Connected Gym Equipment Market Research Report and Outlook by 2028

The market for connected gym equipment was valued at approximately US$ 510.5 million in 2020 and is anticipated to grow to around US$ 3,472.7 million by 2028, reflecting a compound annual growth rate (CAGR) of 28.1% from 2021 through 2028.

North America leads in the adoption of connected gym equipment compared to other global regions. With the evolving work culture, there is a growing recognition of the significance of physical fitness and exercise. Key factors propelling the growth of the connected gym equipment market in this area include consumer awareness of various product types, the penetration of retailers, disposable income for purchasing advanced connected devices, and competitive pricing strategies.

The connected gym equipment market can be categorized by type and end user. In terms of type, it is divided into cardiovascular training, strength training, and other categories. The cardiovascular training segment is projected to dominate the market share throughout the forecast period. Regarding end users, the market is classified into residential, gym, and other commercial users, with the gym segment being the largest contributor to the connected gym equipment market globally in 2020.

Recent reports indicate that countries such as the United States, India, Brazil, France, Turkey, Russia, the United Kingdom, Italy, Spain, and Germany have been significantly impacted by the COVID-19 pandemic. The pandemic has disrupted industries worldwide, with the global economy suffering severe setbacks in 2020, a trend that may persist into 2021. This disruption has notably affected businesses such as gyms, health and fitness clubs, swimming pools, and hotels, leading to a marked decline in their growth rates, which in turn hampers the expansion of the global connected gym equipment market, as these facilities heavily utilize such products.

As gyms are classified as non-essential services, they have faced stringent government restrictions, resulting in ongoing challenges for nearly a year. The usage of connected gym equipment for both cardiovascular and strength training has seen a significant downturn. Measures such as travel bans, factory closures, border lockdowns, and import-export restrictions aimed at controlling the COVID-19 outbreak have adversely affected the supply chain, production, and sales of essential raw materials required for manufacturing gym equipment. Nevertheless, with gym access limited, many individuals are opting to purchase connected gym equipment for home use to maintain their fitness routines.

The overall size of the connected gym equipment market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide a comprehensive overview and forecast of the connected gym equipment market across all segments. Additionally, it offers insights and projections for the global market segmented by five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Primary interviews with industry stakeholders and experts were also conducted to validate the data and obtain deeper analytical insights. Participants in this process included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders in the connected gym equipment sector.

Key players in the global connected gym equipment market include EGYM, Life Fitness, LES MILLS INTERNATIONAL LTD, Technogym S.p.A, Precor Incorporated, Cybex International, Inc., Johnson Health Tech, Draper, Inc., Nautilus, Inc., and TRUE Fitness Technology, Inc.