Global Connected Gym Equipment Market is Expected to Grow at a CAGR of 26.7% by 2024
Date of publication: 23 March 2020
Rising health awareness among consumers worldwide coupled with emerging connected gym equipment technology is the major factor behind the strong growth of connected gym equipments market.
Growing health concerns and rising demand for fitness tracking devices is driving the growth of connected gym equipments market. Connected gym equipments allow the user to monitor the workout session in real time and help to improve the performance and to collect workout data. Rising number of fitness enthusiasts along with emerging technology of connecting their smart phones and tablets to the smart gym equipments to track their performance and fitness activity is the major factor fuelling the growth of global connected gym equipment market. Global connected gym equipment market is expected to expand at a CAGR of 26.7% over the forecast period through 2024.
Connected gym equipment market segmentation has been carried out on the basis of product types such as cardiovascular and strength training connected gym equipments. Cardiovascular gym equipments constitute major share in connected gym equipment market owing to its wide adoption in gyms as well as for use in homes. On the other hand, strength training equipments are not much evolved in terms of technology and are expected to grow moderately with innovation of new products. Global connected gym equipment market size reached USD 135 million in 2016 and further the market is estimated to surpass USD 900 million by the end of 2024.
Geographically, North-America and Europe are showcasing the fastest adoption rate of connected gym equipments. North America is expected to maintain its dominance in global connected gym equipment market over the forecast period owing to rising number of new start-up gyms and introduction of new connected gym devices by the established player in the region. Asia-Pacific is anticipated to be fastest growing region, owing to rapid urbanization and penetration of advance technology in developing countries.
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By Product Type
o Cardiovascular Training Equipment
§ Stationary bike
§ Rowing machine
o Strength Training Equipment
§ Squat Rack.
§ Bench Press.
§ Incline bench press
o Other Equipment
By Distribution Channels
o Offline Channels
o Online Channels
o North America (US, Canada)
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World
Global Connected Gym Equipment Market Outlook 2024” by Goldstein Research contains detailed overview of the global connected gym equipment market in terms of market segmentation by product and distribution channels type.
Further, connected gym equipment market report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. Global Connected Gym Equipment Market report also includes competitive outlook of some of the major players of the global connected gym equipments market which includes profiling of companies such as eGym, Les Mills International, Life Fitness, Precor, Technogym, Draper, Includefitness, Johnson Health Tech, Nautilu etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the connected gym equipments market trends that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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