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South America Connected Gym Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and End-Users

South America Connected Gym Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and End-Users

  • July 2021
  • 83 pages
  • ID: 6134782
  • Format: PDF
  • The Insight Partners

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The SAM connected gym equipment market is expected to grow from US$ 35.38 million in 2021 to US$ 181.62 million by 2028; it is estimated to grow at a CAGR of 26.3% from 2021 to 2028. Escalating demand for residential connected gym equipment is expected to surge the market growth. Considering not only the pandemic of COVID-19, otherwise also, people have got different timing schedules according to their professions. General timings in gyms and health club may not be suitable for very customer. Also, the user’s timing and trainer’s timing should match for the workout session. There lies a great opportunity in designing and manufacturing affordable connected gym equipment for residential use as users are inclining towards privacy and convenience. Demand for smart fitness equipment is increasing across SAM region. Also, disposable house-hold incoming is increasing noticeably in many developing countries across SAM region. Considering buying capacity and space available at home, manufacturers have also got an opportunity for customization of smart equipment and machines. Doing this will significantly increase the demand for mid-price segment connect gym equipment. With the use of advanced technology, various new smart fitness equipment can be introduced which provides treatment for various diseases and disorder other than cardiovascular training and strength training. Doctors, physicians, and tech-experts can work together for developing such products. With research and development, companies can identify new needs and wants of the customers, which will create a significant opportunity for launching new products that will cater to several different applications, thereby driving the SAM market during forecast period.
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 COVID-19 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.
Based on end-users, the residential segment is expected to be fastest growing during the forecast period for SAM region.Residential connected gym equipment is widely used by the people who prioritize safety, comfort, and privacy of own living room.

Such equipment mostly includes treadmills, bikes, and rowing and strength training machines.One of the biggest advantages of such residential gym equipment is that one can exercise as per his/her own convenience and does not need to bother for gym timings.

High cost for club memberships and gyms have been tempting the users to purchase such connected equipment for residential use.Increasing buying power of users does not obstruct them to bear the expenditure of initial investment.

There are some patients who are required to do certain exercises permanently, such patients may think of buying this equipment instead of spending on gym. One can even connect with his/her personal trainer and get assisted by online classes. This residential connected gym equipment is very beneficial for many parents who cannot leave their young child alone at home. Growing importance of privacy, safety, customization, comfort etc. are expected to increase the demand of connected gym equipment from residential end-user, thereby driving the SAM connected gym equipment market during the forecast period.
The overall SAM connected gym equipment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the SAM connected gym equipment market.

The process also serves the purpose of obtaining overview and forecast for the SAM connected gym equipment market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SAM connected gym equipment market. Cybex International, Inc.; Johnson Health Tech; LES MILLS INTERNATIONAL LTD; Life Fitness; and Technogym S.p.A are among a few players operating in the SAM connected gym equipment market.

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