The global home fitness market is expected to grow at a CAGR of around 4.7% from 2020 to 2027 and expected to reach the market value of around US$ 14.8 Bn by 2027.
The fast pace of modern life has resulted in unimaginable physical and psychological stress on the human body and mind. As a result, the demand for qualified fitness instructors has soared. This career path has emerged as a result of growing health and fitness awareness. The concept of fitness has undergone a radical transformation. Fitness has emerged as a lucrative business opportunity as well as a long-term career option. Not only the elite and wealthy want to stay fit, but a large portion of the population has been bitten by the fitness bug. Physical fitness is about more than just staying healthy; it's also about looking good and living an active lifestyle.
Impact of COVID-19 on home fitness market
During the lockdown, gyms and fitness studios had no choice but to increase their digital presence. Many began to offer virtual classes, allowing members to access services from the convenience of their own homes. According to a World Economic Forum report, health and fitness app downloads increased by 46% worldwide between Q1 and Q2 2020. India experienced the greatest increase in downloads, with a 156% increase. This equates to 58 million new active users, or nearly the entire population of Italy. The Middle East and North Africa (MENA) region saw the second highest growth in downloads, increasing by 55%, followed by Asia-Pacific, which increased by 47%. Lockdown also motivated people to upgrade their home gyms and purchase home fitness equipment. Peloton, an exercise equipment company, has grown in popularity this year, and it expects to double its sales in 2020, with an estimated US$1.8 Bn in revenue by the end of the year.
Big calls for "digitalization/virtual fitness" fuel the growth of global home fitness market
Gyms and fitness studios were forced to close or go digital during the lockdown. This makes sense given that India had the world's largest lockdown, requiring 1.3 billion people to remain indoors from March 25 to May 2020. That's a lot of people who were unexpectedly confined to their homes. Global downloads of health and fitness apps increased by 46%. India saw the greatest increase in downloads, with a 156% increase. Home fitness apps have been in the market for a long time, but their popularity has increased dramatically in the last few months. Companies saw an increase in revenue by providing virtual fitness through a digital medium. Overall, 2019 was a prosperous year for the fitness industry. According to The IHRSA Global Report, which was released in May, the global industry revenue totaled US$94 Bn, and as a result, health clubs are on track to reach 230 million members by 2030.
Increasing health complications among the ever growing population aid the demand for global home fitness market
The growing number of obese people increases the demand for the product, as it is an important tool in helping people lose weight at their own pace. Furthermore, growing awareness of the lack of physical activity has resulted in a variety of health issues such as diabetes, cancer, heart disease, and others. As a result, the demand for home fitness has increased. According to the Centers for Disease Control and Prevention (CDC) data released in September 2019, a lack of physical activity contributes to heart disease, cancer, and type 2 diabetes. But apart from that, a lack of physical activity is associated with an annual healthcare cost of US$ 117 Bn.
Market players taking a forefront lead in the global home fitness market by launching new products worldwide
While January is traditionally the month with the highest number of downloads for health and fitness apps. Unsurprisingly, it was April, not January, in 2020 that saw the greatest increase in global downloads of health and fitness apps, with 276 million, up 80% year on year. For example, in April, mindfulness and meditation were prioritized over active workouts. Calm, sleep, meditation, and relaxation app was the highest-grossing app, earning US$8.5 Mn. Headspace, another popular mindfulness app, came in second place with US $5.5 Mn in revenue. MyFitnessPal, which is used to track your diet and exercise, came in third place. Furthermore, by June, people's attention had shifted to diet tracking and active workouts. MyFitnessPal came in first place, earning US$6.7 Mn. Calm came in second and Headspace came in third, respectively.
The global home fitness market is segmented based on equipment, sales channel, and end-user. By equipment, the market is bifurcated into cardiovascular and strength training. Cardiovascular segment is sub segmented as elliptical machines, treadmills, exercise bikes, climbers, and others. Strength training is further sub segmented as weightlifting, weights, barbells & ladders, extension machines, power racks, and others. Sales channel is classified into online and offline. Further, end-user is segmented as home, health clubs, office, and hotel.
According to equipment, the cardiovascular segment will account for the majority of the growth in the global home fitness equipment market. By sales channel, the online segment will foster attributed growth in the global home fitness equipment market by capturing a reasonable market share. According to end-user, the home segment will dominate the global home fitness market during the forecast period, setting all-time highs.
North America dominates the home fitness market; Asia Pacific records all time high CAGR
North America holds the lion's share of the global home fitness market and is expected to maintain this dominance throughout the forecast period. The rising number of million-dollar homes, which has resulted in the increased establishment of a home gymnasium, is expected to boost consumption in this region. Furthermore, the widespread presence of domestic players such as Life Fitness, Cybex International, Precor Incorporated, and others supports the growth of the global home fitness market.
Asia Pacific, on the other hand, has the fastest growing CAGR in the global home fitness market. One of the major factors contributing to the growth of the global home fitness market is the rise in dual-income households, which has resulted in increased spending on home fitness.
The prominent players of the global home fitness market involve Technogym, Johnson Health Tech. Co., Ltd., HOIST Fitness Systems, Icon Health & Fitness, Inc., Amer Sports Oyj, True Fitness, Nautilus Inc., and among others
Market By Equipment
Market By Sales Channel
Market By End-Use
Home fitness market is expected to reach a market value of around US$ 14.8 Bn by 2027.
The home fitness market is expected to grow at a CAGR of around 4.7% from 2020 to 2027.
Based on equipment, cardiovascular segment is the leading segment in the overall market.
Rising adoption of digitization is one of the prominent factors that drive the demand for home fitness market.
Technogym, Johnson Health Tech. Co., Ltd., HOIST Fitness Systems, Icon Health & Fitness, Inc., Amer Sports Oyj, True Fitness, Nautilus Inc., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years