IMPACT OF COVID-19
The COVID-19 outbreak impacted the home gym equipment market positively as gym and other fitness institutes shut down due to the pandemic. The gyms and fitness centers began offering online classes through their websites and app, which also propagated the concept of home fitness regimes. The increased consciousness about health and hygiene during COVID-19 is expected to drive market growth during the forecast period. The demand for home gym products increased on account of this, especially in Q2 and Q3 of 2020. The market competition is expected to grow in the short term for both online and offline channels. Online marketing through social media, catalogs, celebrity endorsements, and others are anticipated to drive the sales of home gym equipment during the forecast period.
Some fitness stores such as Decathlon and Nike witnessed an increase in demand from around 5%-10% to 20%-30% due to the COVID-19 outbreak. Decathlon saw a hike in its volume with a 140% growth in gym benches and 141% surge in dumbbell kits during COVID-19.
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The home gym equipment market by revenue is expected to grow at a CAGR of close to 9% during the period 2019–2025.
The following factors are likely to contribute to the growth of the home gym equipment market during the forecast period:
- Advances in Gym Equipment Technology
- Licensing of Brands and Intellectual Property
- Growth in E-Commerce
Base Year: 2019
Forecast Year: 2020–2025
The study considers the present scenario of the home gym equipment market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Other Prominent Vendors
- BFT Fitness
- Fitness World
- HOIST Fitness
- Inspire Fitness
- Johnson Health
- Torque Fitness
- True Fitness
- Cardiovascular Equipment
- Exercise Bikes
- Strength Training Equipment
- Free Weights
- Barbells & Ladders
- Extension Machines
By Distribution Channel
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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Source: Home Gym Equipment Market – Global Outlook And Forecast 2020-2025 by Arizton Advisory & Intelligence
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