Global Online Fitness Market Size to Grow 6X by 2026 at a Staggering CAGR of 33.1%
Published | 19 August 2020
According to BlueWeave Consulting, the
Global Online/Virtual Fitness Market is expected to reach USD 44741 million in
2026 from 6046 million in 2019 at a CAGR of 33.1% during the projection period.
A virtual or online workout has brought
significant change in fitness market. The requirement for individual healthcare
and progressive fitness sessions, busy lifestyle and increasing number of
fitness-conscious people drive the demand for Global Virtual Fitness Market.
The market has shown steady growth over last few years in developed countries
and is expected to grow at an accelerated and substantial rate during the
forthcoming period. The COVID-19 led lockdown has prompted many people to join
online fitness sessions as the fitness clubs and gyms have closed. The people
would like to continue with these sessions as they offer flexibility of time
and place, and the trend is likely to persist during forthcoming period
assuring more attendees and market players. Besides, such kind of online
sessions are becoming more popular among elderly and certain other adult age
group as they get more personalized attention, fitness sessions &
medication advice through this platform and enjoy flexibility offered by them.
However, the insufficient attention of market players may hinder the growth.
Usually, fitness training videos and
advices are provided through online dashboards and apps on the Wi-Fi enabled
smartphone, laptops, desktops, tablets and other such devices which connect the
trainees with instructors. Besides, such apps also help track the physical
activities, calories burnt & sleeping pattern and check the vital
statistics of the individuals. The fitness apps are accessible by everyone from
homemaker to professionals. The virtual classes offer benefits of flexible
schedule and place of work-out and access to wide variety of fitness programs
like yoga, aerobics, Cardio exercises, Zumba, etc.
The virtual fitness
market is segmented based on streaming type, device type, session type, revenue
model, end-user, and region. Based on the streaming type, it is segmented into
Live and On-demand Virtual Fitness market.
“The On-Demand segment plays a significant role in the Global Virtual
Fitness Market.”
The on-demand streaming type segment has captured the major
share of the online/virtual fitness market in 2019 and, is expected to preserve
it during the forthcoming period due to its increasing popularity among
clients. The online sessions have become popular as they offer access to a
variety of workout classes at clients' suitability. The Live Streaming segment
is also gaining popularity among regular fitness enthusiasts and the
individuals who want reliable and fitness program and, it is anticipated to witness
the highest CAGR during the upcoming period.
“Revenue Segment Dominates the Global Virtual Fitness Market.”
The market is divided into three categories viz., Subscription,
Advertisement and Hybrid based on the Revenue Model. Among them, the subscriptions
segment exhibited the highest growth and captured vital market share in 2019
and, is expected to preserve its dominance in the future years, due to the
rising acceptance of subscription-based virtual fitness training sessions by
customers. The client acceptance is primarily driven by its cost efficiency
similar to signing up with a coach in-person.
"The Key Drivers of The Global Virtual Fitness Market are
Need for Progressive Fitness sessions and Growing Popularity among Older
Age-group."
Customers' emphasis toward a better lifestyle is growing
combined with the preference for stretchy workouts, stable diets, and better
healthcare. The progressive fitness programs worldwide help achieve a healthy
lifestyle by adopting different fitness strategies and providing essential
healthcare to clients. For instance, in April 2020, My Virtual Mission, one
virtual fitness technology bests, has launched its Race Host platform, designed
with advanced features for tycoons, businesses, and charities. It allows them
to host virtual aptness events to engage target viewers, generate income, and
enlarge their global market reach.
Virtual or online fitness programs promote regular exercises
among older adults to stay fit and prevent various health problems arising with
age. Elderly individuals are increasingly focusing on a healthier lifestyle,
and they follow advice from qualified fitness specialists, that can direct them
to attain wellness through training and dietary recommendations. The adoption
of virtual fitness is gaining momentum among this age group as they hire
personal virtual trainers for the correct implementation of fitness training
procedures.
"The Asia Pacific is expected to witness significant growth
in the market during the forecast period."
Though North America dominates the online fitness market due to
the presence of numerous health and wellness organizations across this region,
Asia-Pacific is expected to emerge as a significant market with the highest
CAGR due to widespread smartphone usage and increasing adoption of online
sessions. The adult age group in North America is inclined towards getting more
personalized healthcare and fitness sessions and, drives the development of the
market. Besides, the increasing adoption of increased and virtual reality (AR
& VR) technology for workouts in this region further contributes to market
growth. The mobile devices-based health & wellness apps that provide
on-demand and live streaming fitness classes appear to be cost-effective
solutions in developing nations across Asia-Pacific. Moreover, several health
tech startups' product introduce different apps to increase their reach in this
region, expanding the market for virtual fitness programs.
“The leading companies” in the market are Health Clubs & Gyms, Econofitness,
WELLBEATS, Fitness On Demand, GoodLife Fitness, Wexer, Reh-Fit Centre, LES
MILLS INTERNATIONAL LTD., Fit n Fast, Charter Fitness Inc., and Fitness First
Ltd. and other prominent players.
Do not miss the business opportunity of Global Virtual Fitness
Market. Consult our analyst, gain crucial insights, and facilitate your
business growth.
The in-depth analysis of the report provides the growth
potential, upcoming trends, and statistics of the Global Virtual Fitness Market size & forecast. The report provides insights about the
state-of-the-art technology of Global Online
Fitness Market and industry, which help
decision-makers to make sound strategic decisions. Furthermore, the report also
analyzes the market drivers, challenges, and competitive scenario of the
market.
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Related Report
Publish Date: October 2021
The global virtual fitness market is growing because of the driving factors such as growing need for progressive fitness sessions, lack of time to join physical sessions and increased fitness-conscious populace.
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