iCrowd Newswire – Sep 4, 2020
The Global Market for Connected Gym Equipment is forecast to reach $568.3 million by 2025, growing at a CAGR of 14.8% from 2020 to 2025. The market growth is attributed to the factors such as growing concerns for health and fitness, higher purchasing power, and others. Moreover increasing number of fitness clubs or gyms is also propelling the market growth.
By Equipment Type- Segment Analysis
Cardiovascular Training Equipment segment held the highest market share of connected gym equipment in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. Cardiovascular Training Equipment includes elliptical trainers, rowing machines, stair steppers, stationary cycles, treadmills and other.
A rise in demand for treadmills at both exercise centres and homes is projected to fuel market growth owing to its benefits such as weight control, core power and increased joint stability. Additionally, the treadmills often provide the patients with blood pressure and heart rate control apps. Furthermore, elliptical machines is witnessing a strong demand in the connected gym equipment market as it lets end users improve strength and stamina and encourages them to reach a different muscle group. The versatility that elliptical machines provide to conduct continuous aerobic workout and high-intensity fitness fuel the market growth.
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By End User Type- Segment Analysis
Connected gym equipment market is segmented into Residential, Health Clubs/Gyms, and Commercial Users, others on the basis of end user type. Health Club/Gym segment is anticipated to witness the significant market growth during the forecast period 2020-2025. This segment makes it easier for clients to access a wide range of gym equipment, providing a complete full-body workout. Many health clubs have personal trainers that can teach individuals according to their desires, while also allowing them to fully use the different facilities provided by a system. Health clubs tend to leverage “the cloud” more and more every day by linking to a variety of apps, promoting community interactivity, and collecting valuable data. With the help of digital technologies these data are collected that are essential for asset management, quality of exercise equipment, and others. As the cloud importance resides in its capacity to capture, organize and, most critically, utilize data to produce actual outcomes, product manufacturers including big players including Precor, Technogym, and Life Fitness have been and will continue to be driven on by innovation.
Geography – Segment Analysis
North America region held the highest market share in 2019 and is anticipated to witness significant market growth during the forecast period 2020-2025 by offering growth opportunities to market vendors. The degree of knowledge regarding various products accessible, willingness to spend on advanced connected equipment, retailer penetration, and product pricing significantly drive the growth of connected gym equipment market in this region. The US, Canada are the main markets in this region for connected gym equipment. In April 2019, connected fitness company Tonal has raised $45 million in Series C funding, bringing the company’s total funding to $90 million. Tonal offers a special connected exercise machine with AI-powered fitness software, all focused on the goal of strength training. In December 2018, Precor entered into a partnership with Blink Fitness to enhance gym experience through high-tech advancements. Known for its insightful and creative product strategy, which allows conventional workout equipment a luxury experience, Precor offers a highly personal and validated workout knowledge through experience design. In July 2018, Garmin entered into a partnership with Gold’s Gym, with exercise data from the company’s smart watches set to be displayed in real-time through the AMP training app. Such partnerships and investments boosts the market growth.
Drivers – Connected gym equipment market
Growing concerns regarding health and physical fitness
Insufficient physical activity is one of the leading risk factors for death worldwide. Insufficient physical activity is a key risk factor for non-communicable diseases (NCDs) such as cardiovascular diseases, cancer and diabetes. Physical activity has significant health benefits and contributes to prevent NCDs thereby propelling the market growth.
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Challenges – Connected gym equipment market
High cost of smart equipment
With the technological advancements, equipment are also upgraded. Consequently, high cost of smart equipment hampers the market growth in region with low per capita income. Cost factor, thereby, matters for the market growth in developing countries with people having low purchasing power.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the connected gym equipment market. As of 2019, the market for connected gym equipment market is consolidated with the top players including 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 among others.
In January 2020, Apple entered into a partnership with Gym. The partnerships aim to knit the gym experience and the Apple Watch experience more closely together by connecting the Watch’s activity data to gym reward programs.
In June 2020, Exercise apparel company lululemon athletica acquired Mirror, an in-home fitness-content-streaming platform, for $500 million. Mirror can strengthen its position and accelerate its growth through leveraging the great relationships that lululemon has to reach new audiences through its brands, ambassadors and communities, as well as the tools of the organization, including its distribution network and e-commerce channels.
The size constraint mainly for bulk workout devices, such as massage chair, stationary cycle, aerobic simulator and cross that cannot be accommodated in homes leverages a positive impact on the increment of start-up gyms, wellness centres and community clubs around the world.
North America region held the highest market share in 2019 and is anticipated to witness significant market growth during the forecast period 2020-2025. The market growth is owing to the people having high purchasing power, presence of developed countries as well as market players in this region.
Related Reports :
A. Wearable Fitness Technology Market
B. Smart Fitness Market
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