The global Connected Gym Equipment Market size is expected to
reach USD 5.96 billion by 2025, according to a new report by Grand View
Research, 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.
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.
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.
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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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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