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.
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.
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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.
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
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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.
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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.