- The North America home fitness equipment market is projected to grow at a CAGR of 2.09% during the forecast period (2020-2025).
- The North American market has witnessed significant growth, due to the rising health awareness among consumers with the growing adoption of exercises related to physical wellbeing, weight management, improving body stamina, and muscular strength driving the market growth in the country.
- The rising percentage of the obese population and increasing health concern are the other major factors that are driving the home fitness equipment market in the country. For instance, According to National Health and Nutrition Examination Survey, in 2016, about 39.6% of American adults were obese.
- Furthermore, the rising preventive healthcare measures and the augmenting healthcare costs are enabling consumers to engage in regular workouts to remain fit. Additionally, with the growing demand, manufacturers operating in the global market are expanding their presence to achieve a competitive advantage in the market. For instance, In 2019, Wattbike launched Wattbike Atom in the United States with real ride feel technology. The Atom offers the authentic, intelligent, and adaptable indoor performance training experience for the home, ideal for any cyclist and fitness enthusiast.
Key Market Trends
Consumers’ Interest In Customized Workout Regimes
The busy schedule and long hours of working, crowded fitness centers, and problems regarding vehicle parking have resulted in an increasing number of consumers actively inclining towards home workouts. The home fitness equipment eliminates the inconvenience of commuting to a gym to use the machines and are highly cost-effective in the long run. The small, recurring cost incurred in transportation, workout equipment, trainer fees, and membership fees is a major factor promoting consumer inclination for home fitness equipment. nA recent survey conducted by Fitrated (website dedicated to providing consumer-friendly resources on fitness equipment, gear, and services), presented that 64.9% of American women and 36.1% men avoid the gym due to anxiety about being judged, thus resulting in significant rise in the home gym numbers in the past couple of years. Technological advancements, such as wearable self-monitoring and virtual group exercises, both of which are blurring the line between home-based workouts and gym sessions, henceforth boosting customers demand for home fitness equipment's in the region.
United States Remained The Largest Market
The United States home fitness market has witnessed a significant growth, due to the rising health awareness among consumers with growing adoption of exercises related to physical wellbeing, weight management, improving body stamina, and muscular strength driving the market growth in the country. Furthermore, the rising preventive healthcare measures and the rising healthcare costs are enabling consumers to engage in regular workouts to remain fit.Thus the companies active in the country are adopting strategic measures by using interactive videos and pages on social media channels that enable the customers to get proper guidance directly from the experts, along with the equipment. Such factors are anticipated to significantly contribute to the growth of the home fitness equipment. Additionally, with the growing demand, manufacturers operating in the global market are expanding their presence to achieve competitive advantage in the United States market. For instance, In 2019, Wattbike launched Wattbike Atom in the United States with real ride feel technology. The Atom offers the authentic, intelligent, and adaptable indoor performance training experience for the home, ideal for any cyclist and fitness enthusiast.
The North America home fitness equipment market is highly fragmented. Icon Health & Fitness Inc., Technogym SpA, Johnson Health Tech. Co. Ltd, and Nautilus Inc. are the few prominent players in the market. Players operating in the market consider various factors to make their product more appealing to the customers; for example, players are offering products with digitally advanced applications. Also, Technogym, another prominent player in the market, became the first fitness equipment manufacturing company to introduce Apple GymKit. The company’s cardio equipment is attuned with Apple Watch using Apple GymKit technology. This will enable the consumer to track their indoor exercise by just taping their Apple watch.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Restraints
4.3 Porters 5 Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1.2 Elliptical Machines
5.1.3 Stationary Cycles
5.1.4 Rowing Machines
5.1.5 Strength Training Equipment
5.1.6 Other Product Types
5.2 By Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.2.3 Direct Selling
5.3 By Geography
5.3.1 United States
5.3.4 Rest of North America
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Nautilus Inc.
6.4.2 Wattbike Ltd.
6.4.3 Technogym SpA
6.4.4 Amer Sports
6.4.5 Johnson Health Tech. Co. Ltd
6.4.6 Echelon Fitness Multimedia LLC
6.4.7 True Fitness
6.4.8 ICON Health & Fitness INC.
A selection of companies mentioned in this report includes:
- Nautilus Inc.
- Wattbike Ltd.
- Technogym SpA
- Amer Sports
- Johnson Health Tech. Co. Ltd
- Echelon Fitness Multimedia LLC
- True Fitness
- ICON Health & Fitness INC.