Home Gym Exercise Equipment Market: Overview
Home gym exercise equipment market has attracted sales on the back on increasing trend among worldwide young adults to engage in exercise regimens to meet various fitness goals. Gym membership has seen gradual rise in numbers in emerging economies over the past several years, both in relation to obesity and rise in disposable incomes. This has also motivated young and older adults to prefer the convenience of exercising at the precincts on their homes. Gym exercise equipment has become a key enabler as well as accelerator in adopting rigorous exercise plans to build muscles and physical stamina.
Home gym exercise equipment is used extensively in strength and cardiac training. Some of the product categories in the home gym exercise equipment market are multi-gymming equipment, strength training equipment, cardiovascular training, and combo training.
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Home Gym Exercise Equipment Market: Competitive Analysis and Key Developments
In the emerging economies, gym closures has pivoted the exponential rise in sales in the home gym exercise equipment market. Afton Fitness Equipment recent disclosed that its sales rose to four times in the two months post-lockdown in May and June in India, when compared to the number in pre-lockdown period. The spectacular sales of home gym exercise equipment during the COVID-19 lockdown has also been for other companies and regions, underpinning the rapid rise in revenue generation in the home gym exercise equipment market.
Treadmill and fitness cycle dealer Sri Raajalashmi Powermax Fitness Equipments has echoed the same euphemism regarding the rise in sales. Similar trends have intensified the competition in the home gym exercise equipment market. Top players are expected to augment their advertising spend. Moreover, they are keen on advancing the functionalities and features in gym exercise equipment. The enthusiasm is so high that in coming months, sales enquiries from residential users will surpass those by institutional and corporate buyers by a large margin.
Home Gym Exercise Equipment Market: Key Trends
Prevalence of obesity and chronic lifestyle diseases is one of the key drivers in the home gym exercise equipment market. The demand for personalized exercise routines has bolstered the prospects further, such as building a specific set of muscles. Increasing discretionary spending on gym memberships and fitness clubs has positively impacted the demand in the home gym exercise equipment market. Rise in virtual gym classes is a particular trend that has spurred the demand.
Focus on weight loss among populations in various demographics is one of the key trends fueling the sales in the home gym exercise equipment market. Growing popularity of elliptical machines is also boosting the home gym exercise equipment market. Growing use of digital cycling bikes and treadmills is bolstering prospects in the market.
Recent massive lockdowns due to COVID-19 has spurred the demand for home gym exercise equipment. In past few months, countries have seen the closure of gyms, and hence subscription amounts have plunged to all-time low. In the wake of this, people are preferring spending sizably on owning home gym exercise equipment. On the other hand, prices of several of the equipment has reinforced the revenue potential in home gym exercise equipment market.
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Home Gym Exercise Equipment Market: Regional Assessment
Key regions where players in the home gym exercise equipment market are seeing growth are Asia Pacific, North America, Europe, and the Middle East and Africa. Of these, Europe has seen a considerable rise in sales and new product launches. Manufacturers’ focus to advance the technology has also cemented prospects in the regional market. The Asia Pacific home gym exercise equipment market is also replete with new opportunities, spurred by rise in virtual gym classes in urban areas in the developing economies.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.