Industry Background:
According to the World Health Organization, cardiovascular diseases is one of the major causes of deaths. Organizations in Europe are promoting a healthy lifestyle through sports activities inculcating gym equipment’s. As a result, an increasing number of individuals are actively engaging in physical activities such as signing up for workout programs and packages or just exercising independently. In this context, Connected gym equipment is manufactured which is basically linked to the internet and taps the cloud-based data such as workout goals, health history, and nutritional habits to create personalized exercise plans and track how an individual is performing in the gym. This equipment allows the user to monitor the workout session in real time and help to improve the performance and collects workout data. Further, the increase in the number of gymnasiums and fitness service providers offering various packages and discounts for weight loss and related programs has propelled the growth of the connected gym equipment market.According to AMA Research, the market for Connected Gym Equipment is expected to register a CAGR of 28.9% during the forecast period to 2027. This growth is primarily driven by Growing Health Concerns and Need for an Active Lifestyle, Increasing Awareness Regarding Regular Physical Activities, Rising Obese Populations and Fitness Enthusiast and High Penetration Rate of Smartphones.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies in Study | Technogym S.p.A (Italy), Precor Incorporated (United States), Les Mills International (India), Johnson Health Tech Co. Ltd. (United States), Life fitness Corporation (United States), IncludeFitness Inc. (United States), Paradigm Health & Wellness Inc.(United States) and eGym GmbH (Germany) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Globally, a noticeable market trend is evident Wi-Fi Enabled Gym Equipment and Adoption of Smart Fitness Wears
. The Leisure Facilities sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Technogym S.p.A (Italy), Precor Incorporated (United States), Les Mills International (India), Johnson Health Tech Co. Ltd. (United States), Life fitness Corporation (United States), IncludeFitness Inc. (United States), Paradigm Health & Wellness Inc.(United States) and eGym GmbH (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In November 2018, eGym partnered with leading fitness software and equipment manufacturers to allow seamless data transfers and for enhanced support. The equipment suppliers for eGym include cardioscan, Fle-xx, MATRIX, SCOTFIT, and InBody. The apps, devices, and test suppliers of the company include Fitbit and Withings.
Market Drivers
- Growing Health Concerns and Need for an Active Lifestyle
- Increasing Awareness Regarding Regular Physical Activities
- Rising Obese Populations and Fitness Enthusiast
- High Penetration Rate of Smartphones
Market Trend
- Wi-Fi Enabled Gym Equipment and Adoption of Smart Fitness Wears
- Rapid Growth in Health Clubs and Gym Centers
- Growing Urbanization Rate and Demand for Fitness Tracking Devices
Restraints
- High Cost of Connected Gym Equipment as Compared to Traditional Gym Equipment
Opportunities
The Upsurge in Disposable Income of Consumers, Improvement in Economic Conditions in Emerging Economies, Rising Number of New Start-Up Gyms and Introduction of New Connected Gym Devices
Challenges
Low Awareness about Connected Gym Equipments in Emerging Economies
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Connected Gym Equipment Study Sheds Light on
The Connected Gym Equipment Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Connected Gym Equipment industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Connected Gym Equipment industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.