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Connected Gym Equipment Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global connected gym equipment products market was valued at USD 11.3 billion in 2023 and is expected to register a CAGR of 11.7% from 2024 to 2031. Connected gym equipment refers to the equipment and machines used in a gym that are connected to the internet and are used to measure the performance of a user. This equipment enables the user to track their performance and compare it with the performance of others. It also allows users to connect with their trainers and coaches remotely.
The increasing availability of smart gyms and the rising trend of fitness and wellness among people are some of the key factors driving the growth of the market. Furthermore, the growing demand for remote monitoring and tracking of health and fitness data is expected to further drive the demand for connected gym equipment. Moreover, the increasing trend of using mobile applications and wearable technologies to monitor health data is expected to contribute to the growth of the market.
The rising trend of personalization in the fitness sector is also boosting the demand for connected gym equipment. For example, in May 2022, Reebok introduced Reebok Flexagon Force, a connected gym equipment with a wide range of personalized fitness experiences. It also enables users to monitor their performance, as well as access pre-programmed and custom workouts. Similarly, in April 2022, Technogym introduced SkillRun, a connected gym equipment that allows users to access personalized training programs.
Furthermore, the rising focus on the development of apps and mobile devices is expected to drive the demand for connected gym equipment. For example, in June 2021, Fitbit and Johnson & Johnson launched a digital health platform, which provides users with access to personalized advice, insights, and tools to help them achieve their health and fitness goals.
However, the high cost of connected gym equipment is a major factor restraining the growth of the market. Furthermore, the presence of stringent government regulations regarding data privacy and security is hindering the growth of the market.
Product Insights
The connected gym equipment segment is projected to register the fastest CAGR of 14.7% over the forecast period. Increasing adoption of connected gym equipment in commercial gyms and health clubs, growing awareness regarding the health benefits associated with connected gym equipment, and availability of various connected gym equipment apps are some of the key factors driving the market growth. According to an article published by the International Health, Racquet & Sportsclub Association (IHRSA), in 2020, 72.4% of gym members have used connected gym equipment. Furthermore, rising trend in the adoption of smart technology and increasing popularity of the internet of things (IoT) in the fitness industry are some of the other factors propelling the growth of the market.
Distribution Channel Insights
The direct sales segment captured the major share of over 41.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards direct sales for connected gym equipment products. According to a study by Grand View Research in 2020, the connected gym equipment market is expected to grow at a CAGR of 10.8%. This trend is attributed to the increasing consumer preference for personalized fitness equipment with advanced connectivity features such as Wi-Fi and Bluetooth, as well as the growing demand for advanced fitness technologies such as fitness tracking and analytics.
The online segment is expected to witness significant growth over the forecast period. The growing penetration of the internet and the rising number of fitness enthusiasts are the major factors driving the growth of the online segment. The increasing trend of online shopping, coupled with the availability of various offers and discounts, is expected to further contribute to the growth of the online segment. Moreover, the increasing number of online shopping stores, such as Amazon and eBay, is expected to fuel the growth of the online segment.
Type Insights
The connected gym equipment products market is segmented based on product type into treadmills, ellipticals, stationary bikes, rowers, strength machines, and others. The treadmills segment dominated the market in 2019 and is expected to maintain its position in the market throughout the forecast period. The increasing demand for treadmills for home workouts due to the COVID-19 pandemic is driving the market growth. The increasing trend of automation and digitization in the gym industry is also driving the growth of this segment.
The ellipticals segment is projected to expand at the highest CAGR of 10.8% from 2020 to 2027. The rising trend of exercising among people due to the increasing awareness about fitness has been driving the market growth of this product. Furthermore, connected gym equipment products enable users to track their workouts and provide guidance, which is driving the demand for these products, thereby propelling the growth of the ellipticals segment.
Regional Insights
North America is expected to dominate the market and accounted for the largest revenue share of over 39.3% in 2022. The presence of key players in the region, such as Peloton, Technogym, and Bowflex, is expected to drive the market demand in the region. The rising awareness among consumers regarding connected gym equipment and the increasing penetration of the internet are also expected to propel the growth of the market in North America. For instance, in April 2021, Peloton launched the Peloton Bike+ in the U.S.
Europe is expected to witness the second-fastest growth in the coming years. The increasing adoption of connected devices among consumers is expected to drive the growth of the market in the region. The rising awareness among consumers regarding the advantages of connected gym equipment is further expected to propel the growth of the market in the region. For instance, in May 2021, Technogym launched the Skillbike in Europe, which helps users to measure and improve their performance.
Financial Projections
In this part of the connected gym equipment products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the connected gym equipment products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a connected gym equipment product business comes from sales of the product as well as subscription fees for the accompanying services. Here you will find a list with a description of each of them and other possible sources of profit such as advertising and sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the connected gym equipment product business running will be described. The list of operating expenses includes research and development costs, marketing expenses, wages, licensing and legal fees, insurance policies, utilities, and others.
Key companies & market share insights
Some of the key companies operating in the connected gym equipment market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Technogym launched Mywellness, a cloud-based platform for connected gym equipment.
– In August 2022, Precor launched the Preva Software Suite, which provides connected gym equipment with access to a wide range of data and analytics.
– In October 2022, Life Fitness launched the LFconnect mobile app, which enables users to track and monitor their performance on connected gym equipment.
Some of the prominent players in the connected gym equipment market include:
– Technogym
– Precor
– Life Fitness
– Nautilus, Inc.
– Core Health & Fitness LLC
– TechnoGym USA
– Cybex International, Inc.
– Johnson Health Tech
– SportsArt Fitness
– Torque Fitness
Global Connected Gym Equipment Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global connected gym equipment products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Exercise Bikes
– Treadmills
– Ellipticals
– Strength Training Equipment
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Consumer
– Commercial
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of Connected Gym Equipment Products Market?
[A]: The growth of the connected gym equipment products market is mainly driven by the increasing demand for connected fitness solutions, rising awareness about health and fitness, and the availability of advanced connected gym equipment products. Additionally, the growing trend of connected fitness and the emergence of the Internet of Things (IoT) in the fitness industry are also expected to boost the connected gym equipment product market during the forecast period.
[Q]: What are the Major Challenges Faced by the Connected Gym Equipment Products Market?
[A]: The connected gym equipment products market faces challenges such as the high cost of connected gym equipment, the privacy and security concerns associated with collecting and storing data, and the lack of proper infrastructure in developing countries.
[Q]: Who are the Key Players in the Connected Gym Equipment Products Market?
[A]: Some of the major players in the connected gym equipment products market include Technogym, NuFit, Life Fitness, Peloton, Cybex International, Styr Labs, Mirror, and Tempo.
[Q]: Which Regions are Expected to be Profitable for the Connected Gym Equipment Products Market?
[A]: North America and Europe are expected to be the most profitable regions for the connected gym equipment products market due to the presence of a large number of fitness centers, the growing focus on health and fitness, and the increasing popularity of connected fitness solutions.
[Q]: What are the Major Trends in the Connected Gym Equipment Products Market?
[A]: Some of the major trends in the connected gym equipment products market include the increasing popularity of connected fitness solutions, the introduction of innovative connected gym equipment products, and the emergence of the Internet of Things (IoT) in the fitness industry.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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