Connected Gym Equipment Market to Grow at a CAGR of 28.1% to reach US$ 3,472.69 million from 2020 to 2028

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.

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Growing Health Concerns
Earlier, people did not require a dedicated time for exercise. Their daily routine was enough to burn those extra calories. Barring few jobs like product delivery, nursing, surgery, and some farming activities, almost all jobs in today's time are moving toward sedentary work style. This is happening because automation is taking place in almost every walk of life. This has given rise to insufficient physical activity among individuals. Insufficient physical activity in daily life is considered as one of the major risk factors for death all over the world. Inadequate physical activity is a crucial risk factor involved with noncommunicable diseases (NCDs) like cancer, diabetes, and cardiovascular diseases. It also invites unwanted obesity in many people at very young age.

When the gym equipment is connected to an application, which records the workouts and displays the data about workouts, then it is called connected gym equipment. Fitness enthusiasts prefer the connected gym equipment as they can track their performance; this factor is also gaining demand for the connected gym equipment market. The connected gym equipment monitors the performance of the user so that they can improve their performance. In addition, the increasing number of fitness club boosting the demand for 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.

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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; Nautilus, Inc.; and TRUE Fitness Technology, Inc.

Key Findings of Study:
The COVID-19 outbreak has affected global supply chains and business revenues due to business shutdowns, border closing, and trade bans across the globe, which interrupted marketing and sales activities of companies operating in the global connected gym equipment market. However, with opening of several growth markets in the APAC region, vaccination development, and initiatives taken by various governments to support economic and industrial growth, the future demand for connected gym equipment is anticipated to increase at a positive and steady pace in the coming years.

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This release was published on openPR.