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The report includes a comprehensive outlook on the Connected Gym Equipment Market, offering forecasts for the industry segmented by Product, which comprises cardiovascular training equipment and strength training equipment. Additionally, it categorizes End-user into residential and commercial, and covers Geography regions, including North America, Europe, APAC, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments. It also includes an in-depth analysis of increasing smartphone penetration and growing demand for connected gym services, compatibility with different mobile operating systems, and lack of awareness of gym-related products and technology.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Connected Gym Equipment Market. One of the major companies in the market include:
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Blue Goji Corp., Body Solid Inc., BowFlex, Clmbr, Core Health and Fitness LLC, Draper Inc, FightCamp, Hydrow, Icon Health and Fitness Inc., Johnson Health Tech Co. Ltd., Les Mills International Ltd., Life Fitness, MYXfitness LLC, Nortus Fitness, Paradigm Health and Wellness Inc., Peloton Interactive Inc., TECHNOGYM S.p.A, Tonal Systems Inc., and True Fitness Technology Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing smartphone penetration and growing demand for connected gym services are notably driving the connected gym equipment market growth. Smartphone penetration across the globe is growing. South Korea, Australia, Israel, the US, Spain, the UK, Canada, Chile, Malaysia, and Germany are the top countries with the highest smartphone penetration rates. The increasing internet speed is impacting the distribution and consumption of various online services. With improved networks, coverage, and innovative technologies (3G, 4G/LTE, or Long-Term Evolution), data consumption across the world is increasing.
Furthermore, market players are focusing on developing gym equipment that can be connected to an app. For instance, in September 2020, Peloton launched two new products named Bike+ and Tread smart home gym equipment. Bike+ is equipped with an HD-resolution touchscreen display, which allows users to monitor their fitness activities. Thus, such factors will drive the growth of the market during the forecast period.
Compatibility with different mobile operating systems is the primary trend in the connected gym equipment market. The growing technology enables people to use their smartphones and tablets to track their fitness activities, such as the number of calories burnt. That is regardless of the brand and operating system of the devices. With the help of smart connected devices, smartphones and tablets can reduce the complexity of managing various devices from different places.
Moreover, the connected gym equipment products developed by various market players are compatible with different mobile operating systems, such as Android and iOS. Users can download these apps that connect to the various gym equipment from Android and iOS app stores or from the company websites directly. These market players offer Android and iOS apps that can be connected to gym equipment to track the daily fitness activities of the users. Therefore, these factors will further drive market growth during the forecast period.
Lack of awareness of product and technology is a major challenge impeding the connected gym equipment market growth. Market players find it difficult to penetrate developing markets due to the lack of knowledge about smart products and technology among the population. To penetrate developing markets, vendors need to educate the population on the benefits of products. Additionally, due to the price-consciousness in developing countries, individuals tend to compare the cost with regular products rather than features and benefits.
Furthermore, in developing economies, most customers still use traditional gym equipment. The price of connected gym equipment is also very high when compared with ordinary gym equipment. Due to the low per-capita income in developing countries, individuals spend less on connected gym equipment, which is priced at a premium rate. Such factors will hamper the growth of the market during the forecast period.
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The cardiovascular training equipment segment will account for a major share of the market's growth during the forecast period.?Cardiovascular training equipment such as treadmills and cross-trainers have a lower shelf life than strength training equipment. Therefore, the replacement sales of cardiovascular training equipment are higher than those of strength training equipment, leading to higher sales of cardiovascular training equipment. The cardiovascular training equipment segment was valued at USD 419.62 million in 2018. Increasing health awareness among consumers is driving the segment's growth. The growth of the geriatric population, a lack of proper and nutritious diets, high obesity rates among all age groups, and the prevalence of cardiovascular diseases due to hectic lifestyles are making people more aware of the need for physical fitness. Thus, such factors will lead to the growth of the cardiovascular training equipment segment in the market during the forecast period.
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The Connected Gym Equipment Market is segmented by end-user into two categories such as residential, and commercial
North America is estimated to contribute 34% during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is the largest market for connected gym equipment. The US is the largest market for connected gym equipment in North America. The growing adoption of smartphones and Internet penetration is driving the demand for connected gym equipment in North America.
Moreover, the government in the US also encourages consumers to undertake physical activities at workplaces. The Presidents Council on Fitness, Sports, and Nutrition is an organization that works to improve people's health. It helps educate people about healthy living and conducts workshops and programs for the American population. Thus, such factors will enable the adoption of connected gym equipment during the forecast period.
Connected Gym Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.15% |
Market Growth 2024-2028 |
USD 4,226.95 million |
Market structure |
Fragmented |
YoY growth (%) |
28.55 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key consumer countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Blue Goji Corp., Body Solid Inc., BowFlex, Clmbr, Core Health and Fitness LLC, Draper Inc., EGYM Inc., FightCamp, Hydrow, Icon Health and Fitness Inc., Johnson Health Tech Co. Ltd., Les Mills International Ltd., Life Fitness, MYXfitness LLC, Nortus Fitness, Paradigm Health and Wellness Inc., Peloton Interactive Inc., TECHNOGYM S.p.A, Tonal Systems Inc., and True Fitness Technology Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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