Home Fitness Equipment Global Market Opportunities and Strategies to 2032

This report describes and explains the home fitness equipment market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global home fitness equipment market reached a value of nearly $15,134.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 10.8% since 2017. The market is expected to grow from $15,134.2 million in 2022 to $24,276.2 million in 2027 at a rate of 9.9%. The market is then expected to grow at a CAGR of 11.6% from 2027 and reach $42,079.5 million in 2032.

Growth in the historic period resulted from emerging markets growth, the rising prevalence of chronic diseases, the rising disposable income, increased online fitness apps and growth in health consciousness. Factors that negatively affected growth in the historic period were space limitations in homes and high equipment costs.

Going forward, government support, global population growth and urbanization, the increasing number of high-net-worth individuals, the rising penetration of smart devices and the rising cases of obesity will drive the market. Factors that could hinder the growth of the home fitness equipment market in the future include the stringent regulations and the rise in interest rates globally.

The home fitness equipment market is segmented by product into treadmills, elliptical machines, rowing machines, strength training equipment and other products. The treadmills market was the largest segment of the home fitness equipment market segmented by product, accounting for 35.2% of the total in 2022. Going forward, the strength training equipment segment is expected to be the fastest growing segment in the home fitness equipment market segmented by product, at a CAGR of 10.3% during 2022-2027.

The home fitness equipment market is segmented by application into home, small gyms, offices and other applications. The home market was the largest segment of the home fitness equipment market segmented by application, accounting for 54.2% of the total in 2022. Going forward, the home segment is expected to be the fastest growing segment in the home fitness equipment market segmented by application, at a CAGR of 9.94% during 2022-2027.

The home fitness equipment market is segmented by distribution channel into offline retail stores, online and direct selling. The online market was the largest segment of the home fitness equipment market segmented by distribution channel, accounting for 55.4% of the total in 2022. Going forward, the online segment is expected to be the fastest growing segment in the home fitness equipment market segmented by distribution channel, at a CAGR of 10.5% during 2022-2027.

North America was the largest region in the home fitness equipment market, accounting for 34.8% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the home fitness equipment market will be Asia Pacific and the Middle East where growth will be at CAGRs of 11.8% and 10.6% respectively. These will be followed by Africa and North America where the markets are expected to grow at CAGRs of 9.59% and 9.55% respectively.

The global home fitness equipment market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 16.65% of the total market in 2022. The companies in the market are consistently developing new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers and acquisitions to gain traction in this high growth market across different regions. Peloton Interactive, Inc. was the largest competitor with 8.67% of the market, followed by Life Fitness with 2.11%, Johnson Health Tech with 1.56%, Nautilus, Inc with 1.52%, Technogym S.p.A with 0.91%, Rogue Fitness with 0.60%, Tonal with 0.47%, Dyaco International Inc. with 0.39%, Impulse (Qingdao) Health Tech with 0.24% and Decathlon SA with 0.18%.

The top opportunities in the home fitness equipment market segmented by product will arise in the treadmills segment, which will gain $3,287.9 million of global annual sales by 2027. The top opportunities in the home fitness equipment market segmented by application will arise in the home segment, which will gain $4,975.3 million of global annual sales by 2027. The top opportunities in the home fitness equipment market segmented by distribution channel will arise in the online segment, which will gain $5,435.3 million of global annual sales by 2027. The home fitness equipment market size will gain the most in the USA at $2,618.1 million.

Market-trend-based strategies for the home fitness equipment market include focus on collaborations and acquisitions, use of artificial intelligence (AI), product innovations, technology advancement and virtual reality fitness equipment.

Player-adopted strategies in the home fitness equipment market include focus on reducing production costs through the outsourcing of activities to gain cost advantages, product innovations through integrating and improving digital capabilities for equipment, expansion of products and services across different geographies to increase market share and presence, improving and enhancing customer experiences through integrated digital offerings and enhancing product portfolio by designing technology-driven smart-connected fitness equipment.

To take advantage of the opportunities, the analyst recommends the home fitness equipment companies to focus on advanced technologies, focus on virtual reality fitness equipment, focus on product innovations, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, focus on online marketing, target obese population, focus on urban population, and continue to target fast-growing applications.