The global home fitness equipment market size is projected to grow from USD 10.73 billion in 2021 to USD 14.74 billion in 2028. The rising development of smart dumbbells is set to affect the market positively. These can be connected with smart electronic devices and have built-in sensors. In February 2021, for instance, Milt and Devon Linn announced their plan to open their 'smart fitness studio’ in West Chester next week. It is called The Exercise Coach and relies on robotics and computers instead of dumbbells and treadmills. Fortune Business Insights™ published this information in a new study, titled, “Home Fitness Equipment Market, 2021-2028.” As per the study, the market stood at USD 10.18 billion in 2020. It would exhibit a CAGR of 4.6% in the forecast period between 2021-2028.
A List of Renowned Home Fitness Equipment Manufacturers Operating in the Market:
- Icon Health & Fitness, Inc. (Utah, United States)
- Johnson Health Tech Co., Ltd. (Wisconsin, United States)
- Amer Sports Corporation (Helsinki, Finland)
- Core Health & Fitness, LLC (Washington, United States)
- Nautilus, Inc (Washington, United States)
- Technogym S.p.A. (Italy)
- Hoist Fitness Systems (California, USA)
- Fitness World AS (Denmark)
- HAMMER SPORT AG (Germany)
- Rogue Fitness. (Ohio, United States)
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Technogym Introduces Technogym Bike with Support from 1Rebel
In November
2019, Technogym, a leading provider of equipment and digital technologies
headquartered in Italy, introduced its new smart indoor exercise bike called
Technogym Bike. It will help the company to compete with the best-seller Peloton
model. The launch was supported by 1Rebel, a London-based boutique fitness
studio. It rolled out Ride Live, a platform delivering unlimited access to
stream spin classes with trainers on Technogym Bike in the gym or at home.
REPORT COVERAGE-
The research
report delivers a blend of quantitative and qualitative assessment, as well as
first-hand information by industry analysts. It also includes inputs from
industry participants and experts across the value chain. It not only offers
home fitness equipment industry attractiveness as per segments, but also
provides a complete picture of governing factors, macroeconomic indicators, and
parent market trends.
DRIVERS & RESTRAINTS-
Increasing Popularity of Online Fitness Sessions to Bolster Growth
The
increasing usage of fitness applications in smart devices is set to play a
crucial role in contributing to the home fitness equipment market growth in the
near future. These applications help in maintaining and improving personal
fitness routines. The World Economic Forum, for instance, declared that in the first
half of 2020, fitness apps showcased a rise of 50% usage. At the same time, the
rising trend of attending online fitness sessions would accelerate the demand
for home fitness equipment. However, the growing construction of commercial
gymnasiums worldwide may obstruct their demand in the upcoming years. According
to Run Repeat, in 2020, there were approximately 205,176 gyms in the world.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/home-fitness-equipment-market-105118
REGIONAL INSIGHTS-
Rising Number of Dual-income Households to Favor Growth in Asia
Pacific
Asia
Pacific: It is expected to show robust growth throughout the forthcoming years
on account of the rising expenditure on home fitness equipment as a result of
dual-income households. Also, rising government initiatives to promote health
and physical education in schools would aid growth in the region.
- North America: The region earned USD 3.55
billion in 2020 in terms of revenue. The presence of renowned manufacturers,
such as Cybex International, Life Fitness, and Precor Incorporated would
augment growth.
- Europe: The high per capita income is
estimated to propel regional growth. A large number of people living in this
region are engaged in regular exercises, which, in turn, is anticipated to
surge the demand for home fitness equipment.
COMPETITIVE LANDSCAPE-
Collaborations & Acquisitions — Vital Strategies of Key
Players
Key
companies present in the global market are striving to gain a competitive edge
by introducing new brands of home fitness equipment by collaborating with local
firms. Some of the others are striving to broaden their geographical footprints
through acquisitions. Below are the two latest industry developments:
- December 2020: Peloton Interactive Inc.
purchased Precor, a fitness equipment company for USD 420 million. It will help
the company to expand its presence in the U.S. and strengthen its manufacturing
capabilities.
- March 2019: In association with Jerai Fitness Pvt. Ltd., Salman Khan introduced ‘Being Strong,’ his latest equipment brand. It will offer state-of-the-art fitness equipment to reputed gyms in India.
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