New York, Aug. 30, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Home Fitness Equipment Market Size, Share & Industry Trends Analysis Report By Price Point, By Product, By Distribution Channel, By End User, By Regional Outlook and Forecast, 2023 – 2030” – https://www.reportlinker.com/p06487894/?utm_source=GNW
To remain competitive, treadmill manufacturers are introducing Internet of Things (IoT)-infused electronic treadmills with inventive new features. The rising segment expansion is a consequence of the growing number of fitness fanatics. Some of the factors impacting the market are increasing health consciousness among consumers, increasing adoption of an active lifestyle by obese individuals, and increased preference for alternative forms of exercise.
Home fitness equipment removes the hassle of commuting to a gym to use the apparatus and is highly cost-effective in the long term. Numerous innovations, such as the advent of applications that allow customers to select their trainers for online classes or home visits to satisfy the user’s specific and customized fitness needs, such as bodybuilding, eventually occurred in this market segment. In addition, as consumer health awareness has increased, so has the demand for this apparatus, resulting in market expansion. The increasing rates of obesity in the urban population, caused by a fast-paced lifestyle and the consumption of unhealthy food, have increased the demand for residential fitness apparatus as people pay more attention to their health and fitness. This is mainly attributable to the growing awareness of the advantages of a healthy and active lifestyle among the obese population. Therefore, the market is predominantly driven by the rising health consciousness of individuals worldwide, product innovation, and home exercises.
However, one of the main factors inhibiting the growth of the market is the increasing popularity of other forms of exercise. Yoga’s increasing popularity is due to its reputation as a therapy for the body and psyche. These alternative forms of exercises help in maintain the fitness targets of consumers without spending money on equipment, which is further an ideal case for consumers looking for saving money. Consequently, the increase in alternative forms of exercise may limit the demand for residential fitness apparatus throughout the forecast period.
Price Point Outlook
Based on price point, the market is segmented into low price, mid price, and premium price. In 2022, the premium price segment accounted for a sizeable revenue share of the market. Typically, high-end home fitness equipment includes cutting-edge technology, like virtual training programs, interactive touchscreens, personalized exercises, and advanced monitoring capabilities. These features make the workout experience more immersive and engaging. Some expensive fitness equipment accommodates specialized fitness disciplines or exercise techniques that may not be easily accessible with less expensive options.
Based on product, the market is segmented into cardiovascular training equipment, treadmills, stationary cycles, rowing machines, elliptical & others, free weights, and power racks. The market segment with the highest revenue share in 2022 was cardiovascular training equipment. Strength and cardiovascular training equipment are increasing their proportion of the market, dominated by cardiovascular equipment. This expansion is due to the increased use of the apparatus, which aids patients with diabetes, hypertension, and cardiac disease to live healthier lives.
Distribution Channel Outlook
Based on the distribution channel, the market is segmented into dealers, online, direct distribution, retailers, and others. In 2022, retailers represented a substantial portion of the market’s revenue. The availability of affordable home fitness apparatus makes it accessible to more consumers. Frequently, third-party retailers offer a variety of price points to accommodate various budgets. Third-party retailers often stock various technologically sophisticated products to appeal to a broad spectrum of customers, driving this market segment’s expansion.
End User Outlook
Based on end user, the market is segmented into households, apartments, and gyms in apartments. The gym in apartment segment dominated the market in 2022 with the highest revenue share. This is because people increasingly order and install home fitness equipment and prefer apartments with gym facilities or those that provide an array of options in a contactless environment. And due to the pandemic, customer engagement has increased in this segment. This segment’s expansion has also enabled online retailers to expand their product selection and availability.
