Connected Gym Equipment Market to Reach $1,048 Million, Globally, by Top Companies eGym, Les Mills International, Life fitness, Precor, Technogym, Draper Inc., IncludeFitness Inc., Paradigm Health & Wellness Inc., Johnson Health Tech Co. Ltd., and Nautilu

Improvement in economic condition and growing health concerns are the two key factors that propel the growth of the connected gym equipment market. The growing health awareness and need for an active lifestyle worldwide is a key driver for the growth of the connected gym equipment market. Sedentary lifestyle, changing eating habits have led to various health risks. Therefore, increase in awareness regarding regular physical activity along with good habits to stay healthy, to maintain a youthful appearance, and to reduce healthcare expenditure have raised the demand for smart gym equipment at residential and commercial spaces. In addition, significant count of geriatric population in the developed and developing countries also use unique fitness equipment to improve their cardiovascular conditions. This trend is also significantly driving the market for smartphones, WiFi enabled gym equipment.

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The connected gym equipment market size was valued at $159 million in 2016, and is projected to reach $1,048 million by 2023, growing at a CAGR of 31.1% from 2017 to 2023. Cardiovascular training equipment in the global connected gym equipment market possesses a strong customer base. Demand for cardio equipment equipped with CSAFE connectivity, and compatibility with smartphones, iPod, and iPad is relatively much higher in the developed countries including the U.S., UK, and others. In addition, treadmills and stationary bicycles account for the most widely used type of cardiovascular equipment for weight management and overall body fitness.

Increased adoption of smartphones, rise in health awareness, increase in obese population, and rapid growth in health clubs and gymnasiums drive the growth of the connected gym equipment market. In addition, increased disposable income across developing nations, such as Asia-Pacific and LAMEA is anticipated to create lucrative opportunities for the global connected gym equipment market. However, high cost of connected gym equipment hampers the connected gym equipment market growth.

Asia-Pacific has emerged as one of the largest growing markets in the global connected gym equipment market. Improvement in economic conditions in the region along with growth in disposable income are the key drivers of the market. Economic growth in several countries in LAMEA boosts the market growth. In addition, an increase in the number of millennial is projected to drive the growth of the market. Therefore, the untapped regions in Asia-Pacific and LAMEA possess huge growth prospects in the coming years.

Health clubs or gyms generated the maximum revenue in 2016. Increase in the number of health clubs and gyms significantly drive the world connected gym equipment market. Health clubs drive the market for both cardiovascular and strength training exercises. In the U.S., gym membership rates have witnessed decent increase in the recent years owing to increasing incidence of obesity, with 34,460 clubs and 55 million members in 2015. Increasing health awareness among the population has increased the number of gym goers. Increase in per capita income, increasing urbanization rates, and growing youth population in developing economies are expected to offer lucrative opportunities to market players.

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The U.S. is the largest market of connected gym equipment globally. The country exhibits the highest penetration of cardiovascular equipment across the world on account of high obesity rates and increased health consciousness. Adoption of cardiovascular equipment with advanced features is higher compared to the western European countries. Moreover, the market exhibits rising demand for technologically advanced, high-end home cardiovascular fitness equipment in the region.

The key players in connected gym equipment industry focus to expand their business operations in the emerging countries by adopting various strategies, such as acquisition and contact/agreement. The major players profiled in this report include eGym, Les Mills International, Life fitness, Precor, Technogym, Draper Inc., IncludeFitness Inc., Paradigm Health & Wellness Inc., Johnson Health Tech Co. Ltd., and Nautilus Inc.

Key Benefits for Stakeholders

• This report provides an in-depth analysis of the global connected gym equipment market to identify the potential investment pockets.
• It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
• Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
• Quantitative analysis of the market from 2016 to 2023 is highlighted to recognize the financial competency of the market.
• Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
• Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.

Analyst Review:

Connected gym equipment market is projected to witness a sharp growth in the coming years owing to requirement of smart gym equipment across residential and commercial sector. North America is the largest market for connected gym equipment across the world. A larger base of obese population in the region has led to higher adoption of smart dumbbells, kettlebells, cross trainer, and other equipment. The market is driven by the prevalence of high obesity rates, which has led to greater adoption of connected gym equipment in the region. Rise in obesity rates, increase in health consciousness, and awareness of benefits provided by these smart devices would lead to larger number of new fitness facilities to set up and increase in membership rates. Such factors are expected to boost the requirement of the connected gym equipment market in the region.

Increase in disposable income and rapid economic growth in Asia-Pacific have led to sedentary lifestyles and increased spending on fast foods, leading to unhealthy lifestyles. This has increased the incidence of lifestyle diseases such as obesity, diabetes, heart disease, hypertension, and other bone diseases. Growth in awareness among people about long-term consequences of such diseases has encouraged people to stay fit by working out at gyms and fitness centers. The use of strength training equipment among the youth population is expected to increase at a faster pace in the near future. These factors are anticipated to make Asia-Pacific, the fastest growing regions in the connected gym equipment industry during the forecast period.

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