Dublin, July 06, 2021 (GLOBE NEWSWIRE) -- The "Connected Gym Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type and End-User" report has been added to ResearchAndMarkets.com's offering.
The connected gym equipment market was valued at US$ 510.5 million in 2020 and is projected to reach US$ 3,472.7 million by 2028; it is expected to grow at a CAGR of 7.03% during 2020-2028.
North America is the region with maximum usage of connected gym equipment as compared to other regions. Considering current work culture, people are understanding the importance of exercise and physical activity. The extent of knowledge about various types of products, retailer penetration, capacity to spend on latest connected equipment, and product pricing are the significant factors that drive the connected gym equipment market in this region.
The connected gym equipment market is segmented into type and end user. Based on type, the market is segmented into cardiovascular training, strength training, and others. The cardiovascular training segment is expected to hold the largest market share during the forecast period. In terms of end user, the market is segmented into residential, gym, and other commercial user. In 2020, the gym segment led the connected gym equipment market globally.
According to the latest reports, the US, India, Brazil, France, Turkey, Russia, the UK, Italy, Spain, and Germany are among the worst affected countries by the COVID-19 pandemic. The COVID-19 pandemic has affected the industrial sector worldwide. The global economy took the worst hit in 2020, and this may even continue in 2021.
This situation has created noticeable disturbances in the business of gyms, health and fitness clubs, swimming pools, and hotels. A serious decline in the growth rate of mentioned businesses is affecting the growth of the global connected gym equipment market as they use these products to a larger extent.
Since gyms are categorized under non-essential services, governments have put serious restrictions on them, and they are facing serious issues from almost a year now. Use of connected gym equipment for cardiovascular training and strength training has experienced a sharp decline.
Travel bans, factory shutdowns, border lockdowns, and import-export restrictions to combat the outbreak of COVID-19 have impacted the supply, production, and sales of various raw materials that are needed for the manufacturing of gym equipment. However, as people cannot go to gyms, some of them are preferring to buy residential connected gym equipment for continuing their workout routine.
Major players operating 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.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Connected Gym Equipment Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Connected Gym Equipment Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Growing Health Concerns
5.1.2 Technological advancement in connected gym equipment
5.2 Key Market Restraints
5.2.1 High Cost of connected gym equipment
5.3 Key Market Opportunities:
5.3.1 Rising demand for residential connected gym equipment
5.4 Key Market Trends
5.4.1 Transforming Smart Fitness Technology
5.5 Impact Analysis of Drivers and Restraints
6. Connected Gym Equipment Market - Global Market Analysis
6.1 Connected Gym Equipment Market Overview
6.2 Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Connected Gym Equipment Market Analysis - By Type
7.1 Overview
7.2 Connected Gym Equipment Market Breakdown, By Type (2020 and 2028)
7.3 Cardiovascular Training
7.4 Strength Training
8. Connected Gym Equipment Market Analysis - By End-user
8.1 Overview
8.2 Connected Gym Equipment Market, By End-user (2020 and 2028)
8.3 Residential
8.4 Gym
8.5 Other Commercial Users
9. Connected Gym Equipment Market - Geographic Analysis
10. Connected Gym Equipment Market- COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
- EGYM
- Life Fitness
- LES MILLS INTERNATIONAL LTD
- Technogym S.p.A
- Precor Incorporated
- Cybex International, Inc.
- Johnson Health Tech
- Draper, Inc.
- Nautilus, Inc.
- TRUE Fitness Technology, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vbbnbo