Home Gym Market Will Triple in Five Years: Report
Changing habits and better technology will create a groundswell of opportunity for the at-home fitness market. From dumbbells to smart phone apps, anything made for a home workout will be in demand.
The growth of the worldwide market for home gym equipment will increase exponentially in the next five years, according to an in-depth report from Arizton Advisory and Intelligence. The global research firm found that the market got a bump from lockdowns that closed fitness clubs at the onset of the covid-19 pandemic and its expansion will continue because of technological improvements, increased online offerings for home workouts, better marketing and changes in consumer habits.
Arizton predicts the market will grow at a CAGR of 8.5 percent from 2019 to 2025, reaching $31.8 billion at the end of that span. Estimates vary, but research firms placed the value of the home gym market at about $10 billion in 2019.
“The COVID-19 outbreak impacted the home gym equipment market positively as gym and other fitness institutes shut down due to the pandemic,” the report states. “Hence, consumers started looking to buy gym equipment for usage at home. Moreover, gyms and fitness centers began offering online classes through their websites and apps, which also propagated the concept of home fitness regimes. The demand for home gym products increased on account of this.”
Analysist listed several factors that will keep the home gym market on the upswing for the long term, including an increase in health awareness and a clearer pathway for the markers of fitness equipment to market their products as commerce trends become more normalized. Also, busy schedules may propel consumers to the convenience of at-home equipment rather than a gym membership.
Consumers ceasing their membership to gyms and other fitness facilities will be one factor, but Arizton found that trend is not occurring at the same pace across regions, making it an uncertain factor.
The report takes into account fitness products new and old, basic and advanced — from pay apps and media-enabled stationary bikes to dumbbells and jump ropes. All are expected to grow in popularity, but the most vibrant segment of the market will be online services that will allow fitness companies to interact with each other and their customers in new ways. As they grow, their statuses will be self-reinforcing, the report indicates.
“[D]uring the forecast period, market vendors are expected to collaborate with leading fitness and healthy living digital platforms that enable customers to sync all workout data generated through the use of home gym equipment with other digital devices (phones, computer systems, and tablets),” the report states. “Vendors will even offer equipment financing to the customer and other related services to boost their customer count and increase revenue.”
Once there is a healthy user base, companies will have more data to use to engage consumers and attract new ones.
“Vendors are expected to capture customer insights using real time sentiment data to gauge future needs in the market,” the home gym market report states. “Several manufacturers heavily rely on customer insights for further innovation for a competitive edge in the market. Vendors are constantly investing in smart fitness layouts with personalized AI platforms in treadmills, ellipticals, and other equipment. Fitness programs and real-time guidance will drive market growth.”
There are some possible complications on the road to growth, the report noted. As gyms and other facilities reopen, consumers will return, diminishing the immediate need for home fitness items. Buying is driven by product innovation, which is difficult to predict. Some consumers may lose purchasing power in a global recession. The cost of raw materials may be impacted by trade disputes. But analysts expect the market for home gym equipment to power through any negative trends in those areas.
The next few years should be a feast for both established brands and startups, the report concludes. “The home gym equipment market is anticipated to have newer players with increased competition among well-established firms,” it states. “In addition, the changing preferences among consumers will open up fresh avenues for revenue generation in the home gym equipment market.”
