DUBLIN–(BUSINESS WIRE)–Jul 29, 2020–
The European Home Fitness Equipment Market is projected to grow at a CAGR of 2.62% during the forecast period 2020-2025.
The consumers in Europe are increasingly engaging in rigorous exercise that aid in weight control, immunity development, and increase in stamina, consequently, improving the overall health of the body. Precautionary healthcare coupled with increasing preference for customized workout regime (including workout timing) and a comfortable home-friendly environment is increasing the demand for home fitness equipment as the customers are keen to exercise daily.
Additionally, the increasing penetration of international and domestic equipment manufacturers and the consumer’s preference for home fitness equipment are promoting market growth. Moreover, to sustain in this competitive market, key players are continuously introducing new gym equipment and are trying to differentiate, in terms of price, functionality, size, weight, and post-sales services.
Consumers Interest in Customized Workout Regimes
The busy schedule and long hours of working, crowded fitness centers, and problems regarding vehicle parking have resulted in an increasing number of consumers actively inclining towards home workouts. The home fitness equipment eliminates the inconvenience of commuting to a gym to use the machines and are 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. Moreover, online fitness training, which has grown tremendously with subsequent demand for personal trainers, has played a significant part in consumers’ inclination toward home health and fitness equipment.
The flexibility in workout timings, home-friendly environment and a dedicated personal trainer to help consumers in achieving their specific fitness goals, such as weight loss, bodybuilding, and others, have accelerated the market growth in the past couple of years.
Germany Holds the Largest Market Share
Germany possesses about 60% of the population involved in moderate exercising and physical activity, encompassing quite a promising market for home fitness gym equipment. Rising health concerns and a higher prevalence of obesity are few other factors that are drawing consumers toward building a personalized gym at their homes.
Furthermore, equipment manufacturers are progressively opting for online platforms as their foremost channel to facilitate distribution. Consumers are also inclined toward this point of sale, in order to get greater access to the latest or even imported fitness equipment, delivered right at their footsteps, with proper warranty and insurance. Retailers, such as Ubuy and Amazon, are the most preferred reseller apps in the country.
Europe home fitness equipment market is highly competitive, with the presence of various local and global players operating in the market. It is expected to witness significant growth over the forecast period, owing to the development of several marketing strategies, which greatly rely on product innovation, expansion across different countries, and partnerships with different companies to expand its product portfolio. Some of the major players in the market studied are Amer Sports, Technogym, Nautilus, and Icon Health & Fitness among others.
4.3 Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1.2 Elliptical Machines
5.1.5 Strength Training Equipment
5.1.6 Other Product Types
5.2 By Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4.3 Johnson Health Tech. Co. Ltd.
6.4.4 Origin Fitness Ltd. (Anytime Leisure Limited)
6.4.5 Dyaco International Inc.
6.4.6 Icon Health & Fitness Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: RETAIL HOME GOODS FITNESS & NUTRITION HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2020.
PUB: 07/29/2020 10:17 AM/DISC: 07/29/2020 10:17 AM
Copyright Business Wire 2020.