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Connected Gym Equipment Market Growth, 2025 | Industry Report

Connected Gym Equipment Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619847  |  Published: June 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Sporting Goods & Equipment  |  Publisher: Grand View Research

Industry Insights

The globally connected gym equipment market size was valued at USD 888.36 million, in 2018 and is anticipated to grow at an exponential CAGR of 31.2% over the forecast period, from 2019 to 2025. Rapid digitalization in fitness equipment has led to increasing utilization of smart devices and machines for exercises. These machines help users to analyze and monitor their progress, thereby improves their performance. In recent years, sports equipment along with coaching software is gaining popularity among athletes and sports enthusiasts across the world.

Gym equipment enables users to connect with the internet and allows them to store data on cloud servers, which can be accessed anywhere. This equipment gained more traction among fitness club members that supports smartphones along with high-speed internet. The increasing popularity of fitness apps is expected to surge the market growth. This equipment is highly used by fitness enthusiasts, as it can connect to wearable devices and allow them to track their performance. Further, it offers a personalized virtual workout to maximize energy.

U.S. connected gym equipment marketConnected gym equipment has a wide range of applications in semi-urban and urban areas of economically developing countries. The increasing prevalence of obesity is a key factor to drive forward industry growth. The WHO reported that, in 2016, over 650 million people were obese, which was around 13% of the total adult population, globally. However, the high cost of this equipment is expected to restrain the growth of the market. This factor encouraged the small fitness club as well as in-house consumers to buy second-hand equipment. Intense competition and technological advancement are projected to boost the demand for this product in the next few years.

Product Insights

Among products, cardiovascular training equipment dominated the connected gym equipment market and held the largest market share, in 2018. This segment includes several cardiovascular devices like arm bikes, elliptical, treadmill, and rowing machines to maintain heart health, lose weight and maintain blood pressure. The increasing number of cardiovascular diseases among adults due to busy lifestyles along with climate changes is anticipated to encourage people to spend on this equipment.

Strength training equipment is projected to have potential growth over the forecast period. This connected equipment allows the consumer to store and collect data on the server. They are highly beneficial for measure and track sets and reps, amount of calorie burn, and cardio level achieved. In 2017, a technology firm Smart Health Club introduced the smart weight pin, which tracks workouts and maintains the data from equipment.

Application Insights

In the globally connected gym equipment market, the commercial application accounted for the largest market share of over 80.0%, in 2018. Hospitals, hotels, gyms, and fitness centers are included in this segment. This facility gives a wide range of gym equipment and offers full bodywork out. Most health clubs have trainers who train people according to their requirements and help them to utilize all facilities of machines effectively.

The number of fitness centers is growing across the world, which is expected to boost the growth of the market. In addition, several club owners are investing significantly in advanced gym equipment to attract more consumers by offering more facilities. Moreover, these machines are very easy to maintain for operators, as devices built-in equipment easily find the problems and alert to technicians.

Global connected gym equipment marketOn the other hand, the household sector is anticipated to witness the highest growth rate of 32.0% over the forecast period. The high cost of club membership is enforcing the consumers to buy connected exercise equipment at home. Increasing disposable income allows the consumer to spend on the initial investment. Moreover, the greater convenience offered by these machines at home led to augment the growth of this segment.

Regional Insights

In 2018, North America dominated the market in terms of revenue, accounting for more than 40.0%. The health & fitness industry is witnessing considerable growth in the U.S. in recent years. The country has some of the leading gym franchises in the world like Gold's Gym International, Inc. and Anytime Fitness has a presence across the globe. This has resulted in a high revenue share in the region. In 2017, according to Health Club Consumer Report, around 22.0% of people used to go to health centers. In addition, the development of the fitness center with affordable fees, discounts, and high-value low-price (HVLP) gyms is expected to promote demand for these products.

The Asia Pacific is projected to have the fastest growth rate of more than 33.0% over the forecast period, 2019 to 2025. Increasing health awareness income is anticipated to drive the growth of the market in the region. China, Australia, Japan, and India are expected to contribute significant market share due to the growing number of fitness centers owing to rising health awareness among consumers Offices, hotels, schools, and high-end condominiums are offering gym facilities to fulfill customer demand.

Connected Gym Equipment Market Share Insights

Key manufactures include in the market are Les Mills International; Star Trac UK Ltd.; Draper, Inc.; Johnson Health Tech; Equinox Fitness; Cybex International; Paradigm Health & Wellness; Precor Incorporated; and Life Fitness. The companies are investing in R&D to innovate technologically advanced gym equipment. For example, in 2019, Equinox Fitness launched connected gym equipment, which offers streaming classes.

The manufacturers are majorly concentrating on product development, marketing, and promotional activities. For example, the German company eGym GmbH invested more than USD 19.0 million for product innovation and development. The company has planned to expand its business in the U.S.

Report Scope

Attribute

Details

The base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Germany, U.K., China, Japan, Brazil, Saudi Arabia

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of the customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the globally connected gym equipment market report based on product, application, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Cardiovascular Training
    • Strength Training
    • Others

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Household
    • Commercial

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • U.K.
        • Germany
    • the Asia Pacific
        • China
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa
        • Saudi Arabia

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