USD 557.71 million
Connected Gym Equipment Market Size, Share, Growth Analysis, By Type(Cardiovascular training equipment, strength training equipment, and other equipment), By End User(Residential, gym/health clubs, and commercial users), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25J2065 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Connected Gym Equipment Market Insights
Connected Gym Equipment Market size was valued at USD 557.71 million in 2021 and is poised to grow from USD 734.5 million in 2022 to USD 6647.80 million by 2030, at a CAGR of 31.7% during the forecast period (2023-2030).
The global connected gym equipment market is experiencing significant growth due to a combination of factors. These factors include growing health concerns among both youth and adults, the widespread adoption of smartphones, the rise in obesity rates, and the increasing number of gyms and health clubs across the world.
One of the primary drivers of the market is the rising awareness about health and fitness among individuals of all age groups. As health concerns continue to take center stage, more people are seeking convenient ways to monitor and improve their fitness levels. The integration of technology into gym equipment allows users to track their workouts, set goals, and measure their progress, making the fitness journey more engaging and motivating.
The proliferation of smartphones has played a crucial role in the growth of the connected gym equipment market. With smartphones becoming an integral part of daily life, the fitness industry has leveraged this trend by developing applications and platforms that sync with connected gym equipment. This integration enables users to access personalized workout plans, track their exercise routines, and receive real-time feedback on their performance, all through their smartphones. Obesity rates have been on the rise globally, prompting individuals to seek effective ways to manage their weight and overall health.
Connected gym equipment offers features such as customized workout routines and real-time health data, making it an attractive solution for those looking to address obesity-related concerns. The expansion of gym facilities and health clubs, particularly in urban areas, has also contributed to the growth of the connected gym equipment market. As fitness centers aim to provide advanced and interactive workout experiences, they are investing in state-of-the-art equipment that offers connectivity and enhanced functionality. This trend is likely to continue as the demand for fitness services remains robust.
However, it's important to acknowledge the challenges faced by the connected gym equipment market. The high cost associated with smart gym equipment can hinder widespread adoption, especially in price-sensitive markets. Manufacturers and industry stakeholders are working on strategies to address this barrier, such as offering affordable subscription models or leasing options.
US Connected Gym Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
cardiovascular training equipment
Fastest Growth
cardiovascular training equipment
Growth Rate
31.7% CAGR
Global Connected Gym Equipment Market ($ Bn)
Country Share for North America Region (%)
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Connected Gym Equipment Market Segmental Analysis
This global connected gym equipment market is segmented based on type, end user, and region. The type segment includes cardiovascular training equipment, strength training equipment, and other equipment. Based on end user, the market is classified into residential, gym/health clubs, and commercial users. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Connected Gym Equipment Market Analysis By Type
Among the dynamic segments shaping the landscape of the global connected gym equipment market, the cardiovascular training equipment stands out as the largest and most captivating contender. Representing a significant share of the market, cardiovascular training equipment, which includes treadmills, stationary bikes, and elliptical trainers, resonates profoundly with health-conscious individuals seeking efficient ways to enhance their cardiovascular fitness. The allure lies in the seamless fusion of technology with the traditional workout, offering real-time data tracking, personalized workout plans, and immersive virtual experiences. This segment's impressive growth can be attributed to the escalating health concerns and the surge in sedentary lifestyles, compelling individuals to engage in effective yet enjoyable workouts. With an increasing number of people aiming to optimize their heart health and stamina, the cardiovascular training equipment market is poised for continued expansion, both in terms of innovation and adoption, making it a vibrant core of the connected gym equipment industry.
Connected Gym Equipment Market Analysis By End Use
Within the captivating spectrum of end-user segments in the global connected gym equipment market, the gym and health clubs category emerges as the largest and most exciting domain. Encompassing a substantial portion of the market, gym and health clubs cater to the burgeoning population seeking expertly curated fitness experiences. The allure of these establishments lies in their ability to offer a comprehensive package of connected gym equipment, professional guidance, and a vibrant community atmosphere. As fitness trends surge, propelled by the pursuit of healthier lifestyles, the gym and health club segment is positioned to command significant growth. The social appeal of group workouts, combined with the convenience of smart equipment connectivity, provides a compelling narrative for individuals to join these fitness hubs. Furthermore, as health-consciousness continues to permeate societies, the demand for technologically advanced workout solutions within these settings is projected to witness rapid acceleration. The gym and health clubs segment thus stands as an invigorating nucleus of the connected gym equipment market, fostering community-driven wellness in the digital age.
Global Connected Gym Equipment Market By Type
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Connected Gym Equipment Market Regional Insights
In the intricate tapestry of the global connected gym equipment market, North America emerges as the dominating region, setting the pace with its tech-savvy populace and heightened emphasis on health and fitness. With a culture that prizes innovation and wellness, North America commands a substantial portion of the market share. The fusion of cutting-edge technology with fitness regimens resonates deeply in this region, fostering a strong demand for connected gym equipment.
However, it's the Asia-Pacific region that claims the spotlight as the fastest-growing domain, propelled by a confluence of factors. Rapid urbanization, increasing disposable incomes, and a burgeoning awareness of health and fitness are steering individuals toward connected workout solutions. As the pursuit of holistic well-being becomes integral to lifestyles across Asia-Pacific, the market's upward trajectory in this region is infused with potential, making it a captivating canvas of growth and opportunity.
Global Connected Gym Equipment Market By Geography
- Largest
- Fastest
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Connected Gym Equipment Market Dynamics
Connected Gym Equipment Market Drivers
Health and Fitness Awareness
- The growing awareness and concern for health and fitness, driven by the desire for healthier lifestyles, is a major driver for the connected gym equipment market. Individuals are increasingly seeking technologically advanced solutions that offer personalized fitness tracking, real-time data analysis, and interactive workout experiences, aligning perfectly with the capabilities of connected gym equipment.
