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Connected Fitness
Overview
Connected fitness products enhance the home exercise experience
Connected fitness refers to apps, equipment, and other digital tools that monitor a user's heart rate and activity to provide personalized fitness programs and real-time guidance.
Next-generation fitness equipment goes beyond exercise videos, stationary bikes, and treadmills. These tools simulate the experience of working out in person at boutique gyms with a personal trainer or in group classes. Connected fitness products tap into the equipment’s built-in versatility, on-demand workout libraries, live streaming, personalization, and online communities. The Covid-19 pandemic and the shift to remote work have expedited the adoption of connected fitness products, driving demand for at-home fitness options. These products offer convenience for busy individuals or those with limited gym access, allowing users to exercise at home.
Industry Updates
Market Sizing
The US Connected Fitness Products market could reach USD 13.1 billion–23.8 billion by 2027
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Market Mapping
Most startups seem to understand the importance of having a variety of exercise equipment addressing different user needs. Peloton, which initially launched an exercise bike, later launched a treadmill. Similarly, other disruptors such as Volava and Echelon and incumbents such as iFIT Health & Fitness and Life Fitness have expanded their product range from their initial launches. Some startups in the industry have focused on producing smart mirrors that are powered by machine learning and motion tracking which are versatile in supporting multiple workout routines. These new products are yet to be developed by the incumbents in the industry.
Bike
Treadmill
Rower
Smart Mirror
Other
The Disruptors
Peloton leads the new at-home exercise trend with Tonal featured as the next-highest funded disruptor. Both startups have capitalized on building mega libraries of on-demand workout videos, as well as on offering some form of live-streaming of classes. The leaderboard feature is available in most of the programs to motivate users to compete and stay invested in the equipment. Peloton led the industry in funding, having raised USD 1.9 billion, well ahead of Tonal—which is second highest with USD 450 million raised as of August 2021. The disruptor with the third highest level of funding is Fiture, a Chinese startup that has announced tentative plans to enter the US market.
Most of the disruptors identified have commercialized products and are now in either early or growth stages. Several prominent players such as Peloton, Echelon Fitness, and Volava cater to multiple product segments identified within the industry.
Funding History
Competitive Analysis
Incumbents
Traditional players re-innovate to compete
The at-home workout space has not seen partnerships between traditional players and new entrants so far. One reason could be the expertise traditional players have and the relatively low technology barriers against matching similar innovations. This has led to most traditional players choosing to develop their own products in-house.
Notable Investors
