Global Virtual Fitness Market Recording Exceptional Growth: Expected to Reach USD 59.6 Billion By 2027
Published | 19 October 2021
The growing demand for sophisticated fitness programs, the lack of time for physical activity, the emergence of online fitness programs, healthy living trends, and the closure of gyms and studios caused by the COVID-19 outbreak all contribute to the growth of the virtual fitness market…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global virtual fitness market was worth USD 8.1 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 33.1%, earning revenue of around USD 59.6 billion by the end of 2027. The global virtual fitness market is witnessing rapid growth due to the benefit it offers especially to the working-class population. Through virtual on-demand and live fitness courses, participants benefit from schedule flexibility, fitness arrangements such as yoga or meditation, as well as expert leadership at home/work.
Growing On-Demand Fitness Services Is Expected to Drive the Global Virtual Fitness Market
The global virtual fitness market is segmented into living, and on-demand segments, based on streaming types. The on-demand segment accounts for the largest share in the market because of the time-flexibility it offers that suits the needs of the working-class population. Clients also like the convenience of on-demand virtual fitness, which gives them access to a variety of workout classes at their convenience. However, the live streaming segment is anticipated to register the highest CAGR during the forecast period due to its preference among routine-oriented exercisers and fitness-freaks who want reliable fitness-program layouts and schedules.
Expanding Hybrid Revenue Model is Anticipated to Propel the Global Virtual Fitness Market
Based on the revenue models, the global virtual fitness market is segmented into subscription, advertisement, and hybrid. The hybrid virtual fitness segment owns the largest share of the global virtual fitness market because it caters to the needs of those who have or do not have the financial capacity to pay for virtual fitness services. Hybrid revenue models have greater potential to expand their customer base than other revenue models. However, the subscription model is expected to witness the highest CAGR during the forecast period because of the growing popularity of virtual fitness among the young working population. In addition, the cost-efficiency of subscription virtual fitness services over in-person gyms and personal trainers also contributes to its market growth.
Global Virtual Fitness Market - By End-User
Based on end-users, the global virtual fitness market is segmented into professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals, and others. Among these, the professional gyms segment accounts for the largest market share as they offer wellness and fitness services to the general public. Obesity and other lifestyle diseases are growing among the general public, whose busy schedules prevent them from visiting traditional gyms. This presents a significant growth opportunity for the global virtual fitness market. On the other hand, the corporate institutions segment is also gaining traction in the market as companies offer virtual fitness services to employees as a benefit to keeping their physical and mental health in check. The global virtual fitness market is expected to be driven by this factor in the forecast period.
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Global Virtual Fitness Market - Regional Insights
Geographically, the global virtual fitness market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the virtual fitness market among all the regions. However, the Asia-Pacific region is also emerging as a potential market for the growth of virtual fitness. Apps that provide live streaming and on-demand health & wellness services appear to be cost-effective solutions in developing nations of Asia-Pacific. Furthermore, several health-tech startups are introducing various apps and services to increase their reach in this region, which is also contributing to the growth of the virtual fitness market in APAC countries.
Impact of COVID-19 on Global Virtual Fitness Market
Due to the COVID-19 outbreak, the market has seen a significant rise in 2020 as many people have started working out at home using virtual fitness stages during the lockdown. The growth is attributable to the shutdown of gyms and fitness clubs worldwide to avoid further transmission of the pandemic. The growing popularity of online fitness plans among youth and people of all ages in the post-COVID-19 era will provide tremendous growth opportunities for existing players and new entrants to the market during the forecast period.
The leading players in the global virtual fitness 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., Fitness First Ltd., Fitbit, Inc., Peerfit, Inc., Viva Leisure, Sworkit, Navigate Wellbeing Solution, Peloton, Zwift Inc, Fittr, and other prominent players.
The global virtual fitness market is flourishing, with several industry players entering the virtual fitness market. The market players offer subscription plans as well as customized plans based on the needs of the customers such as time flexibility. They also focus on creating appealing websites and programs that are user-friendly, particularly for the elderly population. This industry is also characterized by competitive strategies such as mergers, acquisitions, partnerships, joint ventures, and so on.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global virtual fitness market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global virtual fitness market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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