The global connected gym equipment market size is projected to reach USD 5.96 billion by 2025, according to Million Insights, registering a CAGR of 31.2 % over the forecast period, 2019 to 2025. Rising health consciousness along with increasing digitalization in gym equipment is anticipated to drive the market growth. Smart gym equipment offers well clarity on the performance by analyzing, tracking, and monitoring workout sessions. Connected gym equipment factor is gaining popularity among athletes and fitness enthusiast is anticipated to have a positive impact on market growth.
The gym equipment are connected to smart devices via internet and allow them to analyze, store and collect data from any location. These equipment are gaining traction among fitness enthusiast due to the high penetration of smart devices with high-speed internet accessibility. The development of several fitness apps for smart devices is also expected to boost market growth over the forecast period.
Among products, in 2018, cardiovascular equipment held the largest market share and accounted for over half of the total market share in terms of revenue. Increasing trend to use several cardiovascular devices including elliptical, rowing machines, arm bikes, upright bikes, and treadmill to lose weight, maintain blood pressure, heart health is anticipated to drive the segment growth. In addition, increasing concern about cardiovascular diseases among adults due to hectic lifestyle and fluctuation in climate is anticipated to promote investing in various gym equipment.
In the application segment of the market, the commercial sector held the largest market share of more than 80.0%, in 2018. This segment included hotels, hospitals, and health clubs. The number of fitness club s is increasing across the world, thereby expected to fuel the market growth in the next few years.
Asia Pacific is projected to grow with the fastest CAGR of more than 33.0% during the forecast period. Increasing the importance of health along with rising purchasing power of individuals is expected to boost the regional market growth, especially in India, China, Australia, and Japan. The increasing number of small as well as large fitness centers is projected to drive the demand for connected gym equipment. Organizations like offices, schools, and hotels are installing a fitness center, thereby expected to spur market growth.
Key players operating in connected gym equipment market are Precor Incorporated; Star Trac UK Ltd.; Equinox Fitness; Cybex International; Les Mills International; Life Fitness; Paradigm Health & Wellness; and Draper, Inc.
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Further key findings from the report suggest:
• The cardiovascular training product segment is projected to grow with the fastest CAGR from 2019 to 2025 owing to increasing importance of this equipment for weight loss and to build stamina.
• In 2018, commercial segment held the largest market share of more than 80.0% of the global market. This segment includes hospitals, hotels, schools and fitness club.
• Asia pacific is projected to grow with highest CAGR of more than 33.0% over the forecast period due to increasing health awareness among people along with rising purchasing power.
• North America held the largest market share, in 2018 due to existence of large number of health clubs in Canada and U.S.
Million Insights has segmented the connected gym equipment market report on the basis of product, application, and region:
Connected Gym Equipment Product Outlook (Revenue, USD Million, 2015 - 2025)
• Cardiovascular Training
• Strength Training
Connected Gym Equipment Application Outlook (Revenue, USD Million, 2015 - 2025)
Connected Gym Equipment Regional Outlook ((Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia