|Fitness On Demand|
|LES MILLS INTERNATIONAL LTD|
|FitnFast Health Clubs & Gyms|
|Charter Fitness Inc.|
|Market Driving Forces|
|The rising popularity of online or virtual fitness programs among older adults|
|owing to their increased attention on health and fitness|
|is projected to fuel the virtual fitness market's growth in the future years.|
According to the latest research report, the virtual fitness market USD 38.2 billion size is expected to register a CAGR of 41.20% during the forecast period (2022-2030). As online fitness programs provide physical training sessions in groups or solos, the virtual fitness sector has grown in popularity. Working mothers and the elderly who are unable to physically attend gyms, yoga courses, or other sessions will benefit from online training sessions. These classes can or are held on a set schedule and in a certain time frame. The rising demand from millennials and young working professionals has fueled the worldwide virtual fitness market's expansion.
Furthermore, the current scenario, as a result of the development of new coronaviruses, has made it necessary for the general public to stay at home and keep fit and healthy, which has increased the demand for virtual exercise programs. The worldwide market is being pushed by growing demand for advanced fitness sessions, a lack of time to attend physical activities, and growth in the number of fitness-conscious people. However, a lack of knowledge about the many online services provided by the main industry participants is expected to stymie market expansion. The rising popularity of online fitness programs among the youthful population is anticipated to open up lucrative prospects for new entrants into the market.
This report contains all the information on the virtual fitness market research reports and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the virtual fitness market analysis and forecast for 2026 is also included in the report.
The worldwide online/virtual fitness market trends have grown significantly in recent years; but, owing to the emergence of the COVID-19 pandemic, the industry is expected to surge in 2020 as a greater proportion of the global population works out every day at home utilizing virtual/online fitness platforms. This is due to the adoption of lockdown by governments in the majority of countries, as well as the closure of gyms and fitness clubs throughout the world, to avoid virus spread. The online fitness market is expected to thrive during the COVID-19 pandemic as well as in the years following the epidemic. For example, in 2019, a small percentage of Mindbody app users (7%) used live broadcasts or pre-recorded films (17%) to exercise. During the COVID-19 epidemic, about 75% are using live stream video exercises, while approximately 70% are exercising using pre-recorded workout videos.
The global virtual fitness market growth is being driven by factors such as an increase in demand for important adaptive sessions to achieve physical fitness, a lack of time to attend training courses at fitness clubs, a growing interest among health insurance companies in virtual/online fitness services to decrease health insurance costs, an increase in demand for AR or VR-based fitness, and an increase in supply for virtual/online fitness services to decrease health insurance premiums. The rising popularity of online or virtual fitness programs among older adults, owing to their increased attention on health and fitness, is projected to fuel the virtual fitness market's growth in the future years.
The rising popularity of virtual or online fitness programs among older adult age groups as their focus on health and fitness creates more opportunities for the virtual fitness industry to develop.
Factors such as pauses in the flow of the class owing to technical difficulties, as well as a lack of genuine connection with the teacher, may hinder market growth over the projection period for the virtual fitness market.
The lack of knowledge of virtual fitness among non-smartphone users may provide challenges to the global virtual fitness market's growth.
Cumulative Growth Analysis
The on-demand streaming type led the worldwide online/virtual fitness market share in 2019 and is anticipated to retain this trend during the forecast period, since on-demand fitness programs are the most sophisticated choice, allowing trainers to work with their customers online. An increasing number of people prefer on-demand streaming exercises over live gym sessions because it allows them to pick an exercise style and intensity level that meets their unique demands regardless of the class schedule.
However, the live streaming sector is anticipated to expand the fastest, owing to its appeal among daily schedule exercisers and those wanting to be regular and accountable in terms of fitness programming style and schedule.
Value Chain Analysis
According to the reports, the Global Virtual Fitness Market trends have been divided into two sections: Session Type and Region. The global virtual fitness market is divided into two segments based on session type: group and solo. Group sessions are popular because they keep individuals interested and inspired to continue working out during the session. The subscription segment showed the strongest growth in 2019 in the virtual fitness market on the basis of a revenue model and is expected to maintain a prevailing position in future years, given the growing acceptance, in comparison to the registering of a coach in person, of subscription-based virtual fitness training sessions by clients. Customers are also adopting virtual subscription-based fitness programmes because they provide access to top-tier trainers, even if they are not physically situated in the same location.
Due to its ability to reach a wide range of customers, including those willing to systems making of paid virtual fitness programmes on a trial basis as well as those ready to pay on a pay-per-view basis or buy a subscription plan to remove ads, the hybrid segment is projected to expand at the fastest growth rate during the forecast.
The market is segmented based on Streaming, Session Type, Device Type, Revenue Model, End User and Region. The global Virtual Fitness market is expected to witness decent growth during the forecast period.
The virtual fitness market is segmented into Subscription, Advertisement, Hybrid based on the application.
Based on the propulsion types, the virtual fitness market is segmented into Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals, Others.
According to the reports, the virtual fitness market has been divided into four regions: Asia-Pacific, North America, Europe, the Middle East, and Africa, and South America. North America accounts for the lion's share of the virtual fitness sector. The rising propensity for physical fitness is one element driving the area market's expansion. Furthermore, the presence of big corporations and growing public awareness of the significance of staying fit and healthy in the United States are driving the expansion of the North American market. Due to the extremely rapidly rising health consciousness among the population in countries like India, Japan, China, and Thailand, Asia-Pacific is anticipated to have the greatest growth rate by 2026.
The virtual fitness market is extremely fragmented and competitive, with numerous well-established industry companies present. They have used a variety of tactics to diversify their portfolios and gain a foothold in the market, including acquisitions and mergers, collaborations, strategic partnerships, new product introductions, and many others.
Virtual Fitness Market Players
The following report comprises of –
Virtual Fitness Market Segments
By Streaming Type
By Session Type
By Device Type
By Revenue Model
|Market Size||USD 38.2 billion|
|Forecast Units||USD value billion|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type|
|Geographies Covered||North America, Europe, Aisa Pacific|
|Key Vendors||Fitness On Demand GoodLife Fitness Reh-Fit Centre, Wexer LES MILLS INTERNATIONAL LTD WELLBEATS Fit n Fast Health Clubs & Gyms Conofitness Charter Fitness Inc. Fitness First Others.|
|Key Market Opportunities||The rising popularity of virtual or online fitness programs among older adult age groups as their focus on health and fitness creates more opportunities for the virtual fitness industry to develop.|
|Key Market Drivers||The rising popularity of online or virtual fitness programs among older adults, owing to their increased attention on health and fitness, is projected to fuel the virtual fitness market's growth in the future years.|
virtual fitness market USD 38.2 billion size is expected to register a CAGR of 41.20% during the forecast period (2022-2030).
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.
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.
Sole and group are segments discussed under session type.