The smart home gym equipment market is anticipated to grow at a significant CAGR of 9.2% during the forecast period. Smart home gym equipment stores, monitor, and analyze the progress in the fitness of users at the comfort of home. The growth in the market can be majorly attributed to the growing health concerns coupled with the increasing desire among young and adults for the toned body. Additionally, the increasing penetration of IoT and various smart devices especially across the developing regions is paving the way for the smart home gym equipment market expansion. Apart from this, the increasing incidences of obesity among all age groups are also driving the adoption of smart home gym equipment.

The COVID-19 pandemic has surged the demand for gym equipment at home, as the gyms in various countries were closed during the lockdowns introduced by the governments of different nations (with different timelines). Moreover, gyming with wearing a mask is not feasible for most people. Hence, people are opting for gyming from home. Furthermore, the integration of gym equipment with various coaching software is also providing good growth opportunities to the home gym equipment market. However, the high cost associated with the smart gym equipment will limit the expansion of the market in countries with low disposable income. In addition to this, the limitation of space at home to store various bulky gym equipment will also hamper the growth of the market.

Segmental Outlook 

The global smart home gym equipment market is segmented based on product type and distribution channels. Based on the product type, the market is sub-segmented into treadmills, cycling machines, rowing machines, and others. The other segment contains a virtual fitness trainer, walking peddles, dumbbell among others. Further, based on the distribution channel, the market is bifurcated into online and offline channels.

The treadmill segment will grow at a considerable rate

The treadmill segment is anticipated to grow with a significant CAGR in the smart home gym equipment market during the forecast period. The treadmill is the most common gym piece of equipment and is easy to use for exercise in the convenience and comfort of home. The increasing popularity of treadmills among people with obesity and heart-related problems is the major factor driving the growth of the segment. Smart treadmills are also integrated with additional entertainment features such as one can watch a movie or catch up on TV shows while exercising. Such improvement in features of a treadmill is expected to increase its ownership across homes thereby driving the growth of the segment.

Global Smart Home Gym Equipment Market Share by Product Type, 2019 (%)

Regional Outlooks

The global smart home gym equipment market is further segmented based on geography into North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to be the leading region in the smart home gym equipment market. It is due to the high awareness related to health and fitness, high disposable income, and ample space for installing gym equipment at homes. High internet penetration and the presence of a number of global as well as domestic players across the region will also contribute to the growth of the market.

Global Smart Home Gym Equipment Market Growth, by Region 2020-2026

Asia-Pacific will have lucrative growth in the global smart home gym equipment market

The Asia Pacific is estimated to witness a significant CAGR of 12.3% during the forecast period. The growth of the market can be attributed to the increasing trend of fitness and healthcare among the young population. Additionally, the increasing disposable income of the people and awareness related to the home gym equipment across the region is also aiding the growth of the market. 

Furthermore, the high number of obese people across the region will also drive the adoption of smart home gym equipment in the region. For instance, as per the World Health Organization, overall rates of obesity fall between 5% and 6% for China, which is the largest population and economically significant country of Asia-pacific. It was also stated by the WHO that some cities in China have an overall obesity rate greater than 20% mainly owing to the high popularity of fast food.

Market Players Outlook

The key players of the smart home gym equipment market include Garmin Ltd., Life Fitness, Peloton Interactive, Inc., Nautilus, Inc., Technogym SpA, Xiaomi Corp., BH Fitness, JAXJOX (Zinctex Inc.), and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, funding to the start-ups, and new product launches to stay competitive in the market.

Recent Activities

• In October 2020, JAXJOX (Zinctex Inc.) raised $10 million in Series A funding. The company intends to use the funds for the research and development of its JAXJOX InteractiveStudio as well as for its global retail expansion.
• In September 2020, Echelon Health & Fitness in collaboration with Amazon developed a connected exercise bike that will be retailed for less than $500. In addition to this, the company had also developed Reflect Mirror in two sizes are 40 inches and 50 inches. The mirror will provide everything from Yoga and general strength fitness programs to Zumba and celebrity-taught options, hence offering quick and easy access to socially distant and personal fitness routines.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Smart home gym equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.