DUBLIN--(BUSINESS WIRE)--The "North America Connected Gym Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Cardiovascular Training and Strength Training) and End-Users (Residential, Gym, and Other Commercial Users)" report has been added to ResearchAndMarkets.com's offering.
Cardiovascular Training Segment to Dominate North America Connected Gym Equipment Market during 2021-2028.
North America Connected Gym Equipment Market is expected to reach US$ 1,084.17 million by 2028 from US$ 216.89 million in 2021. The market is estimated to grow at a CAGR of 25.8% from 2021 to 2028.
The report provides trends prevailing in the North America connected gym equipment market along with the drivers and restraints pertaining to the market growth. Rising health concerns and growing technological advancement in connected gym equipment are the major factor driving the growth of the North America connected gym equipment market. However, costly connected gym equipment hinders the growth of North America connected gym equipment market.
In case of COVID-19, North America is highly affected specially the US, with several thousands of infected people facing critical health problems across the entire country. Rising number of corona cases had also compelled the government to impose lockdown across the borders of the nation. Since gyms are closed, professional trainers, gym owners, and supporting staff are facing serious troubles.
Owners are finding it difficult to pay rents, bank loans, salaries of employees and electricity bills. Many boutique gyms operate on small margins and hence this pandemic has posed a big question on their existence itself. The brick-and-mortar gyms in the US constitute the highest share of country's fitness industry and has suffered the most.
Since uncertainty of this 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 sever impact on the growth of the connected gym equipment market in this region.
The cardiovascular training segment dominated the North America connected gym equipment market in 2020 and strength training segment is expected to be fastest growing segment during forecast period. On the basis of End-users, the market is segmented as residential, gym, and other commercial users.
The gym segment dominated the North America connected gym equipment market in 2020 and residential segment is expected to be fastest growing segment during forecast period.
Companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, TRUE Fitness announces new Stryker Slat Treadmill.
Key Industry Dynamics
Key Market Drivers
- Rising Health Concerns
- Growing Technological Advancement in Connected Gym Equipment
Key Market Restraints
- Costly Connected Gym Equipment
Key Market Opportunities
- Increasing Demand for Residential Connected Gym Equipment
Key Market Trends
- Transforming Smart Fitness Technology
- Cybex International, Inc.
- Draper, Inc.
- Johnson Health Tech
- LES MILLS INTERNATIONAL LTD
- Life Fitness
- Nautilus, Inc.
- Precor Incorporated
- Technogym S.p.A
- TRUE Fitness Technology, Inc.
The report segments the North America Connected Gym Equipment Market as follows:
North America Connected Gym Equipment Market - By Type
- Cardiovascular Training
- Strength Training
North America Connected Gym Equipment Market - By End-users
- Other Commercial Users
North America Connected Gym Equipment Market - By Country
For more information about this report visit https://www.researchandmarkets.com/r/l4klex