Rise in Smartphone Adoption
- The widespread adoption of smartphones worldwide has opened up new avenues for the connected gym equipment market. Integration of mobile applications and platforms with gym equipment allows users to seamlessly track their progress, set goals, and receive real-time feedback through their smartphones. This synergy between fitness equipment and smartphones enhances user engagement and motivates individuals to stay committed to their fitness routines.
Connected Gym Equipment Market Restraints
High Initial Costs
- One significant restraint faced by the connected gym equipment market is the high initial cost of smart equipment. Incorporating technology into fitness devices can increase their price substantially, deterring some potential customers, particularly in price-sensitive markets. The initial investment required for connected gym equipment might pose a barrier to entry for individuals or businesses looking to adopt these solutions.
Technical Complexity and Maintenance
- The integration of technology in gym equipment introduces technical complexities that can be challenging for some users to navigate. Maintenance and troubleshooting of these technologically advanced systems can also prove to be cumbersome. If users face difficulties in using or maintaining the equipment, it can lead to dissatisfaction and hinder the market's growth, particularly among less tech-savvy consumers.
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Connected Gym Equipment Market Competitive Landscape
The competitive landscape of the global connected gym equipment market is a dynamic arena marked by innovation, technological prowess, and a relentless drive to redefine fitness experiences. Industry leaders, as well as emerging players, engage in a spirited race to introduce cutting-edge solutions that seamlessly blend fitness and technology. Established brands leverage their extensive experience to enhance user engagement through intuitive interfaces, personalized workout plans, and data-driven insights.
Connected Gym Equipment Market Top Player’s Company Profiles
- Peloton Interactive, Inc. - USA
- Nautilus, Inc. - USA
- Technogym S.p.A. - Italy
- Life Fitness (Brunswick Corporation) - USA
- Precor (Amer Sports Corporation) - USA
- Johnson Health Tech Co., Ltd. - Taiwan
- ICON Health & Fitness, Inc. - USA
- True Fitness Technology, Inc. - USA
- Octane Fitness (Nautilus, Inc.) - USA
- Matrix Fitness (Johnson Health Tech Co., Ltd.) - USA
- Cybex International (Life Fitness) - USA
- Keiser Corporation - USA
- Core Health & Fitness LLC - USA
- Star Trac (Core Health & Fitness LLC) - USA
- HOIST Fitness Systems - USA
- Woodway USA, Inc. - USA
- Concept2 Inc. - USA
- Torque Fitness LLC - USA
- FreeMotion Fitness - USA
- Body-Solid, Inc. - USA
Connected Gym Equipment Market Recent Developments
- In May 2023, Peloton Interactive Inc. made a significant announcement regarding its workforce, revealing plans to reduce its employee count by approximately 20%, translating to 2,800 employees.
- In June 2023, Tonal, a prominent manufacturer of connected weight machines, unveiled a strategic shift in its operational approach.
Connected Gym Equipment Key Market Trends
- Virtual Workouts and Remote Training: The fitness industry has witnessed a surge in virtual workouts and remote training solutions. With the advancement of technology and the rise of connected gym equipment, individuals can now access personalized workout sessions, guided by professional trainers, from the comfort of their homes. This trend was further accelerated by the COVID-19 pandemic, which prompted a shift towards digital fitness experiences. Virtual workouts offer convenience, flexibility, and the ability to tailor fitness routines to individual needs. As a result, fitness companies are investing in interactive platforms and applications that provide real-time feedback, virtual classes, and on-demand workouts, enhancing the accessibility and inclusivity of fitness for a broader audience.
- Health Tracking and Data Analytics: The integration of data tracking and analytics into connected gym equipment is revolutionizing the way individuals approach fitness. Smart devices can monitor various health metrics, such as heart rate, calories burned, and workout intensity, providing users with valuable insights into their progress and performance. This data-driven approach empowers users to set more informed fitness goals and make adjustments based on real-time feedback. Furthermore, fitness companies are using the accumulated data to refine their equipment designs and workout programs, ensuring a more tailored and effective fitness experience. The increasing emphasis on data security and privacy also accompanies this trend, as users seek assurance that their personal health information is handled responsibly.
Connected Gym Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, The global connected gym equipment market is undergoing a transformative journey, spurred by a convergence of technological innovation and heightened health consciousness. With the proliferation of smart devices, the fitness landscape has evolved beyond traditional boundaries, paving the way for a new era of connected gym equipment. This market analysis reveals a tapestry woven with significant growth opportunities and challenges. The soaring demand for seamless integration of technology into fitness routines, along with the allure of personalized workout experiences, propels the market forward. The surge in health concerns and the pursuit of active lifestyles drive consumers to embrace connected equipment that offers real-time tracking, interactive workouts, and data-driven insights. However, the market also contends with hurdles like the high initial costs associated with smart equipment, potentially limiting accessibility in price-sensitive markets. As industry players strive to strike a balance between innovation and affordability, collaborations between fitness and technology companies become pivotal. This partnership yields solutions that redefine fitness engagement, offering holistic wellness ecosystems that cater to a diverse global audience. Amid these dynamics, the global connected gym equipment market continues to shape a future where technology and fitness seamlessly coalesce, promising healthier lives enhanced by digital empowerment.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 557.71 million |
| Market size value in 2031 | USD 6647.80 million |
| Growth Rate | 31.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Connected Gym Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Connected Gym Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Connected Gym Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Connected Gym Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Connected Gym Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Connected Gym Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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