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America led this market in 2022, thereby registering the highest revenue share. This is a result of the increased acceptability of activities for physical wellness, weight management, improving physical stamina, and developing muscular strength, in addition to the expanding health consciousness of consumers. In addition to a growing obese population and rising health concerns, the region’s market is driven by other significant factors.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Icon Health & Fitness, Inc. (IHF Holding, Inc.), Johnson Health Tech Co., Ltd, Amer Sports, Core Health & Fitness, LLC, Nautilus, Inc., Technogym S.p.A., Hoist Fitness Systems, PureGym Limited (Pinnacle Bidco plc), Hammer Sport AG, and Rouge Fitness
Strategies deployed in Home Fitness Equipment Market
Apr-2023: Technogym partnered with Olympic and Paralympic Games Paris 2024. In this partnership, the company will support the cardio, strength, and functional training gear that athletes using to prepare for the Olympic and Paralympic Games in Paris in 2024 will use as an official and exclusive sponsor.
Mar-2023: Core Health & Fitness announced its partnership with CRANK, the trendiest boutique fitness studio in UAE. Following this partnership, CRANK would expand its operations throughout the GCC and other areas and Core Health would be the premium supplier of indoor bikes for signature RIDE offering to CRANK.
Jun-2022: Core Health & Fitness took over Jacobs Ladder, a provider of commercial cardio equipment. The acquisition is a strategic fit to Core Health and it would expand its fitness portfolio.
Apr-2022: Core Health & Fitness completed the acquisition of Wexer Holding, one of the leading companies in digital health and fitness portfolio. The acquisition provided Wexer with the capital it needed to grow, and the growth aims to promote digital adoption in the world’s health club industry.
Sep-2021: Nautilus signed an agreement to acquire VAY, a company engaged in motion technology. The acquisition will enable Nautilus to scale its JRNY® digital platform by gaining access to the core technologies that underpin the company’s vision and motion-tracking capabilities, which enable in-the-moment data analysis while exercising. To develop and speed up highly customized one-on-one workout experiences, Nautilus will include these features in its JRNY platform. Members of JRNY will have access to this technology with the company’s current and upcoming Bowflex ® and Schwinn ® strength and cardio equipment, as well as with non-product workouts including body weight, yoga, and other floor exercises.
Aug-2021: Nautilus announced a licensing agreement with FitOn, a provider of digital fitness for enhancing the JRNY member experience further through providing hundreds of off-product workouts that can be accessed through the former company’s JRNY digital fitness platform and application without any extra charge. For the first time, a third-party fitness gadget solution has been fully integrated with FitOn’s training content.
Apr-2021: Core Health & Fitness signed an agreement with Oss Fitness following which Oss Fitness has the exclusive distribution rights for the entire product line of Core to Spanish Market, including Star Trac cardio equipment, StairMaster HIIT products, Nautilus commercial strength products, Schwinn indoor cycling bikes, and Throwdown for functional fitness solutions.
Dec-2020: Nautilus introduced the Bowflex treadmills integrated with JRNY digital fitness platform with an HD touch screen console. The new treadmills have folding systems called SoftDropTM and transport wheels that make it simple to transfer and store them anywhere in the house. The JRNY® digital fitness platform offers members tailored workout and entertainment alternatives that stream as they are being coached, helping them reach their fitness goals.
Dec-2020: iFit, one of the leading companies in connected fitness technology and part of Icon Health & Fitness, came into partnership with Matrix Fitness, a company focused on providing commercial and premium home fitness equipment. The partnership was aimed to bring iFit’s proprietary workout platform to the Matrix home fitness portfolio. The partnership broadens iFit’s expanding user base while enhancing Matrix’s innovative equipment offerings.
Scope of the Study
Market Segments covered in the Report:
By Price Point
• Mid Price
• Low Price
• Premium Price
• Cardiovascular Training Equipment
• Stationary Cycles
• Rowing Machines
• Free Weights
• Power Racks
• Elliptical & Others
By Distribution Channel
• Direct Distribution
By End User
• Gym in Apartment
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Icon Health & Fitness, Inc. (IHF Holding, Inc.)
• Johnson Health Tech Co., Ltd
• Amer Sports
• Core Health & Fitness, LLC
• Nautilus, Inc.
• Technogym S.p.A.
• Hoist Fitness Systems
• PureGym Limited (Pinnacle Bidco plc)
• Hammer Sport AG
• Rouge Fitness
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06487894/?utm_source=GNW
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