connected gym equipment Market

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 28.1% from 2021 to 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.

The overall connected gym equipment market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the connected gym equipment market with respect to all the segments. It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the connected gym equipment market.

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.