The fitness equipment is widely used in fitness, weight management, improving body endurance and muscular strength
Portland, 5933 NE WIN SIVERS DRIVE, No. 205, or 97220, US, September 21, 2022/EINPresswire.com/ – According to a new report published by Allied Market Research entitled “Home fitness equipment market By product type, distribution channel, end user, and price point: Global Opportunity Analysis and Industry Forecast, 2021-2027, “The Home Fitness Equipment Market Size is expected to reach $11,459 million by 2027 at a CAGR of 7.8% from 2021 to The year 2027.Fitness equipment is widely used in the field of fitness, weight management, improving body endurance and muscle strength.The fitness equipment commonly used at home are treadmills, stationary cycles, stair climbers, rowing machines, elliptical weights, and free weights.The Increasing awareness regarding health and fitness, increasing number of obese population, government initiatives to promote healthy lifestyle and increasing youth population are some of the major factors driving the growth of global home fitness equipment market.Moreover, the increase is expected to provide The sudden number of young people, the improvement of lifestyle, and the rise in disposable income of individuals in developing countries present tremendous opportunities for market players.
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The alarming rise in global obesity rates, especially in urban areas, is complementing the growth of the home fitness equipment market. According to the World Health Organization, in 2016, about 1.9 billion adults were overweight and about 650 million were obese. Obesity is associated with a number of health problems or disorders such as sudden cardiac arrest, high blood pressure, hypotension, and diabetes. Therefore, to lose weight, reduce stress, and improve blood circulation, obese people tend to use more fitness equipment, thereby increasing sales of these products.
Moreover, the increasing adoption of artificial intelligence (AI) and machine learning technology in home fitness equipment is driving the global home fitness equipment market. The artificial intelligence based personal trainer is expected to be the next trend in the home fitness equipment market. Tech giants like Google and Apple are engaged in developing their own smart wearable devices that can actually guide and assist their users based on health data collection. This will boost the home fitness equipment market in the future.
The global home fitness equipment market is segmented into product type, distribution channel, end user, price point, and region. Depending on the product type, the home fitness equipment market is categorized into cardiovascular training equipment, free weights, and power racks. The cardiovascular training equipment division is divided into treadmills, stationary cycles, rowing machines, ellipticals and more. By distribution channel, the global home fitness equipment market is segmented into dealers, online, retail, and gyms/clubs. The online portion is further separated into direct distribution and third-party retailers. The retail sector is divided into retail and specialty. By the end user, the home fitness equipment market is segmented into homes, apartment, and condo gym. By price point, the market is divided into low, medium and luxury.
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Companies can operate their business in a highly competitive market by launching new products or updated versions of existing products. Partnership/cooperation agreement with key stakeholders is expected to be a key strategy to maintain in the market. In the recent past, many prominent players have chosen to launch products or partnership strategies to strengthen their foothold in the market. To understand the key trends of the market, the strategies of the leading players in the report are analyzed. Some of the major players analyzed in the Fitness Equipment Market include Tonal Systems, Inc. and ICON Health & Fitness, Inc. and PENT, Technogym, Louis Vuitton, PELOTON, NOHrD, Nordic Track, ProForm, and Precor Inc. and Schwinn and JTX Fitness, Keizer Corporation, Corepump, and York Barbell.
North America dominates in terms of home fitness equipment market share It is expected to maintain its dominance during the forecast period.
In 2019, based on product type, the Cardiovascular Training Equipment segment is leading in terms of market share, and is expected to gain market share in the coming years
The free weights segment is poised to grow at the highest compound annual growth rate (CAGR) during the forecast period.
The household segment is expected to gain market share in the coming years and is expected to grow at a compound annual growth rate of 9.6% during the forecast period.
Based on the region, Europe is expected to grow at a robust compound annual growth rate of 7.6% during the forecast period.
Reason for purchase:
Provide and reduce the time an entry-level research is conducted by identifying growth, size, leading players, and segments of the global Home Fitness Equipments market.
It highlights key business priorities in order to guide companies to reform their business strategies and establish themselves in a wide geographical area.
The key findings and recommendations highlight crucial progressive industry trends in the Home Fitness Equipments Market, thereby allowing players to develop effective long term strategies in order to obtain market returns.
✅ Develop/modify business expansion plans using large growth offerings, developed and emerging markets.
✅ In-depth scrutiny of global market trends and forecasts associated with market-moving factors, as well as those that constrain growth to a certain extent.
✅ Enhance decision-making by understanding the strategies that support business interest in relation to product, retail and industry sectors.
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