In this report, you will learn how the home gym equipment industry is projected to rebound in the south and west. Not only will this market rebound again, but a substantial increase in the amount of players interested in training at home means that fitness enthusiasts are going to want home workout equipment.
Global Home Gym Equipment Market Forecast
2016 looked dark at first, but now global notes are pointing toward a rebound by 2018. With expectant consumers waiting for industrial-made home gyms to come back in stock and sales numbers crashing, the industry was at risk for its very survival. However the pendulum just might have switched back too many times, so we saw growth of 7% from 2016 to 2017. That’s huge, and with consumers expected to buy again in 2018 this will be great news for companies and gym owners alike.
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Consumer Spending on Home Gyms 2018
Global consumer spending on home gyms was nearly $17.8 billion in 2018, a 3% increase from 2017. North America ($6.3 billion) and Western Europe ($4.7 billion) accounted for the most spending, followed by Asia Pacific ($4.9 billion).
Average US Home Gym Expenditure Amounts Per Household
The home gym accessories market has been shifting from manufacturing and sales companies to direct sellers of equipment. Direct selling units have made a huge impact on revenue over the past few years as consumers have been looking for more customization. The average household spends around $500 per year on home gym equipment, so it’s estimated that the overall US expenditure amount reached up to $10 billion.
Vendor Analysis: Weights, Cardio Machines, etc.
Lifeline Research, Inc., an industry analyzing company, has released its third annual market report on the industry and findings in anticipation of a rebound after the economic downturn. Over the previous five years there has been a steady decline in total exercise equipment sales.
Players Preparing for Competition: Where the Money Matters
In 2017, the US will have a significant impact both in and out of the weight room. Newer players will be transitioning from Jr. High to High school, as well as direct-entry athletes from other sports where there has been a rapid increase in income for them.
Product Trends In 2019
Product trends in the industry could also be a major factor to figure out how this market will rebound, as well as what players in the industry are doing that rank high on consumers preferences.
-Young people heavily investing in the gym industry due to #anime culture
-Rooms transformed from bedrooms into exercise rooms
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A decrease in the number of consumers buying workout equipment could lead to an increase in prices. The American Fitness Index found that consumer exercise spending fell by a third between 2016 and 2017 and was even lower than it was in 2012. Steamtown has been historically one of the best places to buy discounted fitness equipment, but according not just to that retail outlet, but also distributors and manufacturers within the industry. While there are other ways retailers and manufacturers can promote Yoga season, like by estimating online orders or advertising on social media content, the future looks good.”