Global Connected Gym Equipment Market 2017-2021
About Connected Gym Equipment
Gym equipment is a device that is used for physical activity to enhance the strength of the individual. Gym equipment or fitness equipment is made of carbon steel, aluminum, and other metal alloys. These metals are preferred because they are durable and light. When gym equipment is connected to an app, that records the workouts of an individual and displays the data about workouts then it is called connected gym equipment. Gym equipment includes treadmills, weight machines, free weights, and elliptical trainers. Connected gym equipment links 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 you're doing in the gym.
Technavio’s analysts forecast the global connected gym equipment market to grow at a CAGR of 44.62% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global connected gym equipment market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Connected Gym Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global connected gym equipment market: eGym, LES MILLS INTERNATIONAL, Life fitness, Precor, and Technogym.
Other Prominent Vendors in the market are: DRAPER, IncludeFitness, IRONMAN Fitness & Paradigm Health & Wellness, Johnson Health Tech, and Nautilus.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is players collaborating with other technology companies for integrating smart features into gym equipment. Most connected gym equipment manufacturing companies are collaborating with technology companies for developing app-based gym equipment. Consumers prefer smart-connectivity gym equipment that monitors the workouts.”
According to the report, one driver in market is premium pricing of connected devices owing to value-added features. Connected gym equipment is priced high when compared to regular traditional gym equipment owing to the value-added connectivity features. For instance, Technogym announced app compatibility with Mapmyfitness and Runkeeper that allows users to experience connectivity between apps and Technogym equipment. Another player, LES MILLS INTERNATIONAL, offers LES MILLS SMARTBAND that suggests a correct technique to use the gym equipment. Due to these additional smart features, the price of these products is high when compared to traditional gym equipment.
Further, the report states that one challenges in market is long repurchase cycle and availability of used products. The replacement period for gym equipment is long. The average lifespan of gym equipment ranges between 8 and 12 years. Due to the higher average lifespan of gym equipment, consumers purchase gym equipment only when required. Consumers usually purchase gym equipment when setting up new gym centers or for their personal use. Gym equipment is meant for long-term use and generally does not require frequent replacements. Most branded gym equipment products have a higher lifecycle and they also offer replacement parts for damaged equipment. Consumers need to incur only maintenance costs for these over the years, which are usually minimal. This reduces the need for frequent purchase of gym equipment, which acts as a major growth barrier in the market.
eGym, LES MILLS INTERNATIONAL, Life fitness, Precor, Technogym, DRAPER, IncludeFitness, IRONMAN Fitness & Paradigm Health & Wellness, Johnson Health Tech, and Nautilus.
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