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03 Aug, 2022, 17:00 BST
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BANGALORE, India, Aug. 3, 2022 /PRNewswire/ — Home Fitness Equipment Market is segmented by Type(Cardiovascular Training Equipment, Strength Training Equipment, Others), by Application(Home Consumer, Health Clubs/Gyms, Commercial Users, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Fitness Category.
Home Fitness Equipment market was valued at USD 3.84 billion in 2021, growing at a CAGR of 5.2% during 2022-2028.
Major factors driving the growth of the Home Fitness Equipment Market
The rise in health consciousness due to the increasing prevalence of obesity, covid 19 impact, and the growing preference for fitness apps will boost the market growth during the forecast period.
The increasing popularity of digital workout solutions and rising integration of AI and IoT-enabled smart home gym equipment will fuel the growth of the market in the coming years.
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TRENDS INFLUENCING THE GROWTH OF THE HOME FITNESS EQUIPMENT MARKET
People now understand the importance of physical activity and exercise for staying fit. As many are working from home they are being drawn to at-home fitness regimes rather than traditional gym membership programs. The demand for the home fitness equipment market is expected to rise in the coming years. Several benefits are associated such as convenience, cost-effectiveness, time management, accessibility, and better focus on individual needs.
The rapid onslaught of the pandemic led to the closure of gyms and fitness clubs worldwide. There has been a dramatic shift towards virtual fitness. Video streaming platforms were flooded with tutorials and exercise guides be it for beginners or experts. Fitness apps saw a huge surge in traffic as people started getting conscious about their health. This will positively impact the expansion of the home fitness equipment market. The trend of remote working and covid 19 induced home exercise habits will continue to live on as many gym members are continuing to use digital workouts in addition to live workouts post-pandemic.
Fitness apps and smart fitness equipment provide a personalized experience to users within the comfort of their homes. They are able to track daily food intake and count calories which helps one to monitor all their workout and health progress with one click. Moreover, these apps provide personal health coaches at affordable prices and offer tips and guidelines which help individuals to meet their own customized health goals. As a result, the home fitness equipment market will grow further in the upcoming years. A coach will educate about diet and fitness activity and one does not need to travel for long hours to get the advice.
Personal technology is penetrating every aspect of users’ lives. As access to high-quality streaming video is improving people are breaking free from gym workouts in favor of personalized on-demand at-home fitness solutions that let them choose an exercise style and intensity level as per fitness needs. Modern virtual fitness will bolster the growth prospects of the home fitness equipment market as they offer options for users of all ages and skill levels. On-demand programs are accessible anytime anywhere providing a diverse range of classes from yoga to kickboxing to bodybuilding. People do not get bored as new content is added regularly.
Many companies are introducing smart home gyms that come with weights, storage, and streaming platforms to offer guided and personalized workout sessions. They are integrated with IoT sensors that track many data points during a workout from reps to rest time. The AI algorithm assesses the information and uses this data to deliver accurate fitness guidelines. The demand for home fitness equipment will surge further in the forthcoming years. The performance tracking enables providing accurate coaching tips including strength and cardiovascular exercises.
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HOME FITNESS EQUIPMENT MARKET SHARE ANALYSIS
Based on product type, cardiovascular training equipment is expected to dominate in the home fitness equipment market share due to rising awareness of maintaining proper cardiovascular health.
Based on region, North America will grow the highest due to the rising obese population and increasing health awareness amongst consumers with the rapid adoption of exercises for weight management, increasing body stamina, and muscular strength.
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