DUBLIN--(BUSINESS WIRE)--The "Asia Pacific 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.
According to this report the market is expected to reach US$ 814.69 million by 2028 from US$ 121.78 million in 2021. The market is estimated to grow at a CAGR of 31.2% from 2021 to 2028.
The report provides trends prevailing in the APAC connected gym equipment market along with the drivers and restraints pertaining to the market growth. Mounting demand for residential connected gym equipment and upgradation in smart fitness technology are the major factor driving the growth of the APAC connected gym equipment market. However, expensive connected gym equipment cost hinders the growth of APAC connected gym equipment market.
In case of COVID-19, APAC is highly affected specially India. APAC is a region which comprises of many developing nations. This region is characterized by big industrial presence, great economic opportunities, and high population. All the mentioned factors make APAC a major region for the growth of various markets including connected gym equipment. The temporary shutdown of various manufacturing units and factories in many countries of this region is impacting the supply chains and negatively impacting the production, delivery schedules and sales of various products as well services. Most of the Asian countries are developing countries and hence the presence of connected gym equipment is majorly found in commercial applications like health clubs, gyms, and hotels only. Since these all places are either temporarily closed or operating with various restriction and limitations, a severe impact is observed on the procurement and production of connected gym equipment. Since disposable income in these countries is not that high, majority of population cannot easily afford residential connected gym equipment for exercise and physical activities. Additionally, the region is a global manufacturing hub with countries like Japan, China, India, and South Korea, which all lead the global manufacturing industry growth. Since last year, a negative impact has been observed in growth of the connected gym equipment market.
The APAC connected gym equipment market is segmented based on type, end users, and country. Based on type, the market is segmented as cardiovascular training and strength training. The cardiovascular training segment dominated the APAC 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 APAC connected gym equipment market in 2020 and residential segment is expected to be fastest growing segment during forecast period.
Cybex International, Inc.; Johnson Health Tech; LES MILLS INTERNATIONAL LTD; Life Fitness; Nautilus, Inc.; and Technogym S.p.A are among the leading companies in the APAC connected gym equipment market. The 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 2020, Life Fitness launches two new rowing machines.
Reasons to buy:
- Save and reduce time carrying out entry level research by identifying the growth, size, leading players and segments in the APAC connected gym equipment market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in APAC connected gym equipment market, thereby allowing players across the value chain to develop effective longterm strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the connected gym equipment market, as well as those hindering it
- Enhance the decision making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Surging Health Concerns
- Escalating Technological Advancement in Connected Gym Equipment
Restraints
- Expensive Connected Gym Equipment
Opportunities
- Mounting Demand for Residential Connected Gym Equipment
Trends
- Upgradation in Smart Fitness Technology
Companies Mentioned
- Cybex International, Inc.
- Johnson Health Tech
- LES MILLS INTERNATIONAL LTD
- Life Fitness
- Nautilus, Inc.
- Technogym S.p.A
For more information about this report visit https://www.researchandmarkets.com/r/dncv4r
