Home Gym Exercise Equipment Market 2020 with Coronavirus (Covid19) Effect Analysis

Home Gym Exercise Equipment Market: Overview

Home gym exercise equipment market has attracted sales on the back on increasing trend among worldwide young adults to engage in exercise regimens to meet various fitness goals. Gym membership has seen gradual rise in numbers in emerging economies over the past several years, both in relation to obesity and rise in disposable incomes. This has also motivated young and older adults to prefer the convenience of exercising at the precincts on their homes. Gym exercise equipment has become a key enabler as well as accelerator in adopting rigorous exercise plans to build muscles and physical stamina.

Home gym exercise equipment is used extensively in strength and cardiac training. Some of the product categories in the home gym exercise equipment market are multi-gymming equipment, strength training equipment, cardiovascular training, and combo training.

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Home Gym Exercise Equipment Market: Competitive Analysis and Key Developments

In the emerging economies, gym closures has pivoted the exponential rise in sales in the home gym exercise equipment market. Afton Fitness Equipment recent disclosed that its sales rose to four times in the two months post-lockdown in May and June in India, when compared to the number in pre-lockdown period. The spectacular sales of home gym exercise equipment during the COVID-19 lockdown has also been for other companies and regions, underpinning the rapid rise in revenue generation in the home gym exercise equipment market.

Treadmill and fitness cycle dealer Sri Raajalashmi Powermax Fitness Equipments has echoed the same euphemism regarding the rise in sales. Similar trends have intensified the competition in the home gym exercise equipment market. Top players are expected to augment their advertising spend. Moreover, they are keen on advancing the functionalities and features in gym exercise equipment. The enthusiasm is so high that in coming months, sales enquiries from residential users will surpass those by institutional and corporate buyers by a large margin.

Home Gym Exercise Equipment Market: Key Trends

Prevalence of obesity and chronic lifestyle diseases is one of the key drivers in the home gym exercise equipment market. The demand for personalized exercise routines has bolstered the prospects further, such as building a specific set of muscles. Increasing discretionary spending on gym memberships and fitness clubs has positively impacted the demand in the home gym exercise equipment market. Rise in virtual gym classes is a particular trend that has spurred the demand.

Focus on weight loss among populations in various demographics is one of the key trends fueling the sales in the home gym exercise equipment market. Growing popularity of elliptical machines is also boosting the home gym exercise equipment market. Growing use of digital cycling bikes and treadmills is bolstering prospects in the market.

Recent massive lockdowns due to COVID-19 has spurred the demand for home gym exercise equipment. In past few months, countries have seen the closure of gyms, and hence subscription amounts have plunged to all-time low. In the wake of this, people are preferring spending sizably on owning home gym exercise equipment. On the other hand, prices of several of the equipment has reinforced the revenue potential in home gym exercise equipment market.

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Home Gym Exercise Equipment Market: Regional Assessment

Key regions where players in the home gym exercise equipment market are seeing growth are Asia Pacific, North America, Europe, and the Middle East and Africa. Of these, Europe has seen a considerable rise in sales and new product launches. Manufacturers’ focus to advance the technology has also cemented prospects in the regional market. The Asia Pacific home gym exercise equipment market is also replete with new opportunities, spurred by rise in virtual gym classes in urban areas in the developing economies.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?