Economic growth describes an increase in the quantity and quality of the economic goods and services that a society produces and consumes. A rise in disposable income across counties signifies the increased standard of living which is leading to the rise in demand for at-home fitness equipment owing to the growing trend of bodybuilding among consumers.
According to the UnivDatos Market Insights analysis, Global At-home Fitness Equipment Market was valued at US$ 11.15 billion in 2022 and displaying an elevated CAGR of 5.5% over the forecast period (2023-2030).
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Thereby, boosting the market of the at-home fitness equipment market. For instance, As per OCED, the household disposable income across several countries such as Australia, Austria, Canada, France, and many others witnessed a significant rise during 2018-2019. In Canada, the gross adjusted household disposable income per capita was USD 39,005.5 in 2020. Additionally, the increasing obese and overweight population globally and rising health concerns coupled with the desire to maintain their physical and mental well-being are some of the other significant factors that are driving the home fitness equipment market. For instance, nearly 73% of US adults are overweight or obese. Out of these, 42% of American adults had obesity and 10% were severely obese, while another 30.7% were overweight.
The recent COVID-19 pandemic has disrupted the world like never before and is bringing economies to a halt. It was estimated that the global pandemic will cause a decline in major economies GDP by at least 2.9% over 2020. However, this forecast was already restated to a GDP loss of 4.5%. The coronavirus outbreak has put lockdown restrictions all over the world has brought gym and fitness institutes to a standstill which has influenced many fitness enthusiasts to work out at their homes which is positively impacting the at-home fitness equipment market. Also, the coronavirus pandemic has also influenced many non-fitness enthusiasts to give more importance to their physical and mental health which in turn is also propelling the market growth.
A rise in seed funding and series funding is one of the prominent reasons which are driving the market of at-home fitness equipment. For instance, in April 2021, the Silicon Valley fitness platform, Tempo who rolled out its at-home exercise programs in February 2020 has raised $220 million in a Series C funding round led by SoftBank Vision Fund, as per Yahoo.
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Conclusion
As of July 2023, the at-home fitness equipment market has seen significant growth in recent years due to the rise of remote work and the pandemic. This has led to an increased demand for products such as treadmills, exercise bikes, and smart scales. However, there are also challenges such as supply chain disruptions and increased competition from established brands. Despite these challenges, the at-home fitness equipment market is expected to continue growing in the future, driven by the convenience and accessibility it offers to consumers.
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