The connected gym equipment market was valued at US$ 510.5 million in 2020 and is projected to reach US$ 3,472.7 million by 2028; it is expected to grow at a CAGR of 7.03% during 2020-2028.
North America is the region with maximum usage of connected gym equipment as compared to other regions. Considering current work culture, people are understanding the importance of exercise and physical activity. The extent of knowledge about various types of products, retailer penetration, capacity to spend on latest connected equipment, and product pricing are the significant factors that drive the connected gym equipment market in this region.
The connected gym equipment market is segmented into type and end user. Based on type, the market is segmented into cardiovascular training, strength training, and others. The cardiovascular training segment is expected to hold the largest market share during the forecast period. In terms of end user, the market is segmented into residential, gym, and other commercial user. In 2020, the gym segment led the connected gym equipment market globally.
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.
The overall connected gym equipment market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the connected gym equipment market with respect to all the segments. It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the connected gym equipment market.
Major players operating in the global connected gym equipment market include EGYM; Life Fitness; LES MILLS INTERNATIONAL LTD; Technogym S.p.A; Precor Incorporated; Cybex International, Inc.; Johnson Health Tech; Draper, Inc.; Nautilus, Inc.; and TRUE Fitness Technology, Inc.
Reasons to Buy
North America is the region with maximum usage of connected gym equipment as compared to other regions. Considering current work culture, people are understanding the importance of exercise and physical activity. The extent of knowledge about various types of products, retailer penetration, capacity to spend on latest connected equipment, and product pricing are the significant factors that drive the connected gym equipment market in this region.
The connected gym equipment market is segmented into type and end user. Based on type, the market is segmented into cardiovascular training, strength training, and others. The cardiovascular training segment is expected to hold the largest market share during the forecast period. In terms of end user, the market is segmented into residential, gym, and other commercial user. In 2020, the gym segment led the connected gym equipment market globally.
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.
The overall connected gym equipment market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the connected gym equipment market with respect to all the segments. It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the connected gym equipment market.
Major players operating in the global connected gym equipment market include EGYM; Life Fitness; LES MILLS INTERNATIONAL LTD; Technogym S.p.A; Precor Incorporated; Cybex International, Inc.; Johnson Health Tech; Draper, Inc.; Nautilus, Inc.; and TRUE Fitness Technology, Inc.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Connected gym equipment market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global automated waste collection system market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction
3. Research Methodology
4. Connected Gym Equipment Market Landscape
5. Connected Gym Equipment Market - Key Industry Dynamics
6. Connected Gym Equipment Market - Global Market Analysis
7. Connected Gym Equipment Market Analysis - By Type
8. Connected Gym Equipment Market Analysis - By End-user
9. Connected Gym Equipment Market - Geographic Analysis
10. Connected Gym Equipment Market- COVID-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- EGYM
- Life Fitness
- LES MILLS INTERNATIONAL LTD
- Technogym S.p.A
- Precor Incorporated
- Cybex International, Inc.
- Johnson Health Tech
- Draper, Inc.
- Nautilus, Inc.
- TRUE Fitness Technology, Inc.
