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The shutdown of fitness centers and gyms has further boosted the demand for at-home fitness equipment
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, December 7, 2023 /EINPresswire.com/ -- As per the report published by Allied Market Research, the global at-home fitness equipment market was pegged at $5.54 billion in 2019, and is projected to reach $11.45 billion by 2027, growing at a CAGR of 7.8% from 2021 to 2027.
Rise in the young population in developing regions, growth in government initiatives to promote healthy lifestyle, surge in prevalence of obesity, and multifunctional at-home equipment drive the growth of the global at-home fitness equipment market. However, renting of fitness equipment, high cost of at-home fitness equipment, and alternative to home workout hamper the market growth. On the contrary, development of connected fitness device technology and utilization of virtual (VR) in at-home fitness equipment are expected to create lucrative opportunities in the near future.
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Covid-19 Scenarios-
The Covid-19 pandemic led to increased adoption of at-home fitness equipment owing to rise in health concerns and awareness about side-effects of hectic lifestyles. The shutdown of fitness centers and gyms has further boosted the demand for at-home fitness equipment.
The global at-home fitness equipment market is segmented on the basis of product type, distribution channel, end user, price point, and region. Based on product type, the cardiovascular training equipment segment dominated in 2019, contributing to more than four-fifths of the market. However, the free weights segment is expected to manifest the fastest CAGR of 11.7% during the forecast period.
On the basis of user, the households segment is anticipated to register the fastest CAGR of 9.6% during the forecast period. On the other hand, the gym in apartment segment held the largest share in 2019, accounting for more than two-fifths of the market, and is expected to maintain its dominance by the end of 2027.
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The global at-home fitness equipment market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2019, accounting for more than three-fifths of the market. The same region is expected to portray the highest CAGR of 8.1% during the study period.
The global at-home fitness equipment market report includes an in-depth analysis of the major market players such as Nordic Track, ProForm, Precor, Inc., Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHrD, Schwinn, JTX Fitness, Keiser Corporation, Corepump, and York Barbell.
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David Correa
Allied Market Research
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