Market Snapshot
The online channels have given the virtual fitness industry a lot of popularity as online fitness programs deliver physical training sessions in groups or solos. The online training sessions are beneficial for working moms or old age people who cannot attend gyms or yoga classes or other sessions physically. These classes can be or are conducted on a schedule and as per the pre-determined slot. The growing demand from millennials and young working professionals has boomed the growth of the global virtual fitness market. Additionally, the present situation, in the wake of the spread of novel coronavirus, has made it imperative for the public to stay at home and remain fit and healthy, which has further spurred the demand for virtual fitness programs.
The global market is highly driven by the increased demand for advanced fitness sessions and no time available to attend physical sessions in addition to increased fitness conscious population. However, the lack of awareness about the multiple online services offered by the key industry players is likely to impede market growth. The growing popularity of online fitness programs among the young population is likely to create lucrative opportunities for the new entrants in the industry.
Synopsis
Global Virtual Fitness Market has been segmented based on Session Type and Region.
Based on the session type, the global market is bifurcated into group and solo. Group sessions are widely preferred as it makes the sessions engaged that people are always motivated to keep working out during the session.
Regional Analysis
Geographically, the virtual fitness market has been segmented into the Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America holds the largest share of the virtual fitness market. One factor that is responsible for the growth of the regional market is the growing inclination towards physical fitness. Moreover, the presence of large companies and rising awareness of the importance of being fit and healthy among the population in the US is boosting the growth of the North American market.
Asia-Pacific is expected to register the fastest growth rate by 2026 because of the rapidly growing health consciousness among the population in countries such as India, Japan, China, and Thailand.
Companies Covered
The Key Players of the Global Virtual Fitness Market are Fitness On Demand, GoodLife Fitness, Reh-Fit Centre, Wexer, LES MILLS INTERNATIONAL LTD, WELLBEATS, Fit n Fast Health Clubs & Gyms, conofitness, Charter Fitness Inc., and Fitness First, among others.
Key Developments
- In March 2020, Les Mills and TVNZ partnered to offer workout sessions during the COVID-19 lockdown, particularly for the public in New Zealand. These workout classes include HIIT sessions and meditation, among many others.
Key Questions Addressed by the Report
- What was the historic market size (2019)?
- Which segmentations (session type) are driving the market?
- What will be the growth rate by 2026?
- Who are the key players in this market?
- What are the strategies adopted by key players?
Frequently Asked Questions (FAQ) :
Players influencing the virtual fitness market are Reh-Fit Centre, Wexer, Fitness On Demand, GoodLife Fitness, Fit n Fast Health Clubs & Gyms, conofitness, Charter Fitness Inc., LES MILLS INTERNATIONAL LTD, WELLBEATS, and Fitness First, among others.
Sole and group are segments discussed under session type.
North America has the scope to lead the virtual fitness market.
Asia Pacific to outpace other regions in the virtual fitness market ahead.
Advanced training sessions, flexible timing, and surging consciousness are impacting the virtual fitness market.
