Table of Contents
Introduction
The global home fitness equipment market is poised for growth, projected to increase from USD 13.4 billion in 2023 to around USD 21.8 billion by 2033, with a compound annual growth rate (CAGR) of 5.0%.
This growth is fueled by a rising awareness of health and fitness and advancements in technology, which make home fitness more accessible and engaging. However, the market faces challenges such as the high cost of advanced equipment and the vast space requirements that can limit potential users in urban settings.
Recent developments have seen key players actively engaging in strategic moves to consolidate their positions and expand their market reach.
Johnson Health Tech Co. Ltd. has been enhancing its global presence through acquisitions, such as the recent addition of Matrix Fitness South Africa and Cravatex Brands’ fitness segment in India. This strategic expansion not only broadens its geographical footprint but also enriches its product portfolio and market influence.
ICON Health & Fitness, Inc., now known as iFIT Health & Fitness Inc., continues to innovate in the home fitness space with substantial investments and rebranding efforts that emphasize its commitment to providing tailored fitness solutions, evidenced by its growing community of over five million members worldwide.
Fitness World AS has been relatively less visible in recent headlines regarding expansive moves or acquisitions in the sector, which may suggest a focus on consolidating its current market presence or enhancing its existing offerings rather than external growth.
Amer Sports Corporation has also not been prominently featured in the most recent industry moves related to the home fitness equipment sector, which might indicate a strategy that either focuses on internal innovation or selective market engagements that have not been publicly disclosed during the latest reporting periods.
Key Takeaways
- The Home Fitness Equipment Market was valued at USD 13.4 billion in 2023 and is projected to reach USD 21.8 billion by 2033, registering a CAGR of 5.0% during the forecast period.
- In 2023, the Cardiovascular Training Equipment segment accounted for 35.2% of the market share, driven by the rising popularity of home workout trends.
- Online platforms dominated distribution channels in 2023, holding 54% of the market share, reflecting the growing shift toward e-commerce in the fitness industry.
- The Gym in Apartments category emerged as the dominant end-user segment in 2023, underscoring the increasing preference for convenient in-building fitness facilities.
- North America led the market in 2023 with a 43.0% share, propelled by strong health and wellness trends in the region.
Home Fitness Equipment Statistics
- Digital fitness solutions saw a dramatic increase during the pandemic, with 75% of active adults using live-streamed workouts and 70% engaging in on-demand workouts in 2020.
- On-demand workout video usage rose by 311%, while live-streaming workouts surged by 971% in 2020, reflecting a 1,300% increase in streaming minutes between March and August.
- Approximately 55% of revenue from home fitness equipment in FY21 came from online sales, an increase from 45% in FY20.
- Post-pandemic, 42% of gym-goers plan to continue virtual workouts, signaling a shift toward hybrid fitness models combining in-person and digital solutions.
- Home fitness saw increased adoption, with sales of equipment like yoga mats and dumbbells rising by 23% since the pandemic began.
- Virtual workouts surged, with 73% of participants using pre-recorded videos and 85% attending live-streamed classes in 2020.
- Fitness apps experienced a 50% growth during the pandemic, with India recording the highest download increase at 157%.
- During the pandemic, 84% of surveyed Indians tried live-streaming fitness classes at least three times, compared to only 29% in 2019.
- Tier-3+ cities in India contributed to 57% of home fitness equipment demand in early 2022, compared to 20% from metropolitan areas.
- In January 2022, demand for fitness equipment in India grew by 24%, driven by large equipment like treadmills and exercise bikes.
- About 60% of female users in India showed greater interest in virtual fitness classes during the pandemic compared to 40% of male users.
- Planet Fitness Workouts was the most downloaded fitness and workout app in the U.S. in 2022, with 3.35 million downloads on iOS and 2.39 million on Google Play.
- Other top fitness apps included Workouts by Muscle Booster (1.53M iOS downloads) and Home Workout – No Equipment (1.63M GP downloads).
