety may limit the range of workouts and routines offered to consumers, perhaps resulting to slowdown in physical improvement. The advent of digital fitness platforms and services offered via subscription that provide as needed workouts and virtual training sessions is a challenge to the home gym equipment industry. Some consumers may choose subscription-based offerings as a more cost-effective and flexible alternative to purchasing pricey workout equipment.
Home Gym Equipment Market Trends
Wearable gadgets such as smartwatches and fitness trackers are among the important fitness technology trends that continue to gain popularity in the modern world. In the fitness technology landscape, smart home gym equipment has been gaining significant traction. Smart home gym equipment has an ergonomic and space-saving design and operates with Wi-Fi. User can connect to fitness apps and track the regular progress.
This connectivity also allows user to connect to a wide range of workout programs that regular treadmills and other gym equipment at traditional gyms lack. Another reason smart home gym equipment is gaining popularity is that it offers user personalized training programs. These workouts are tailored to user needs, fitness level, and goals. Contemporary fitness equipment redefines exercising by offering a more engaging and immersive workout experience. Users can compete or participate in online sessions.
Home Gym Equipment Market Analysis
Based on equipment type, the market can be segmented into cardiovascular training equipment and strength training equipment. In 2023, the cardiovascular training equipment type segment accounted for revenue of around USD 6.6 Billion in the year 2023 and expected to reach around USD 10.1 Billion by 2032. Treadmills, stationary cycles, elliptical instructors, and rowing machines are all becoming more technologically advanced. The combination of touchscreen screens, internet connectivity, and interactive training programs provides consumers with compelling and immersive fitness experiences. Users benefit from features like virtual reality (VR) exercises, interactive coaching, and on-demand classes, which provide variety and incentive.
Many cardiovascular training equipment manufacturers are developing connected fitness systems that will allow users to track their exercises, evaluate performance data, and establish fitness objectives. Users may sync their data, track progress, and engage in challenges and contests by using the integration of smartphone applications, wearable fitness trackers, and internet platforms. Connected fitness ecosystems provide tailored exercise recommendations, data-driven insights, and social elements to foster community involvement and support.
Based on category, the global home gym equipment market is categorized into conventional equipment and smart equipment. In 2023, smart equipment segment accounted for revenue of around USD 3 Billion in the year 2023 and expected to reach USD 5.1 Billion by 2032.Smart home gym equipment comprises a component of a connected fitness system that works seamlessly with smartphones, wearables, and internet platforms. Users may track their activities, examine metrics related to performance, and sync data throughout smartphones for a more complete fitness experience. Users may have access to individualized exercises, training plans, and community support through integration with fitness applications, virtual coaching platforms, and social networks.
On the other hand, smart home gym equipment combines virtual reality (VR) technology to provide interactive exercises and fully immersive experiences. Moreover, users may take part in virtual courses, influenced exercises, and appealing routes that simulate the outdoors to make exercise more appealing and encouraging. Users can engage in live streaming exercises or select from a library of pre-recorded sessions spanning a variety of fitness disciplines, including cardio, weight training, and yoga. Real-time feedback, leaderboards, and social sharing are an instance of interactive elements that improve the virtual classroom experience and build a feeling of community among participants.
North America dominated the global home gym equipment market with revenue of around USD 4.1 Billion in the year 2023 and expected to reach around USD 6 Billion by 2032. North America has a strong health and fitness culture, with a growing emphasis on physical well-being and staying active. Consumers are becoming more health-conscious and prioritizing fitness as part of their daily routines, which is driving up demand for home gym equipment. Home exercises are becoming increasingly popular among North American customers, owing to considerations such as hectic schedules, restricted time, and a need for privacy and convenience. Many people prefer the flexibility of exercising at home, which allows them to personalize their routines to their schedules and tastes without being limited by gym hours or transportation.
Manufacturers in North America are always developing and introducing new features and technology to improve the functionality and use of home gym equipment. Smart exercise equipment is gradually incorporating advanced features like virtual reality (VR) workouts, artificial intelligence (AI) coaching, and biometric tracking.
In terms of country, the US dominating with the overall market share of around 79% in the North America market. The market in the US is driven by factors such as rising health consciousness, the convenience of working out at home, and technological advancements.
On the other hand, Canada home gym equipment market expressing notable growth rate of around 4.6% in 2023. Market growth in Canada is driven by factors such as the growing popularity of virtual fitness classes and online personal training has fueled the demand for home gym equipment in Canada.
The Europe market was valued at around USD 3 Billion in 2023 and is anticipated to register a CAGR of 4.2% between 2024 to 2032. One of the key drivers of this rise is Europeans' rising awareness of the benefits of living a healthy lifestyle. Another important aspect boosting home gym equipment sales in Europe is its convenience.
In terms of country, Germany is dominating the Europe market in terms of market value of around USD 0.56 Billion during the 2023. Germany has seen a rise in health and fitness consciousness among its population. With people becoming more aware of the importance of regular exercise for overall well-being, there's a growing demand for home gym equipment to facilitate convenient workouts.
On the other hand, the France is experiencing notable growth in the home gym equipment market and is anticipated to grow at 4.5% CAGR during the forecast period. There's a growing trend towards smart and connected fitness equipment in France, with features such as Bluetooth connectivity, touchscreen displays, and integrated workout apps. These high-tech features provide users with interactive and personalized workout experiences, enhancing motivation and engagement.
The Asia Pacific Home Gym Equipment market was valued at around USD 2.9 Billion in 2023 and is anticipated to register a CAGR of 5.9% between 2024 to 2032. One of the key drivers of Asia Pacific home gym equipment is raising awareness of the benefits of living a healthy lifestyle.
In terms of country, China is dominating the Asia Pacific market in terms of market value around USD 0.9 Billion in the year 2023 and expected to reach around USD 1.6 Billion by 2032. China has witnessed a growing trend towards health and fitness consciousness, particularly among urban populations. With increasing disposable incomes and awareness of the importance of fitness, there's a growing demand for home gym equipment.
On the other hand, India is emerging as a fastest growing country for the home gym equipment market in terms of CAGR of 6.5% between 2024 to 2032. India's urban population is growing rapidly, leading to an increased demand for home gym equipment in urban areas where space is often limited. Compact and space-saving fitness solutions are popular among urban users looking to stay active at home.
Home Gym Equipment Market Share
Key players involve in the home gym equipment market are ICON Health & Fitness Inc., Johnson Health Tech, PENT, Precor Inc., and Schwinn accounting market share of 8-12% in 2023. Manufacturers are constantly innovating and improving their products to meet the evolving needs and preferences of consumers. This competition has resulted in a wide range of equipment options, from traditional weightlifting machines to cutting-edge, high-tech devices that incorporate virtual reality and artificial intelligence. Manufacturers are also competing based on features and functionality. This includes offering equipment with a variety of workout options, such as resistance levels, adjustable weights, and built-in workout programs. Some manufacturers are even incorporating smart technology into their products, allowing users to track their progress, set goals, and receive personalized workout recommendations.
Home Gym Equipment Market Companies
Major companies operating in the home gym equipment market include:
Home Gym Equipment Industry News
The Home Gym Equipment market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) (Thousand Units) from 2021 to 2032, for the following segments:
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Market, By Equipment Type, 2021 – 2032
Market, By Category, 2021 – 2032
Market, By Price Range, 2021 – 2032
Market, By Distribution Channel, 2021 – 2032
The above information is provided for the following regions and countries: