The APAC connected gym equipment market is expected to grow from US$ 121.78 million in 2021 to US$ 814.69 million by 2028; it is estimated to grow at a CAGR of 31.2% from 2021 to 2028.
China, India, Japan, South Korea, and Australia are major economies in APAC. Mounting demand for residential connected gym equipment is expected to surge the APAC connected gym equipment market. 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 APAC region. Also, disposable house-hold incoming is increasing noticeably in many developing countries in APAC 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 APAC market in coming years.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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC connected gym equipment market. The APAC connected gym equipment market is expected to grow at a good CAGR during the forecast period.
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APAC Connected Gym Equipment Market Segmentation
APAC Connected Gym Equipment Market – By Type
- Cardiovascular Training
- Strength Training
APAC Connected Gym Equipment Market – By End-Users
- Residential
- Gym
- Other Commercial Users
APAC Connected Gym Equipment Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Connected Gym Equipment Market -Companies Mentioned
- Cybex International, Inc.
- Johnson Health Tech
- LES MILLS INTERNATIONAL LTD
- Life Fitness
- Nautilus, Inc.
- Technogym S.p.A
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End-Users
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Connected Gym Equipment Market – By Type
1.3.2 APAC Connected Gym Equipment Market – By End-Users
1.3.3 APAC Connected Gym Equipment Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Connected Gym Equipment Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Connected Gym Equipment Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Surging Health Concerns
5.1.2 Escalating Technological Advancement in Connected Gym Equipment
5.2 Key Market Restraints:
5.2.1 Expensive Connected Gym Equipment
5.3 Key Market Opportunities:
5.3.1 Mounting Demand for Residential Connected Gym Equipment
5.4 Key Market Trends:
5.4.1 Upgradation in Smart Fitness Technology
5.5 Impact Analysis of Drivers and Restraints
6. Connected Gym Equipment Market – APAC Analysis
6.1 APAC Connected Gym Equipment Market Overview
6.2 APAC Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
7. APAC Connected Gym Equipment Market Analysis – By Type
7.1 Overview
7.2 APAC Connected Gym Equipment Market Breakdown, By Type (2020 and 2028)
7.3 Cardiovascular Training
7.3.1 Overview
7.3.2 Cardiovascular Training: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Strength Training
7.4.1 Overview
7.4.2 Strength Training: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
8. APAC Connected Gym Equipment Market Analysis – By End-Users
8.1 Overview
8.2 APAC Connected Gym Equipment Market, By End-Users (2020 and 2028)
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
8.4 Gym
8.4.1 Overview
8.4.2 Gym: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
8.5 Other Commercial Users
8.5.1 Overview
8.5.2 Other Commercial Users: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
9. APAC Connected Gym Equipment Market – Country Analysis
9.1 Overview
9.1.1 APAC: Connected Gym Equipment Market, by Key Country
9.1.1.1 Australia: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Australia: Connected Gym Equipment Market, by Type
9.1.1.1.2 Australia: Connected Gym Equipment Market, by End-Users
9.1.1.2 China: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 China: Connected Gym Equipment Market, by Type
9.1.1.2.2 China: Connected Gym Equipment Market, by End-Users
9.1.1.3 India: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Connected Gym Equipment Market, by Type
9.1.1.3.2 India: Connected Gym Equipment Market, by End-Users
9.1.1.4 Japan: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Japan: Connected Gym Equipment Market, by Type
9.1.1.4.2 Japan: Connected Gym Equipment Market, by End-Users
9.1.1.5 South Korea: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 South Korea: Connected Gym Equipment Market, by Type
9.1.1.5.2 South Korea: Connected Gym Equipment Market, by End-Users
9.1.1.6 Rest of APAC: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of APAC: Connected Gym Equipment Market, by Type
9.1.1.6.2 Rest of APAC: Connected Gym Equipment Market, by End-Users
10. APAC Connected Gym Equipment Market- COVID-19 Impact Analysis
10.1 APAC
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
12.1 Life Fitness
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 LES MILLS INTERNATIONAL LTD
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Technogym S.p.A
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Cybex International, Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Johnson Health Tech
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Nautilus, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. APAC Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC Connected Gym Equipment Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Connected Gym Equipment Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Connected Gym Equipment Market, by End-Users – Revenue and Forecast to 2028 (US$ Million)
Table 5. China: Connected Gym Equipment Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. China: Connected Gym Equipment Market, by End-Users – Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Connected Gym Equipment Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. India: Connected Gym Equipment Market, by End-Users – Revenue and Forecast to 2028 (US$ Million)
Table 9. Japan: Connected Gym Equipment Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Japan: Connected Gym Equipment Market, by End-Users – Revenue and Forecast to 2028 (US$ Million)
Table 11. South Korea: Connected Gym Equipment Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 12. South Korea: Connected Gym Equipment Market, by End-Users – Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of APAC: Connected Gym Equipment Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of APAC: Connected Gym Equipment Market, by End-Users – Revenue and Forecast to 2028 (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Connected Gym Equipment Market Segmentation
Figure 2. APAC Connected Gym Equipment Market Segmentation – By Country
Figure 3. APAC Connected Gym Equipment Market Overview
Figure 4. Cardiovascular Training Segment held the Largest Share of APAC Connected Gym Equipment Market
Figure 5. Gym segment held the Largest Share of APAC Connected Gym Equipment Market
Figure 6. China to Show Great Traction During Forecast Period
Figure 7. APAC- PEST Analysis
Figure 8. APAC Connected Gym Equipment Market Ecosystem
Figure 9. Expert Opinions
Figure 10. APAC Connected Gym Equipment Market Impact Analysis of Drivers and Restraints
Figure 11. APAC Connected Gym Equipment Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. APAC Connected Gym Equipment Market Breakdown, By Type (2020 and 2028)
Figure 13. APAC Cardiovascular Training: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Strength Training: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Connected Gym Equipment Market Breakdown, By End-Users (2020 and 2028)
Figure 16. APAC Residential: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Gym: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC Other Commercial Users: Connected Gym Equipment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC: Connected Gym Equipment Market, by Key Country – Revenue (2020) (USD Million)
Figure 20. APAC: Connected Gym Equipment Market Revenue Share, by Key Country (2020 and 2028)
Figure 21. Australia: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. China: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. India: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Japan: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. South Korea: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Rest of APAC: Connected Gym Equipment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Impact of COVID-19 Pandemic in APAC Country Markets
- Cybex International, Inc.
- Johnson Health Tech
- LES MILLS INTERNATIONAL LTD
- Life Fitness
- Nautilus, Inc.
- Technogym S.p.A
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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