Report : 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 the new research report titled “Connected Gym Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,472.69 million by 2028 with a CAGR growth rate of 28.1% from 2021 to 2028.
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.
In order to manage the health properly, people are indulging in daily physical activities. Gymming helps in reducing body weight, building bones and muscles, increasing energy levels, and improving skin health. Increase in monetary income allows the consumers to spend on gymming. Along with physical health, gymming also improves people’s mental health to a large extent. It helps in improving sleep quality and memory. It also helps in staying energetic and relaxed. Managing mental health is equally important for performing in today’s work life.
It is true that people must manage their health; however, they have very limited time to do physical activities and exercises considering their busy schedule. Connected gym equipment helps the user to save their time and do their work out effectively. Integration of gym equipment with smart devices has made gymming quite easier. Users can just leave for a walk and monitor the distance travelled, time travelled, and number of steps on their smart watch. A few new Peloton Bike+ and iFit-powered NordicTrack devices are able to adjust users’ resistance and/or speed automatically, so that they do not need to fiddle with buttons or knobs during the workout session.
Some latest equipment also have heart rate monitors, so that one can glance at the screen to see how hard they are working out. Popular fitness apps like Strava and Fitbit are used for keeping all stats at one place. Smart treadmills allow several types of exercises on one machine. Such exercises include jogging, running, walking, sprinting, and even simulated hiking, if one has a machine that can incline. Using high speed internet, users can connect and workout together from different parts of the world at the same time. With smart mirrors for a Yoga classes, one can see the instructor as well as his/her own reflection in the mirror, thus making it easy to check the postures. All these factors are estimated to boost the market growth during the forecast period.
Due to the COVID-19 pandemic, everyone is working from home and so the demand for residential gym equipment is increased considerably. This will create many lucrative opportunities for the manufacturers to design gym equipment for residential use integrated with all the modern technology. Since uncertainty of the virus still prevails, there has been a need for the fitness industry to restructure itself in accordance with changing times. Many have already started going creative and digital with online streaming of sessions for their users from various locations. Despite all these, there was severe impact on the growth of the connected gym equipment market in this region.
Most of the Asian countries are developing countries; hence, the presence of connected gym equipment is majorly found in commercial applications like health clubs, gyms, and hotels only. Since all these places are either temporarily closed or operating with various restrictions, a severe impact is observed on the procurement and production of connected gym equipment. The Middle East & Africa connected gym equipment market is considerably impacted by disruptions in the supply chain. With the closure of country borders, the supply chain of several parts and components has disturbed. The demand for connected gym equipment has weakened over past few months in the MEA countries.
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.
EGYM, a global fitness technology leader, connects the dots between exercise and real-world health outcomes by collaborating with fitness and health facilities worldwide to make workouts more innovative and more efficient. Elite Fitness innovated and implemented some new ideas. They went online immediately and offered fitness classes as well as personal training sessions. Any gym’s main source of income is when people buy a membership. So, Elite Fitness and some of its competitors decided to take the gym to customers’ house. During this period, the receptionists, maintenance workers, and management team rented out gym equipment to several customers. This helped the customers in getting similar experience at home only.