- Apps like FitOn Workouts & Fitness Plans and Peloton: Fitness & Workouts were also among the top 10, catering to diverse fitness needs.
- Generic and functional keywords dominate search trends, with terms like “fitness” (63 volume), “workout” (60 volume), “gym” (47 volume), and “home workout” (46 volume) leading searches.
Latest Trends and Insights
- Integration of AI and Machine Learning: Artificial intelligence and machine learning are being integrated into home fitness equipment to provide personalized workout recommendations and adapt to the user’s fitness level, enhancing the effectiveness of workouts.
- Virtual Reality (VR) Fitness Programs: VR technologies are transforming home workouts by simulating different environments and making exercise more enjoyable and immersive. Users can virtually cycle through the Alps or run a marathon in New York from their living rooms.
- Connected Fitness Systems: The trend towards interconnected systems continues to rise. These systems collect data from fitness equipment and apps to track progress over time, enabling users to set goals and monitor their health metrics effectively.
- Subscription-based Fitness Content: Many manufacturers are pairing their equipment with subscription services that offer extensive libraries of on-demand workout classes, ranging from yoga to high-intensity interval training (HIIT), to keep users engaged.
- Compact and Multifunctional Designs: As urban living spaces get smaller, there is increasing demand for compact and multifunctional fitness equipment that fits in small areas and can easily be stored away.
- Eco-friendly Equipment: There is a growing interest in sustainable fitness equipment made from recycled materials or designed to have minimal environmental impact, reflecting broader consumer awareness about sustainability.
- Rise of Fitness Apps and Wearables: Fitness apps and wearable devices that can be synced with home equipment are becoming more popular, providing users with detailed insights into their workouts and health metrics right on their smartphones or watches.
Use Cases
- Daily Cardio Workouts: Individuals use treadmills, ellipticals, and stationary bikes at home to maintain cardiovascular health, conveniently fitting in workouts around their schedule without the need for a gym.
- Strength Training: Home gyms equipped with weights, benches, and resistance machines allow users to perform strength training routines similar to those in a professional gym setting, supporting muscle growth and maintenance.
- Rehabilitation and Therapy: Specialized home fitness equipment like stationary bikes and elliptical machines are used for physical therapy and rehabilitation, helping individuals recover from injuries and improve mobility from the comfort of their homes.
- Weight Loss Programs: Many people utilize home fitness equipment as part of structured weight loss programs. Consistent use, coupled with a healthy diet, helps achieve and maintain weight loss goals.
- Stress Relief: Engaging in regular physical activity using fitness equipment like yoga mats and resistance bands can greatly reduce stress and improve mental health.
- Training for Competitions: Athletes often use home fitness setups to train consistently and prepare for competitions without the time and travel constraints associated with training at distant facilities.
- Family Fitness: Home fitness equipment enables family-wide fitness activities, promoting a healthy lifestyle among all family members and establishing a routine of health and exercise.
Major Challenges
- High Cost: The initial investment for high-quality home fitness equipment can be substantial, which may deter individuals from setting up a home gym.
- Space Requirements: Large pieces of equipment like treadmills and multi-gyms require significant space, which can be a major constraint in smaller living spaces.
- Maintenance and Repair: Keeping equipment in good working condition requires regular maintenance and occasional repairs, which can be costly and require specialized knowledge.
- Technology Integration Issues: As fitness equipment becomes more technologically advanced, issues such as software updates, compatibility with other devices, and connectivity problems can arise.
- Motivation to Use: Unlike gym environments where the atmosphere can motivate individuals, maintaining the discipline to use home fitness equipment regularly can be challenging for some.
Growth Opportunities
- Innovation in Technology: Advancements in technology provide opportunities for developing new types of equipment that offer enhanced interactive experiences and greater convenience, attracting a broader user base.
