Connected Gym Equipment Market to grow by USD 4.23 billion from 2023-2028, North America to contribute 34% to the growth - Technavio
NEW YORK, Feb. 6, 2024 /PRNewswire/ -- The global connected gym equipment market size is estimated to grow by USD 4.23 billion from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 29.15% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 34%. North America, particularly the US, leads the connected gym equipment market, fueled by widespread smartphone adoption and internet penetration. Government initiatives promoting physical activity further drive demand, with organizations like the President's Council on Fitness, Sports, and Nutrition advocating for healthy lifestyles. These factors contribute to the region's significant adoption of connected gym equipment, with continued growth expected in the forecast period. Increasing smartphone penetration and growing demand for connected gym services drive the overall growth, says a Senior Automotive Analyst at Technavio.
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Increasing smartphone penetration worldwide, along with the rising demand for connected gym services, are key drivers propelling the connected gym equipment market. With countries like South Korea, Australia, and the US leading in smartphone adoption, improved internet speeds are facilitating widespread access to online services. Market players are innovating by developing gym equipment connected to apps, exemplified by Peloton's Bike+ and Tread products, contributing to market growth projections.
Some of the major companies include Blue Goji Corp., Body Solid Inc., BowFlex, Clmbr, Core Health and Fitness LLC, Draper Inc., EGYM Inc., FightCamp, Hydrow, Icon Health and Fitness Inc., Johnson Health Tech Co. Ltd., Les Mills International Ltd., Life Fitness, MYXfitness LLC, Nortus Fitness, Paradigm Health and Wellness Inc., Peloton Interactive Inc., TECHNOGYM S.p.A, Tonal Systems Inc., and True Fitness Technology Inc.
Technavio has segmented the market based on Product (Cardiovascular training equipment and Strength training equipment), End-user (Residential and Commercial), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The cardiovascular training equipment segment is significant during the forecast period.
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"Compatibility with different mobile operating systems is an emerging trend fueling the growth, however, challenges such as the lack of awareness of product and technology may hamper the growth."
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What are the key data covered in this Connected Gym Equipment Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Connected Gym Equipment Market between 2024 and 2028
- Precise estimation of the Connected Gym Equipment Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Connected Gym Equipment industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Connected Gym Equipment vendors
Technavio's SUBSCRIPTION platform
Smart fitness Solutions
The connected gym equipment industry offers smart fitness solutions with IoT-enabled workout devices and fitness technology. These connected workout devices, including smart exercise machines and fitness tracking devices, are part of the growing trend toward digital fitness solutions. With gym equipment connectivity and wearable fitness tech, the market caters to the increasing demand for health and wellness technology in the fitness industry.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists 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 insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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Website: www.technavio.com
SOURCE Technavio
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