Smart Gym Equipment: Introduction
- Smart gym equipment is gym equipment connected to an app that helps to record physical activity and maintains the overall data about workouts. The user can wear a device which is integrated with modern gym equipment while working out, which records and shares all biometric information on a web-based platform.
- Major players across the globe are introducing smart gym equipment with advanced technology that help end-users in monitoring the overall workout with the help of advanced gadgets and wireless connectivity. This is likely to drive the demand for smart gym equipment in the coming years.
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Increasing Dependency on Smart Gym Equipment
- Rise in fitness consciousness and health awareness, and technology development is expected to significantly drive the smart gym equipment market. Rising disposable income of people coupled with improved lifestyles accelerates the market growth. Increasing health and fitness consciousness along with rising dependency of users on smart devices is likely to drive the growth of the smart gym equipment market. In addition, rising urbanization and popularity of internet based fitness devices is expected to lead to the growth of the smart gym equipment market in the coming years.
Economic Slowdown: A Key Restraint
- The outbreak of coronavirus has resulted in economic slowdown in almost all the countries of the globe. The spread of coronavirus has led to lockdown in many countries, thus affecting consumer spending power. The lockdown has resulted in shutdown of major commercial activity, which has resulted in economic slowdown. Declining growth of commercial spaces around the world is expected to act as a restraint to the global smart gym equipment market. However, rising investment in corporate chain gyms is expected to create opportunities for the smart gym equipment market.
Asia Pacific a Potential Market for Smart Gym Equipment
- The global smart gym equipment market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the smart gym equipment market in Europe includes the U.K., Germany, France, and Rest of Europe. Similarly, the market in Asia Pacific comprises India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes GCC, South Africa, and Rest of Middle East & Africa. The smart gym equipment market in South America has been segmented into Brazil and Rest of South America.
- Asia Pacific is expected to remain a potential market for smart gym equipment during the forecast period, owing to rising preference for gym equipment in the residential and commercial sector over the past few years in the region.
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Key Players Operating in the Global Smart Gym Equipment Market
The global smart gym equipment market is fragmented in nature, due to presence of a large number of global and regional players. A few of the key players operating in the global smart gym equipment market are:
- Hammer Strength
- IRONMAN Fitness and Paradigm Health & Wellness
- Johnson Health Tech
- Les Mills International
- Life Fitness
Global Smart Gym Equipment Market: Research Scope
Global Smart Gym Equipment Market, by Type
- Cardiovascular Training Equipment
- Strength Training Equipment
- Others (Tracking & Monitoring Equipment, Group Training Equipment, etc.)
Global Smart Gym Equipment Market, by Price
Global Smart Gym Equipment Market, by Application
- Fitness & Sports Centers
- Others (Education Institutes, Corporate Chain Gyms, etc.)
Global Smart Gym Equipment Market, by Distribution Channel
- Specialty Stores
- Direct Sales
- Others (Departmental Stores, Individual Stores, etc.)
The report on the global smart gym equipment market is a compilation of first-hand information, qualitative and quantitative assessment by market analysts, and inputs from market experts and market participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness of each segment. The report also maps the qualitative impact of various factors on regional and other segments of the market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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