The home fitness equipment market is expected to continue growing in markets around the world due to COVID-related wellness concerns, but consumers' lack of space may prevent them from purchasing certain items.
By the end of this year, the home fitness equipment market is slated to grow by almost $2 billion globally, from $13.81 in 2021 to $15.13 in 2022, according to a new report from ResearchAndMarkets.com. By 2026, the report expects the market to hit $21.84 billion at a compound annual growth rate (CAGR) of 9.6%. The report analyzes dozens of home fitness equipment markets across the U.S. and countries in Asia, Europe, and the Middle East.
Asia is expected to have a striking presence in the home fitness market as it grows. The report attributes this growth to the increase in dual-income households that will have extra spending money. The European home exercise market is also expected to experience growth as a result of a higher per-capita income. Still, the logistics of home exercise equipment may hinder the market's acceleration. Small spaces may prevent consumers from buying weight benches, treadmills, or other equipment more commonly found at a gym for a low membership fee. Exercise bikes like Peloton or gear like Mirror and Tonal take up less square footage and may experience higher sales rates as customers are incentivized with subscription services and classes.
Another reason that home fitness equipment is increasing in popularity is because of preventive healthcare. In light of the pandemic, many individuals are interested in maintaining a healthy and active lifestyle in order to decrease chronic heart disease, diabetes, and other conditions that may increase the severity of a COVID infection. ResearchAndMarkets.com reports that with these new home workout items, consumers will aspire to build muscle strength, enhance their appearances, lose weight, or treat medical conditions through activity, and companies will cater to one or all of those needs.