Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Connected Gym Equipment market.
Trusted Business Insights presents an updated and Latest Study on Connected Gym Equipment Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Connected Gym Equipment market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Connected Gym Equipment Market
The global connected gym equipment market size was valued at USD 888.3 million in 2018. Rapid digitalization of the health and fitness industry has resulted in the utilization of smart machines and devices to exercise. These machines enable users to store, monitor, analyze, and monitor their progress, thereby improving their fitness performance. Furthermore, over the past few years, platforms that integrate sports equipment with coaching software have been witnessing significant demand among sports enthusiasts and athletes across the globe.
Connected gym equipment, machines, and devices can be connected to the internet, allowing them to collect and store data on centralized servers (such as cloud), which is accessible anywhere. Connected gym equipment has gained much traction among health club members, supported by high penetration and ownership of smartphones and accessibility to high-speed internet. A surge of fitness apps around the world has also greatly driven the market. Fitness enthusiasts prefer connected gym equipment as they can connect their smartphones or wearable devices to fitness machines to track their performance. It also provides personalized virtual workout schedules that maximize their efficiency.
Connected gym equipment are expected to find a wide scope for application in urban and semi-urban areas of developing economies like India and China. Rising prevalence of obesity and other weight-related ailments has spurred the fitness products industry. The WHO states that globally, more than 650 million adults were obese in 2016, accounting for 13% of the overall adult population.
On the down side, high cost of connected gym equipment is expected to remain a key factor restricting the growth of the industry. This has encouraged smaller health clubs and in-house users to purchase second-hand products. Technological developments and growing competitiveness among players are expected to drive down prices in the years to come, thereby boosting adoption rates.
Product Insights of Connected Gym Equipment Market
By product, cardiovascular training tools and machines dominated the global connected gym equipment market in 2018, accounting for more than half of the total revenue. Consumers use a wide range of connected cardiovascular devices, such as treadmills, elliptical, arm bikes, upright bikes, rowing machines, and alternative motion machines, in order to lose weight, improve heart health, and lower ones blood pressure. Rising concerns regarding cardiovascular disorders among adults on a global level because of hectic lifestyles and fluctuating climate patterns are expected to promote spending on various gym equipment. This will give the market a significant boost.
Cardio gym equipment have numerous functions, programs, and settings that are often not used effectively. Connected machines allow consumers to gain the benefits of various cardio training programs, which can be personalized based on ones requirements. Consumers can also map their progress through regular cardio tests and make necessary changes to their regimen.
Strength training machines are expected to remain one of the promising segments over the next few years. Connected machines allow consumers to collect and store data in the cloud. They track and measure the amount of weight lifted, number of sets and reps, range of motion, power, and energy expended. In March 2017, Smart Health Clubs, a technology firm, launched the Smart Weight Pin, which tracks consumers workout and collects data from the equipment.
Application Insights of Connected Gym Equipment Market
In 2018, the commercial segment held the largest share of more than 80.0% in the global connected gym equipment market. This segment includes health and fitness clubs, gyms and studios, hotels, and hospitals. These facilities offer access to a wide variety of gym equipment, giving consumers a complete full-body workout. Most health clubs have personal trainers who can train individuals in accordance with their requirements, while also helping them effectively utilize the various facilities a machine offers.
The number of health clubs has been rising steadily over the world, a factor that has given this market a significant boost. For instance, the International Health, Racquet & Sportsclub Association (IHRSA) stated in its global report that as of 2018, it served more than 183 million members across 210,000 clubs around the world. Over the past few years, club owners have been investing significantly in connected gym equipment, considering the increasing adoption of smart devices, to ensure better monitoring. These machines make maintenance easier for operators as they have built-in devices that identify problems and automatically alert technicians.
The household segment is expected to witness the fastest growth, registering a CAGR of 32.0% from 2019 to 2025. High cost of gym and club memberships have been compelling consumers to buy these connected machines for home use. Rising purchasing power of consumers allows them to bear the expense of the initial investment. Furthermore, greater convenience provided by these machines at home turns has driven an increasing number of consumers to opt for this segment.
Regional Insights of Connected Gym Equipment Market
As of 2018, North America dominated the global market, accounting for more than 40.0% of the global revenue. The health and fitness industry in the U.S. has been witnessing significant growth over the past few years. The country reportedly has the highest number of health clubs and memberships in the world, generating significant demand for connected gym equipment in the region. According to the 2017 Health Club Consumer Report by the International Health, Racquet & Sportsclub Association (IHRSA), health club membership in U.S. was at 57.3 million in 2016. In total, around 22.0% of Americans exercised at a health club. Furthermore, emergence of budget-friendly fitness clubs and trends like boutique fitness studios and high-value low-price (HVLP) gyms have been expanding the scope for use of connected exercising equipment in the region.
Asia Pacific is expected to witness the fastest growth at a CAGR of over 33.0% from 2019 to 2025. Rising health awareness, coupled with increasing purchasing power of consumers, is projected to drive demand for connected exercising equipment in this region, particularly in China, Japan, India, and Australia. Over the past few years, the number of large fitness clubs and small and mid-sized gyms have increased significantly in this region. Facilities such as hotels, schools, high-end condominiums, and offices have been setting up gyms and fitness centers to cater to rising demand.
Market Share Insights of Connected Gym Equipment Market
Key players in the industry include Life Fitness; eGym GmbH; Les Mills International; Technogym; Precor Incorporated; Star Trac UK Ltd.; Cybex International; Paradigm Health & Wellness; Johnson Health Tech; Draper, Inc.; and Equinox Fitness. Over the past few years, companies have been actively investing in R&D in order to incorporate connected digital technologies in their gym equipment.
In August 2019, Equinox Fitness announced its plans to launch connected gym equipment that will be offering streaming classes. Manufacturers have also emphasized on product development, promotion, and marketing. For instance, eGym GmbH, a Germany-based company, raised more than USD 19.0 million in funds for product development. The company plans to expand its business in the U.S. with the help of this funding.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Connected Gym Equipment Market Research Report
This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global connected gym equipment market report based on product, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Connected Gym Equipment Market Size, Global Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)
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