The global fitness equipment/home & gym training market is projected to witness significant growth during the review period, exhibiting a CAGR of 5.98%. The market was estimated to be USD 10,321.45 million in 2021 and is expected to reach a value of USD 16,888.44 million by the end of the forecast period (2022-2030).
Based on product type, the cardiovascular training equipment segment accounted for a market share of 69.50% in 2021 and is expected to exhibit a CAGR of 6.27% during the forecast period owing to the growing innovations by major players. For instance, in September 2022, Flexnest, a top D2C fitness brand launched Flexpad, India's first smart connected walking pad. The new Flexpad links to the Flexnest App like all other smart Flexnest equipment to provide consumers with 50+ virtual walks and 500+ trainer-guided workouts. Additionally, it has a built-in bluetooth speaker, a remote control for use, and top speeds of 12 km/h. The Flexpad is the ideal walking pad for a home workout and is sleek enough to be hidden under the bed or sofa. It was designed with home fitness needs and space limitations in mind.
Based on application, the commercial segment accounted for a market share of 74.43% in 2021 owing to the wide usage of fitness equipment/home & gym training in health club/gym, hospitality, corporate offices as well as in public institutions. As a part of this, according to Wantstats analysis, around the world, there are roughly 200,000 fitness clubs and fitness centres. People in practically every region have access to a gym or a fitness club nearby because to the abundance of fitness facilities.
Based on end user, the professional segment accounted for a market share of 63.21% in 2021 and is expected to exhibit a CAGR of 6.01% during the upcoming years. This is owing to the increased gym membership by the professionals across the region. For example, according to Wantstats analysis, in 2019, more than 62.5 million gym members used the facility 104 days a year, compared to nine million non-members who used it 24 days a year on average. Only about 18% of members frequently visited the gym regularly. Of those who regularly visited the gym, 49.9% made it there at least twice per week. An additional 24.2% of people went to the gym at least once every week.
Based on pricing, the mass segment accounted for a market share of 67.42% in 2021 owing to the wide purchase of fitness equipment/home & gym training among the people residing across the APAC region. For instance, according to Wantstats analysis, many Indians prefer to and are willing to spend money on at least one piece of home exercise equipment, including a treadmill, cross-trainer, or even dumbbells and weights. Since the pandemic, home gyms have grown commonplace, and there is a high demand in the market for equipment that is dependable, sturdy, and long-lasting. Home gym equipment is seen as a trustworthy investment for a full and efficient home workspace as exercise applications, youtube videos, and online subscriptions become the "new normal.”
Based on distribution channel, the supermarket & hypermarkets segment accounted for a market share of 13.90% in 2021 owing to the wide purchase of fitness equipment/home and gym training from supermarkets as well as hypermarkets owing to the wide benefits provided by them. For instance, supermarkets and hypermarkets that operate on a self-service basis, offer a variety of goods at discounts, give customers freedom of choice, and make significant profits are expected to drive market expansion. Besides this, during the covid-19 the urge among consumers to stay fit has increased its sales which in turn is expected to positively influence its market growth. As a part of this, according to a recent survey, approximately 17% of shoppers in the United States reported their household had purchased weights and/or dumbbells during the coronavirus (COVID-19) epidemic when conducted a survey. A similar number of homes had purchased treadmills during the pandemic.
Furthermore, the rising health awareness among consumers coupled with substantial number of people suffering from diabetes and obesity is a vital factor boosting its market growth. As a part of this, according to Diabetes Research Institute, in 2018, 10.5% of Americans, or 34.2 million people, have diabetes. 10.2% of the population, or around 26.8 million people, were projected to have diabetes. There are about 7.3 million diabetics who have not yet received a diagnosis. In addition, there were 1.5 million new cases of diabetes identified in adults in the United States. This includes over 210,000 kids and teenagers under the age of 20. Besides this, the growing initiatives taken by various government bodies across different region to control obesity is likely to propel its market growth. For instance, The Alabama Cooperation System's Alabama Preventing and Reducing Obesity is helping Alabamians for Long-Term Health (ALProHealth) is further increasing the access towards healthier foods by improving nutrition recommendations in local agencies and community sites and investigating a food hub infrastructure. They are also establishing master plans and land use interventions to connect transportation infrastructure with residences, early care and education programs, schools, workplaces, and parks or leisure facilities.
Furthermore, the Arkansas Delta Region Obesity Program is improving state and local programs and systems, working with partners to connect sidewalks, paths, bicycle routes, and public transit with homes, early care and education, schools, workplaces, parks, and recreation centers, and working with food vendors, distributors, and producers on healthier food purchasing and sales. The program is also establishing healthy nutrition standards in key institutions. Georgia is focusing on locations in the counties of Calhoun, Clay, Dooly, Stewart, and Taliaferro where kids and families frequently congregate, such as schools, areas where food is sold, health departments, churches, and parks. Georgia is also concentrating on transportation, distributing food, and raising awareness via social media and the media. For a more significant systemic change, activities will be conducted in local communities, at the county level, and at the regional/state level.
Besides this, increasing inclination towards digital technology is another factor boosting its market growth. For example, the next generation of wearable fitness technology is comprised of fitness trackers, which are pedometers modern replacement. Numerous fitness-related metrics, including steps taken, heart rate, calories burned, and others, are recorded. Smartwatch elements, such as phone notification alerts, are becoming increasingly incorporated into wearable fitness equipment, such as FitBit's line of fitness trackers. Smartwatches also offer several fitness monitoring possibilities. Contrarily, fitness trackers are less expensive because they have fewer features and place more of an emphasis on functionality than on appearances. Apart from this, the growing gym membership is set to contribute to the growth of fitness equipment/home & gym training which may serve as an opportunity for market growth. However, the prohibitive cost of the product may serve as a restraint for its market growth.
