North American home gym equipment is estimated to display a steady CAGR of 2.8% during the forecast period (2020-2026). The market is expected to grow during the forecast period with increased demand from the customer segment for home gym equipment Although gyms are expected to reopen in various states, it is anticipated that the percentage of consumers joining back will be lower. Hence, various initiatives involving technological advancements in the home gym equipment market are projected to drive growth during the forecast period.
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Fitness needs were already flourishing earlier, but growth until 2019 was steady in the home gym equipment market. With the COVID-19 outbreak, the market saw a huge increase in demand for home gym equipment as people were bound at home with lockdown measures. Hence, with gyms closed and classes canceled, consumer demand increased tremendously in the country. Offline sales saw a decrease in revenue, while online equipment sales went up drastically.
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With the increase in demand, retailers who sold bigger equipment started tapping into small and lightweight cardio and strength training equipment. Hence, the manufacturing cost for lightweight equipment will drop, thereby increasing competition in the market. The major challenge is expected to occur with the reopening of gyms and health clubs across the region and the consumer shift toward gym routines. However, gyms will open with 40-50% less equipment and restrictions when it comes to sanitation and hygienic practices, which is anticipated to create an opportunity for the market.
Market Coverage
- The market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- by Product Type and Distribution Channel
- Countries Covered- The US and Canada
- Competitive Landscape- Dyaco International, Nautilus, Inc., SportsArt, TECHNOGYM USA Corp., and TRUE
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