Market Trends of North America Home Fitness Equipment Industry
Consumers’ Interest in Customized Workout Regimes
The busy schedules and long working hours, crowded fitness centers, and problems regarding vehicle parking have resulted in an increasing number of consumers actively inclining toward home workouts. The home fitness equipment eliminates the inconvenience of commuting to a gym to use the machines and is highly cost-effective in the long run. The small, recurring cost incurred in transportation, workout equipment, trainer fees, and membership fees is a major factor promoting consumer inclination for home fitness equipment.
A recent survey conducted in 2018 by Fitrated, a website dedicated to providing consumer-friendly resources on fitness equipment, gear, and services, presented that 64.9% of American women and 36.1% of men avoid the gym due to anxiety about being judged, thus resulting in a significant rise in the home gym numbers in the past couple of years.
Technological advancements, such as wearable self-monitoring and virtual group exercises, are blurring the line between home-based workouts and gym sessions, henceforth boosting customers' demand for home fitness equipment in the region. For instance, in August 2021, Whoop raised an investment of USD 200 million in a series F funding. The company plans to invest the capital in R&D to build future wearable technology that helps track health, strain, sleep, and the body's recovery.
United States Remained the Largest Market
The US home fitness market has witnessed significant growth due to the rising health awareness among consumers, with the growing adoption of exercises related to physical well-being, weight management, improving body stamina, and muscular strength driving the market's growth in the country. The rising preventive healthcare measures and the growing healthcare costs are encouraging consumers to engage in regular workouts to remain fit. Thus, companies active in the country are adopting strategic measures by using interactive videos and pages on social media channels, allowing customers to get proper guidance directly from the experts, along with the equipment. Such factors are anticipated to contribute to the growth of home fitness equipment.
With the growing demand, manufacturers operating in the global market are expanding their presence to achieve a competitive advantage in the US market. For instance, in July 2022, Nautilus Inc. introduced two new bikes, Schwinn 190 Upright and Schwinn 290 Recumbent Bikes. Per the company's claims, both bikes are connected to JRNY digital fitness platform. They feature terrain control technology, new design elements, and functionality that suits various levels of fitness.
