Report : South 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)
Residential Segment is Expected to be Fastest Growing Segment During Forecast Period for SAM Region
According to a new market research study on “SAM Connected Gym Equipment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End-Users” is expected to reach US$ 181.62 million by 2028 from US$ 35.38 million in 2021. The market is estimated to grow at a CAGR of 26.3% from 2021 to 2028. The report provides trends prevailing in the SAM connected gym equipment market along with the drivers and restraints pertaining to the market growth. Burgeoning technological advancement in connected gym equipment and escalating demand for residential connected gym equipment are the major factor driving the growth of the SAM connected gym equipment market. However, high cost of connected gym equipment hinders the growth of SAM connected gym equipment market.
In case of COVID-19, SAM is highly affected, especially Brazil. Government authorities in SAM region have taken required actions to protect their people from the infection of COVID-19. Connected gym equipment market has taken a serious hit in the countries like Argentina, Brazil, Chile, and Peru. Since one equipment is used by many people at gym, there are very high chances of spread of corona virus disease. That is why several travel restrictions were imposed. 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. Cardiovascular training and strength training where connected gym equipment are used extensively have experienced sharp decline in the use of these products. The travel bans, factory shutdowns, border lockdowns and import-export restrictions to combat the outbreak of corona virus have impacted the supply, production and sales of various raw material that are needed for the manufacturing of gym equipment. Due to various limitations, the manufacturing of such gym equipment has also declined, resulting in lesser production and procurement. All the mentioned factors have impacted the connected gym equipment market negatively. Because of signs of second and third wave of corona virus cases, it is difficult to predict the future of this market. However, this market seems to have a promising future when situation comes back to normal.
The SAM 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 SAM 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 SAM 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; and Technogym S.p.A are among the leading companies in the SAM 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, Johnson Health Tech acquires majority shares of Fuji Medical Instruments.
The Report Segments the SAM Connected Gym Equipment Market as Follows:
SAM Connected Gym Equipment Market – By Type
- Cardiovascular Training
- Strength Training
SAM Connected Gym Equipment Market – By End-Users
- Other Commercial Users
SAM Connected Gym Equipment Market – By Country
- Rest of SAM
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