- Expansion into Emerging Markets: Increasing awareness about health and fitness in emerging markets presents significant opportunities for the expansion of home fitness equipment sales.
- Partnerships with Health Insurers: Collaborating with health insurance companies to offer equipment at subsidized costs as part of wellness programs can increase accessibility and boost market penetration.
- Customizable and Adaptive Equipment: There is growing demand for equipment that can adapt to different fitness levels and types of users, offering customization in workouts that cater to individual needs.
- Integration with Health Systems: Integrating home fitness equipment with health monitoring systems to provide users with real-time health data and tailored fitness programs based on medical advice can open new avenues for growth.
Key Players Analysis
Johnson Health Tech Co. Ltd., a prominent player in the home fitness equipment sector, has expanded its market presence by acquiring renowned residential fitness brands BowFlex® and Schwinn® Fitness, along with the JRNY® digital fitness platform. This strategic move enhances the company’s product portfolio and digital capabilities, reinforcing its position in the global fitness industry.
iFIT Health & Fitness Inc., formerly known as ICON Health & Fitness, is a global leader in connected fitness equipment and software. The company offers a wide range of products, including treadmills, bikes, ellipticals, rowers, and strength training equipment, integrated with its proprietary iFIT platform. This platform delivers personalized, interactive workout experiences to over five million members across 120 countries.
Fitness World AS specializes in providing high-quality home fitness equipment designed to cater to various fitness levels and preferences. The company focuses on delivering durable and user-friendly products, aiming to make fitness accessible and convenient for individuals seeking to maintain an active lifestyle at home. Recent initiatives include the installation of state-of-the-art gym equipment for facilities like Ultimate Power Gym, reflecting its commitment to enhancing workout experiences.
Amer Sports Corporation, a global sports equipment company, has strategically streamlined its portfolio to focus on core brands with significant growth potential. In 2020, the company divested its fitness equipment brand, Precor, to Peloton for $420 million. This move allows Amer Sports to concentrate on its primary brands, including Arc’teryx, Salomon, and Wilson, which have shown robust performance. In the third quarter of 2024, Amer Sports reported a 17% increase in revenue, reaching $1.354 billion, with notable growth in its Technical Apparel and Outdoor Performance segments.
Core Health & Fitness, LLC, a prominent manufacturer in the fitness equipment industry, has expanded its product offerings through strategic acquisitions. In June 2022, the company acquired Jacobs Ladder, a leader in ladder climbing fitness equipment, to meet the growing demand for high-intensity training products. Earlier, in April 2022, Core Health & Fitness acquired Wexer, a digital fitness market leader, enhancing its digital capabilities and providing comprehensive fitness solutions.
NordicTrack, a leading brand in home fitness equipment, offers a diverse range of products, including treadmills, ellipticals, and exercise bikes, designed to enhance at-home workouts. In December 2024, the company launched the X16 treadmill, featuring a 40% incline and a 16-inch touchscreen. This launch underscores NordicTrack’s commitment to integrating advanced technology into their equipment to provide immersive fitness experiences.
ProForm, a subsidiary of iFIT Health & Fitness, specializes in accessible home fitness equipment, including treadmills, ellipticals, and bikes, catering to a broad consumer base. In October 2024, ProForm’s online store generated approximately $717,055 in revenue, with an average order value between $675 and $700, reflecting its significant presence in the home fitness market. The brand continues to focus on delivering affordable, high-quality fitness solutions to meet diverse consumer needs.
Conclusion
The home fitness equipment market is rapidly evolving, driven by technological innovations and a shift towards more personalized, convenient workout solutions. Emerging trends like AI integration and eco-friendly designs are setting the stage for a more interactive and sustainable approach to home fitness.
Despite challenges such as high costs and space requirements, the increasing adoption of home fitness solutions highlights significant growth opportunities, especially in technology integration and market expansion. The future of home fitness looks promising, with potential for further integration into everyday life and health management.
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