NEW YORK, June 21, 2022 /PRNewswire/ -- The connected gym equipment market share is expected to increase by USD 11.12 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 27%.
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The connected gym equipment market is categorized by Technavio as a part of the global leisure products market. The connected gym equipment market research report provides valuable insights on the post-pandemic impact on the market, which will help companies evaluate their business approaches.
Connected Gym Equipment Market: Key Drivers
The increase in smartphone penetration and the growing demand for connected gym services is driving the connected gym equipment market. Smartphone penetration is increasing globally. South Korea, Israel, the US, Spain, Canada the UK, Australia, Malaysia, Chile, and Germany are the top countries with the highest smartphone penetration rates. The increasing internet speed is impacting the distribution and consumption of various online services. With improved networks, coverage, and innovative technologies (4G/LTE, 3G, or Long-Term Evolution), data consumption globally is increasing. The demand for connected fitness products and connected gym equipment is also increasing. Connected fitness is a rapidly expanding market that begins with tracking physical activity and collecting data and displays through wearable devices, mobile apps, and more. Vendors focus on developing gym equipment that can be connected to an app. For instance, in September 2020, Peloton launched two new products named Bike+ and Tread smart home gym equipment.
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Connected Gym Equipment Market: Key Challenges
The lack of awareness of products and technology is expected to be a major hindrance to the connected gym equipment market during the forecast period. It is difficult for vendors to penetrate developing markets due to the lack of knowledge about smart products and technology among the population. Vendors need to educate the population on the benefits of products in order to penetrate developing markets. Additionally, owing to the price-consciousness in developing countries, individuals tend to compare the cost with regular products rather than features and benefits. The awareness of connected gym equipment is low in developing economies. The demand for connected gym equipment is high in developed countries in the Americas and Europe when compared to developing economies. Most customers still use traditional gym equipment in developing economies. The price of connected gym equipment is also very high when compared with ordinary gym equipment. Owing to the low per-capita income in developing countries, individuals spend less on connected gym equipment, which is priced at a premium rate.
Product Insights and News
The connected gym equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. For instance, Cybex International Inc., a leading vendor, offers connected gym equipment such as the R series total body arc trainer, a motion cardio unit with extreme efficiency, and effectiveness backed by exercise science.
Vendor Insights
The report identifies the following as the dominant vendors in the market:
Connected Gym Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 27% |
Market growth 2021-2025 |
$ 11.12 billion |
Market structure |
Fragmented |
YoY growth (%) |
16.52 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
Europe at 33% |
Key consumer countries |
US, China, Japan, UK, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Cybex International Inc., DJO Global Inc., EGYM Inc., Johnson Health Tech Inc., Life fitness, Nautilus Inc., Precor Inc., SunSai Sports and Fitness, TECHNOGYM Spa, and True Fitness Technology Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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Europe's Contribution to Connected Gym Equipment Market
The emergence of Eastern European countries due to the improvements in living standards and an increase in urbanization is expected to propel the connected gym equipment market growth in Europe over the forecast period. The region is expected to contribute 33% of market growth as countries such as the UK and Spain are the key markets for connected gym equipment. Market growth in Europe is expected to be lower than the growth of the market in other regions.
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Market Segmentation
The connected gym equipment market is divided by product into the cardiovascular training equipment segment and strength training equipment segment. The cardiovascular training equipment segment is expected to be the major contributor to the market during the forecast period. Cardiovascular training equipment like cross-trainers and treadmills have a lower shelf life than strength training equipment. Therefore, the replacement sales of cardiovascular training equipment are higher than that of strength training equipment. Such factors are expected to lead to higher sales of cardiovascular training equipment.
Key Highlights
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library and its client base consist of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email:[email protected]
Website: www.technavio.com/
SOURCE Technavio
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