Global Home Gym Equipment Market is expected to exhibit a stable 4.41% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The report projects that the global home gym equipment market is expected to reach a valuation of USD 6.34 billion by 2024. The report provides a comprehensive overview of the market’s major drivers and restraints, providing a detailed economic analysis of the global home gym equipment market. The leading players operating in the global home gym equipment market are also profiled in the report.
Global Home Gym Equipment Market has been primarily driven by the growing technological innovation in the field of exercise equipment and the increasing availability of low-cost wearables that provide the user detailed information about various parameters about their health. Increasing development of digitally equipped exercise equipment has been a major driver for the home gym equipment market over the last few years. The increasing desire among consumers to work out daily in order to maintain higher fitness standards has been a major driver for the home gym equipment market. Technological advancement in home gym equipment has allowed the development of a wide range of home gym equipment that can be used by customers in comfortable home surroundings. Equipment such as stationary bicycles and weight workout stations have become extremely portable, which, added to the boons of 21st century marketing and shipping, have driven the global home gym equipment market at a strong growth rate over the last few years.
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Increasing prevalence of cardiovascular diseases among the middle-aged and geriatric has been a major driver for the home gym equipment market. These consumers usually have the disposable income to make an investment in home gym equipment. In addition, the increasing fitness craze among the youth is also likely to be a major driver for the home gym equipment market, with youth consumers also becoming increasingly important for the market due to their desire to look attractive and maintain a well-built body. The increasing popularity of bodybuilding among the youth population is likely to remain a major driver for the home gym equipment market over the forecast period.
Leading players in the Global Home Gym Equipment Market include Cybex International Inc., Icon Health & Fitness Inc., Nautilus Inc., Technogym SpA, Johnson Health Tech Co. Ltd., Amer Sports Oyj, True Fitness Technology Inc., Vectra Fitness Parts LLC, Hoist Fitness Systems Inc., Hammer Sport AG, DHZ Fitness Europe GmbH, Tunturi New Fitness BV, Fitness EM LLC, and Kettler (GB) Ltd.
At the CES 2020, Chinese health tech company Huami launched the Amazfit Bip 2, a smartwatch geared for health monitoring applications. Wearables are likely to be a key part of the global home gym equipment market over the forecast period, as they provide an easy way of interfacing with the home gym equipment and provide lucid information that can be easily grasped by common users.
The global Home Gym Equipment Market is segmented on the basis of equipment type, distribution channel, and region.
By equipment type, the global home gym equipment market is segmented into cardiovascular training equipment and strength training equipment. The cardiovascular training equipment segment is likely to dominate the global home gym equipment market over the forecast period due to the growing popularity of cardiovascular training exercises and the growing prevalence of cardiovascular diseases.
By distribution channel, the global home gym equipment market is segmented into store-based and non-store-based. The store-based channel dominates the global home gym equipment market due to the availability of a wide range of home gym equipment in stores as well as the possibilities of discounts and special offers.
North America is likely to be the dominant regional market in the global home gym equipment market due to the growing prevalence of obesity in the region, which has driven the demand for exercise equipment in recent years. Asia Pacific is also likely to exhibit rapid growth in the global home gym equipment market, due to the high volume of the regional market and the growing presence of local manufacturers in countries such as China and Japan.
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