SEP 12, 2019: The global connected gym equipment market size is expected to reach USD 5.96 billion by 2025, according to a new report by Radiant Insights, Inc., registering a 31.2% CAGR during the forecast period. Increasing fitness consciousness among people across the globe, along with rapid digitalization of numerous industries at a global level, is driving the market. Smart fitness equipment provide better clarity on the performance of the users by tracking, monitoring, and analyzing their workouts. This has driven the popularity of such devices and equipment among sports enthusiasts and athletes, thereby having a positive impact on market growth.
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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.
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By product, cardiovascular training tools and machines dominated the global 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 one's blood pressure. Rising concerns regarding cardiovascular disorders among adults on a global level as a result of hectic lifestyles and fluctuating climate patterns are expected to promote spending on various exercise equipment. This will give the market for connected gym equipment a significant boost.
On the basis of application, the commercial segment held the largest share of over 80.0% in the global connected gym equipment market in 2018. Health clubs, hospitals, and hotels are key consumers in this segment, which require a wide variety of gym equipment to serve a large number of consumers. 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.
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 the market 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. Organizations such as hotels, schools, high-end condominiums, and offices have been installing fitness centers.
Key competitors 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.
Further key findings from the report suggest:
• The cardiovascular training product segment is expected to grow at the fastest pace due to rising importance of these products in losing weight and building stamina
• In terms of application, the commercial segment held the largest share of over 80.0% in the global connected gym equipment market in 2018. Health clubs, hospitals, and hotels are key consumers in this segment
• Asia Pacific is expected to witness the fastest growth at a CAGR of over 33.0% from 2019 to 2025, fueled by rising health awareness and increasing purchasing power of consumers
• North America dominated the global market owing to the presence of a large number of health clubs in U.S. and Canada
Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Connected Gym Equipment Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
Continued…
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