At 28.1% CAGR, the global Connected Gym Equipment market is speculated to be worth US$ 3,472.69 million by 2028, says The Insight Partners

 Connected Gym Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cardiovascular Training, Strength Training, and Others) and End-User (Residential, Gym, and Other Commercial User)

According to our latest market study on “Connected Gym Equipment Market Forecast to 2028 – COVID-19 Impact, and Global Analysis – by Type (Cardiovascular Training, Strength Training, and Others) and End-User (Residential, Gym, and Other Commercial User),” the market was valued at US$ 510.55 million in 2020 and is expected to reach US$ 3,472.69 million by 2028 with a CAGR of 28.1% during 2021–2028.  

 

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.

 

Asia Pacific is predicted to experience a promising growth in this market in upcoming years. Growing health concerns, along with increasing buying capacity of consumers, are anticipated to boost the demand for connected gym equipment in this region, especially in India, China, and Japan.

 

Since the last few years, the count of small and mid-sized gyms and large health clubs has increased noticeably in this region. Places such as schools, colleges, hotels, offices, and huge condominiums are setting up fitness centers and gyms, which are contributing to the growth of this market.

 

In Europe, people are very much aware about their health. Hence, this region’s gym market was growing considerably in 2020. Considering health issues like obesity and heart problems, people are increasingly indulging in daily workout. Germany and the UK are the largest markets in this region. Moreover, an increase in number of new gyms and fitness clubs is observed in countries such as France, Austria, and Sweden.

 

In South America, it is observed that people are increasingly adopting preventive healthcare to avoid various diseases and disorders. Numerous government initiatives, along with health camps conducted by several organizations to promote fitness, have also been driving the market. To gain more market share, key players are continuously focusing on developing innovative and advanced gym equipment for their customers.

 

Impact of COVID-19 Pandemic on Connected Gym Equipment Market

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.