Publication Month: May 2021 | Report Code: TIPRE00007481 | No. of Pages: 145 | Category: Electronics and Semiconductor | Status: Published
Rise in fitness and health awareness is boosting the demand for connected gym equipment. The connected gym equipment is gaining popularity as it collects and stores data on the server, which is accessible from anywhere. Fitness clubs are adopting the latest technology for attracting new customers, which is boosting the demand for connected gym equipment. However, small health clubs are unable to upgrade their system due to its high cost, which is the key hindering factor for the growth of the connected gym equipment market.
According to the latest reports, the US, India, Brazil, France, Turkey, Russia, the UK, Italy, Spain, and Germany are among the worst affected countries by the COVID-19 pandemic. The COVID-19 pandemic has affected the industrial sector worldwide. The global economy took the worst hit in 2020, and this may even continue in 2021. This situation has created noticeable disturbances in the business of gyms, health and fitness clubs, swimming pools, and hotels. A serious decline in the growth rate of mentioned businesses is affecting the growth of the global connected gym equipment market as they use these products to a larger extent.
Since gyms are categorized under non-essential services, governments have put serious restrictions on them, and they are facing serious issues from almost a year now. Use of connected gym equipment for cardiovascular training and strength training has experienced a sharp decline. Travel bans, factory shutdowns, border lockdowns, and import-export restrictions to combat the outbreak of COVID-19 have impacted the supply, production, and sales of various raw materials that are needed for the manufacturing of gym equipment. However, as people cannot go to gyms, some of them are preferring to buy residential connected gym equipment for continuing their workout routine.
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People have different schedules according to their professions. General timings in gyms and health clubs may not be suitable for every customer. Also, the user’s timing and trainer’s timing should match for the workout session. There lies a great opportunity in designing and manufacturing affordable connected gym equipment for residential use as users are inclining toward privacy and convenience. Demand for smart fitness equipment is increasing in developed as well as developing countries. These majorly include countries from North America, Europe, and Asia-Pacific. Also, disposable household income is increasing noticeably in many developing countries.
Considering buying capacity and space available at home, manufacturers have also got an opportunity for customization of smart equipment and machines, which will significantly increase the demand for mid-price segment connect gym equipment.
Based on type, the connected gym equipment market is segmented into cardiovascular training, strength training, and others. The cardiovascular training segment dominated the market. The cardio gym equipment contains various programs, features, and settings that are often not utilized effectively. Connected machines help the users to achieve the advantages of various cardio training programs that can be customized as per an individual’s need.
Based on end user, the connected gym equipment market is segmented into residential, gym, and other commercial user. The gym segment continues to hold a significant share in the market, owing to increasing health awareness and growing digitalization in gym equipment. Moreover, there are some exercises that can happen better at gym instead of home.
|Market Size Value in||US$ 510.55 million in 2020|
|Market Size Value by||US$ 3,472.69 million by 2028|
|Growth rate||CAGR of 28.1% from 2021 to 2028.|
|Forecast Period||2021 to 2028.|
|No. of Pages||145|
|No. of Tables||61|
|No. of Charts & Figures||71|
|Historical data available||Yes|
|Segments covered||Type and End-User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The players operating in the connected gym equipment market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In 2021, Peloton announced that it has officially closed the acquisition of Precor, one of the largest global commercial fitness equipment providers with a significant US manufacturing presence. With this acquisition, Peloton establishes its US manufacturing capacity and anticipates boosting research and development capabilities with Precor's highly-skilled team and accelerating Peloton's penetration of the commercial market.
In 2020, Matrix Fitness, one of the world’s fastest-growing commercial fitness brands, changed the way the fitness industry thinks about slat-belt treadmills by introducing their thoughtfully designed Performance Plus Treadmill. The reimagined treadmill provides an exceptional running experience through unmatched performance for facilities that want to differentiate their offering with a product that outlasts traditional designs. Fitness facility owners and managers will be able to get their first look at the Performance Plus Treadmill at the 2020 IHRSA and FIBO industry trade shows.
The List of Companies - Connected Gym Equipment Market