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Connected Gym Equipment Market Overview:
Global Connected Gym Equipment Market Size was valued at USD 0.6 Billion in 2022. The Connected Gym Equipment market industry is projected to grow from USD 1.5 Billion in 2023 to USD 10.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 32.10% during the forecast period (2023 - 2032). People are becoming more and more health concerned, and the health and fitness industry is digitizing quickly, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Connected Gym Equipment Market Trends
Rapid digitization of the health and fitness industry is driving the market growth
The rising digitization of the global health and fitness industry is one of the key factors driving the market's expansion. The industry is also growing as a result of the growth of gyms, fitness clubs, and home fitness centers as well as the general rise in health consciousness. Sports fans and athletes frequently utilize smart wearables and connected gadgets to save, monitor, and analyze health information in order to improve their fitness levels. The inclusion of software-based coaching solutions in athletic products is another factor that fosters growth. The connected machines can track and monitor calories burned, weight lifted, sets and reps completed, range of motion, and more. Additional factors are anticipated to drive the market toward expansion, including rising consumer buying power and increased public awareness of cardiovascular disorders.
Growing smartphone use and increased demand for connected gym services are the main factors driving the growth of the market for connected gym equipment. The use of smartphones is expanding globally. South Korea, Australia, Israel, the United States, Spain, the United Kingdom, Canada, Chile, Malaysia, and Germany are among the top nations with the greatest smartphone penetration rates. The quicker internet has an impact on how many online services are used and distributed. Global data consumption is increasing as a result of improved coverage, more expansive networks, and cutting-edge technologies (3G, 4G, or Long-Term Evolution).
The need for related fitness accessories and gym gear is growing. In the rapidly expanding field of connected fitness, physical activity is first measured before data is gathered via wearable technology, mobile apps, and other channels. Vendors' primary focus is on creating gym equipment that can be connected to an app. In September 2020, Peloton unveiled the Bike+ and Tread smart home fitness devices. Customers may monitor their exercise regimens using the HD-resolution touchscreen display on the Bike+. The market's growth during the projection period will be fueled by these factors. Thus, driving the Connected Gym Equipment market revenue.
Connected Gym Equipment Market Segment Insights:
Connected Gym Equipment: Equipment Type Insights
The global Connected Gym Equipment market segmentation, based on Equipment Type, includes cardiovascular training equipment, strength training equipment, and others. Cardiovascular training tools and equipment led the global market in 2022, accounting for more than half of the total revenue. It is anticipated that there will be more concern worldwide about cardiovascular ailments among adults due to busy lifestyles and changing climatic patterns. This will probably result in higher costs for numerous pieces of fitness gear. The demand for connected fitness equipment will dramatically rise as a result.
Connected Gym Equipment Connectivity Type Insights
The global Connected Gym Equipment market segmentation, based on Connectivity Type, includes bluetooth, Wi-Fi, ethernet, RFID/NFC, and others. The Bluetooth sub-segment, which also accounted for the largest revenue share, dominated the market in 2022. This is a result of Bluetooth technology's advancement and growing use in fitness equipment.
Connected Gym Equipment Distribution Channel Insights
The global Connected Gym Equipment market segmentation, based on Distribution Channel, includes online and offline. The offline sub-segment dominated the connected gym equipment market in 2022 and held the largest global market share. This is partly due to the fact that having a wide array of brands in one physical area provides buyers a sense of security and brand confidence.
Connected Gym Equipment End User Insights
The global Connected Gym Equipment market segmentation, based on End User, includes residential, gyms and health clubs, and commercial. In 2022, the commercial sector accounted for the greatest proportion of the market for connected gym equipment globally. Key users in this market include health clubs, hospitals, and hotels, which need a wide range of gym equipment to accommodate a big number of customers. Globally, the number of health clubs has been continually growing, which has significantly boosted this market. For instance, according to the International Health, Racquet & Sportsclub Association's (IHRSA) 2018 global report, the organization served more than 183 million members at 210,000 clubs worldwide.
Figure 1: Global Connected Gym Equipment Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Connected Gym Equipment Regional Insights
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. In 2022, the North American connected gym equipment market dominated the global market and held the biggest market share. The degree of consumer product knowledge, the desire to invest in state-of-the-art connected equipment, retailer penetration, and product price are all significant factors in the growth of the connected gym equipment market in this region. Further, In the North American area, the U.S. Connected Gym Equipment market had the biggest market share, while the Canada Connected Gym Equipment market had the quickest rate of expansion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL CONNECTED GYM EQUIPMENT MARKET SHARE BY REGION 2022 (%)
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
During the projected period, the European market for connected gym equipment is anticipated to expand at a respectable clip. Due to increased health awareness income, the market in the area is anticipated to grow. Offices, hotels, colleges, and upscale condominiums all offer gym facilities in response to the rising client demand for them. It is anticipated that a significant market share will come from Germany, the U.K., Spain, and Italy. Further, In the European region, the German Connected Gym Equipment market had the biggest market share, and the U.K. Connected Gym Equipment market had the quickest rate of growth.
