The Growing Fitness Trend is Boosting the Demand for Home Fitness Equipment

05 November 2020

Home fitness equipment market significantly depends on various factors including seasonality, customer buying patterns, product innovation, purchasing power, and type of distribution channel. The revenue in the home fitness equipment market is overly sensitive to economic factors, price fluctuation in raw materials, trade-related constraints, and other economic changes. The margins are expected to vary based on the above factors in the market for various vendors. The margins are also affected by the sourcing country, raw material type, design & manufacturing process, cost of fuel, distribution cost, and product warranty costs. Product manufacturing plays a key role in expenses that affect the overall cost of the product. Some vendors outsource their products and some manufacture them in their own plants. The market is expected to witness change and realignments with respect to manufacturing, cost, outsourcing terms, and operational strategies. The home fitness equipment market is highly competitive with various international vendors and local vendors competing intensively. The market is expected to witness high growth during 2020 and 2021, owing to a higher penetration rate of home gym equipment due to COVID-19 which led to shutdown of gyms and health clubs globally. The global home fitness equipment market is expected to reach around USD 31 billion by 2025, growing at a CAGR of 8.5%. The market for home fitness equipment is highly fragmented with international and local vendors globally, which is intensifying the competition in the market.

Read: Home Gym Equipment Market Global Outlook and Forecast 2020-2025

Growth in E-Commerce for Fitness Equipment:

Growth in the home fitness equipment market is boosting the sales from e-commerce players which are into home gym equipment such as Flipkart, Amazon, Snapdeal, and others. These market players saw a surge in sales during COVID-19 lockdown restrictions, in comparison to offline stores. Flipkart, Amazon, and others saw their growth increase at around 50% in the home gym segment globally. Some fitness stores such as Decathlon, Nike, and others, also gave high competition to e-commerce platform as they increased their marketing strategies through their own website and app. These companies also witnessed an increase in demand for home fitness equipment with around 5-10% to 20-30% due to the COVID-19 outbreak. In regions such as Europe, North America, and APAC, countries witnessed their e-commerce retail sales hike for yoga mats, exercise bikes, and other equipment. Moreover, cardio equipment such as treadmill, ellipticals, and others are expected to have higher demand during the forecast period, owing to higher consciousness related to fitness among customers and online ordering of equipment at home. These strategies include endorsements by celebrities, event management, and social media marketing.

Impact of COVID-19 in the Home Fitness Equipment Market:

COVID-19 has impacted the home fitness equipment market positively as the gym and other fitness institutes were shut down due to pandemic across various countries. Moreover, gyms and fitness centers have started offering online classes through their websites and app, which in turn, is fueling the need for home fitness equipment in the market. The demand for home gym products increased on account of this, especially in Q2 and Q3 of 2020. The home fitness equipment market was growing steadily, however, the pandemic has accelerated working out from home and has increased the demand for home fitness equipment. The competition is expected to grow in the short term with respect to both online and offline channels. Online marketing through social media, catalogs, celebrity endorsements, and others are anticipated to increase the sales of home gym equipment during the forecast period. Vendors have ensured various health measures with respect to the employees as there is a lack of workforce in the manufacturing units worldwide. Lack of workforce has also impacted the overall supply chain network with respect to increase in time of manufacturing of the products, decrease in margins.

Read: Disinfectant Sprays and Wipes Market Global Outlook and Forecast 2020-2025

FAQs about the Home Gym Equipment Market:

Q. What is the home fitness equipment market size?

A. The global home fitness equipment market is projected to reach revenues of over USD 31 billion by 2025.

Q. What is the estimated market growth of home gym equipment?

A. The global home gym equipment market is projected to grow at a CAGR of 8.5% during the forecasted period.

Q. What are the significant segments of the global home fitness equipment market?

A. The global home gym equipment market is segmented by product, distribution channel, and geography.

Q. What are the home exercise equipment market trends?                                                                  

A. The online sales channel segment is likely to touch a revenue of close to $13 billion by 2025 on account of the outbreak of pandemics such as COVID-19 and the increased popularity of e-commerce platforms.

Q. What are the major regions in the global home gym equipment market?

A. The leading regions in the global home gym equipment market include APAC, Europe, Latin America, North America, Middle East, and Africa.

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