The home fitness equipment market is posting a year-over-year growth of 8.55 percent in 2022-2023 and is expected to grow by US$3.1 billion from 2022 to 2027, according to a new report by research firm Technavio.The market will progress at a compound annual growth rate (CAGR) of 9 percent during the 2022-2027 forecast period.
The rise in the number of people identified as overweight or obese globally among all age groups is one of the key factors driving growth in the market. While obesity used to be a problem primarily in high-income countries, there is a significant increase in the overweight population in low-income countries, especially in urban settings, highlights the report. This is due to the increasing consumption of cheap fast or junk food.
Other key factors shaping the home fitness equipment market growth include the increasing smartphone penetration in several countries and the growing Internet speed, significantly influencing the distribution and consumption of various online services. These elements are combined with increased demand for connected fitness products and gym equipment and the expansion of devices and apps that collect data to monitor physical activity. Cardiovascular diseases due to hectic lifestyles fuel the growth of the cardiovascular training equipment segment and will drive the market growth during the forecast period. The cardiovascular training equipment segment comprises treadmills, cross-trainers, stationary bikes, and ski machines.
By geography, North America is projected to contribute 38 percent to the growth of the global market during the forecast period.
Image: Peloton