Asia Pacific Connected Gym Equipment market is projected to exhibit the fastest growth over the forecast period. The market in this area, particularly in China, Japan, India, and Australia, is expected to be driven by rising health awareness and rising consumer spending power. Large fitness clubs and small to mid-sized gyms have both grown in number in this area during the last few years. Fitness facilities have been installed in a variety of establishments, including hotels, offices, high-end residences, and schools. Further, In the Asia-Pacific region, the Indian Connected Gym Equipment market had the quickest rate of growth while China's Connected Gym Equipment market had the greatest market share.
Connected Gym Equipment Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Connected Gym Equipment market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Connected Gym Equipment sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Connected Gym Equipment sector. Major players in the Connected Gym Equipment market, including Brunswick Corporation, Core Health & Fitness LLC, Draper Inc., EGYM, Johnson Health Tech Co. Ltd., Les Mills International Ltd., Nautilus Inc., Paradigm Health & Wellness, Precor Incorporated (Peloton Interactive Inc.), Technogym S.p.A and TRUE Fitness Technology Inc., are attempting to increase market demand by investing in research and development operations.
A marketer, developer, and manufacturer of fitness and health goods, Nautilus Inc. (Nautilus) offers attachments for equipment for strength and cardio. It uses a vast network of independent and specialty stores to distribute its products. The company's product portfolio includes accessories, home gyms, weight benches, dietary supplements, and equipment for both cardio and strength training, including treadmills, ellipticals, exercise bikes, dumbbells, kettlebells, and barbells. The websites schwinnfitness.com, nautilus.com, bowflex.com, and bowflex.ca are examples of online sellers. In September 2022, Nautilus, Inc. will release the New Bowflex® BXT8J Treadmill with JRNY® Adaptive Fitness App.
The Johnson Health Tech Co., Ltd. manufactures and markets a variety of workout equipment for both professional and home use. The company's product line includes steppers, ellipticals, air rowers, recumbents, uprights, and treadmills. Johnson Health Tech has distributors all around the world. Former JHT distributor Johnson Health Tech (JHT) declared in June 2022 that it had purchased Cravatex Brands Limited's fitness division. JHT is currently the first workout equipment producer in India to have a wholly-owned subsidiary as a result.
Key Companies in the Connected Gym Equipment market include
· Brunswick Corporation
· Core Health & Fitness LLC
· Draper Inc.
· EGYM
· Johnson Health Tech Co. Ltd.
· Les Mills International Ltd.
· Nautilus Inc.
· Paradigm Health & Wellness
· Precor Incorporated (Peloton Interactive Inc.)
· Technogym S.p.A
· TRUE Fitness Technology Inc.
Connected Gym Equipment Industry Developments
January 2020: Apple and Gym entered a partnership. The agreements aim to strengthen the link between the Apple Watch experience and the gym experience by tying the Apple Watch's activity data to gym reward schemes.
June 2020: For $500 million, the fitness clothing business lululemon athletica purchased the in-home fitness content streaming platform Mirror.
Connected Gym Equipment Market Segmentation:
Connected Gym Equipment: Equipment Type Outlook
· Cardiovascular Training Equipment
· Strength Training Equipment
· Others
Connected Gym Equipment Connectivity Type Outlook
· Bluetooth
· Wi-Fi
· Ethernet
· RFID/NFC
· Others
Connected Gym Equipment Distribution Channel Outlook
· Online
· Offline
Connected Gym Equipment End User Outlook
· Residential
· Gyms and Health Clubs
· Commercial
Connected Gym Equipment Regional Outlook
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- U.K
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Connected Gym Equipment Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 0.6 Billion |
|
Market Size 2023 |
USD 1.5 Billion |
|
Market Size 2032 |
USD 10.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
32.10% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Equipment Type, Connectivity Type, Distribution Channel, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Brunswick Corporation, Core Health & Fitness LLC, Draper Inc., EGYM, Johnson Health Tech Co. Ltd., Les Mills International Ltd., Nautilus Inc., Paradigm Health & Wellness, Precor Incorporated (Peloton Interactive Inc.), Technogym S.p.A and TRUE Fitness Technology Inc. |
|
Key Market Opportunities |
Increasing expenditure capacities of the consumers |
|
Key Market Dynamics |
Rapid digitization of the health and fitness industry and the rising health consciousness among the masses |
The global Connected Gym Equipment Market was valued at USD 0.6 billion in 2022, and it is estimated to reach USD 10.6 billion by 2032.
The global market is projected to grow at a CAGR of 32.10% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Brunswick Corporation, Core Health & Fitness LLC, Draper Inc., EGYM, Johnson Health Tech Co. Ltd., Les Mills International Ltd., Nautilus Inc., Paradigm Health & Wellness, Precor Incorporated (Peloton Interactive Inc.), Technogym S.p.A and TRUE Fitness Technology Inc.
The Cardiovascular Training Equipment Type dominated the market in 2022.
The Buetooth Connectivity Type had the largest share in the global market.
Report Code :
RL65108
Published on :
Aug 2023
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