The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 13, 2023 /PRNewswire/ — As per The Business Research Company’s Home Fitness Equipment Global Market Report 2023, the global home fitness equipment market size is expected to grow from $15.1 billion in 2022 to $16.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The global home fitness equipment market size is then expected to grow to $24.2 billion in 2027 at a CAGR of more than 10%.

During the forecast period, the rising penetration of smart devices is expected to increase the growth of the home fitness equipment market. Smart home gym equipment uses advanced technology—such as artificial intelligence, adaptive resistance, motion sensor capture, Wi-Fi and Bluetooth, to create a connected experience that provides all the standard benefits of a gym or fitness studio in one sleek device. For example, in 2022, according to Policy Advice, a website devoted to helping everyday people make, save, and grow money, 57% of USA users of smart home devices reported daily time savings. They claimed that these gadgets helped them save an average of roughly 30 minutes each day.  Therefore, the rising penetration of smart devices is expected to propel the growth of the home fitness equipment market.

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Major companies in the home fitness equipment market are focusing on virtual reality fitness equipment to allow every individual to personalize their workouts using smartwatches or smartphones. Companies in the market are developing reality gym experience in the world by offering virtual reality fitness equipment designed to provide a secure and relaxing cardio session for all fitness levels and make exercise much easier and more thrilling. There are also virtual reality attachments on the market that can link to exercise equipment via Bluetooth and are appropriate for that equipment. For example, in May 2022, StepVR, a Chinese developer of virtual reality equipment focused on laser positioning in large spaces, motion capture and multi-person interaction, launched VR Gates01, a large, open-air box that will allow people to step into a virtual world and experience it in a way that a simple headset could not. The product includes its own VR headset along with a vibrating vest, motion capture gloves and an omnidirectional treadmill.

In addition, companies in the home fitness equipment market are seeking collaborations and acquisitions to improve their financial strength, strengthen their product portfolio and expand their geographical presence. For example, in June 2022, LG Electronics (LG) Inc., a South Korea-based electronics company, in collaboration with SM Entertainment Co. Ltd., a South Korea-based entertainment company, launched Fitness Candy, to provide First, Unique and New (FUN) user experiences to the quickly expanding home fitness market.

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The global home fitness equipment market is segmented –

1) By Product: Treadmills, Elliptical Machines, Rowing Machines, Strength Training Equipment, Other Products

2) By Applications: Home, Small Gyms, Offices, Other Applications

3) By Distribution Channel: Offline Retail Stores, Online Retail Stores, Direct Selling

As per the home fitness equipment market analysis, the top growth potential in the home fitness equipment market segmented by distribution channel will arise in the online segment, which will gain $5.4 billion of global annual sales by 2027.

View More Similar Market Reports:

Online Or Virtual Fitness Global Market Report 2023

Smart Wearables Global Market Report 2023

Fitness App Global Market Report 2023

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