Online/Virtual Fitness Market Size Projected to Generate a Revenue of $2,04,359.4 Million by 2031Download Sample Reports Overview
The Global Online/Virtual Fitness Market Size is predicted to be valued at $2,04,359.4 million by 2031, surging from $10,710.0 million in 2021, at a noteworthy CAGR of 34.6%.
Impact Analysis COVID-19 on the Online/Virtual Fitness Market
The COVID-19 impact on online/virtual fitness market had a positive impact on the online/virtual fitness market. Moreover, the global virtual fitness market experienced a rapid growth during the pandemic due to the widespread transmission of COVID-19, as most gym goers started using virtual fitness solutions at home to exercise daily with more free time. Considering these factors, companies concentrated primarily on the deployment of essential strategies in order to expand their consumer base and generate impressive revenue throughout the pandemic. For instance, in March 2020, Snap Fitness, a well-known player in the virtual fitness market, announced a partnership with FitnessOnDemand in order to offer all individuals looking for workout options while working from home with a 90-day global access to the industry's top virtual fitness platforms. Furthermore, these corporate endeavors are anticipated to favorably affect the global online/virtual fitness market trend in the post-pandemic period.
Global Online/Virtual Fitness Market Analysis
The global online/virtual fitness market growth is anticipated to raise owing to the significantly rising health consciousness among the population in developed countries due to growing worries over cardiovascular diseases (CVDs). The World Health Organization (WHO) estimates that 17.9 million people worldwide die due to cardiovascular diseases (CVDs) each year, including heart attacks and strokes. In order to preserve general health and fitness and to prevent the emergence of such ailments, people are favoring the virtual exercise programs. Yoga, cardiovascular exercises, and other exercises are just a few of the beneficial workouts offered by these virtual programs. Such a wide range of health effects is anticipated to support the market expansion in the upcoming years. These are the major factors anticipated to boost the online/virtual fitness market share during the forecast timeframe.
Lack of knowledge about numerous new online/virtual workout courses among the population in emerging countries is expected to impede the global market growth during the forecast period. Furthermore, the high cost of content creation, along with a lack of sufficient network connectivity, is limiting the industry expansion. All these factors are restricting the online/virtual fitness market growth during the forecast period.
The development of the online/virtual fitness market size is being driven by the trend of connected fitness equipment that allows users to track health metrics including calories and pulse rate. With the help of smart devices, users can track their progress, monitor their heart rate, and receive real-time feedback on their form and technique. This can be especially helpful for people who are new to exercise or have specific fitness goals they want to achieve. For instance, in September 2020, Apple, Inc. announced Fitness Plus. This subscription programs for online fitness sessions works with iPhones, iPads, Apple TV, and Apple Watch. On Apple devices, customers can track a range of stats for activities like jogging, rowing, swimming, or cycling. Users can participate in courses on the built-in screens of their equipment by taking advantage of on-demand and live workout classes with a variety of connected equipment.
Global Online/Virtual Fitness Market, Segmentation
The online/virtual fitness market is segmented on the basis of streaming type, session type, revenue model, device type, end user, and region.
The streaming type segment is further classified into live and on-demand. Among these, the on-demand sub-segment is projected to have a dominant market share during the forecast period. As the most advanced option, on-demand fitness programs allow trainers to collaborate with their customers online. A rising 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 class scheduling. The live streaming category, on the contrary, is predicted to expand the most, owing to its appeal among routine-oriented exercisers and persons wanting to be regular and accountable in terms of fitness programming style and schedule.
The session type segment is further classified into group and solo. Among these, the group sub-segment is projected to have a dominant market share during the forecast period. The popularity of group exercises has increased because the online/ virtual fitness class focuses primarily on developing postural alignment, which results in strong strength and balance, ease of movement, and improved functional fitness. For example, in December 2020, NOUFLEX LLC announced the release of its virtual group fitness courses, NouFlex Training System products, and Virtual Personal Training Sessions. Such factors are expected to boost the sub-segment growth during the forecast period.
The revenue model segment is further classified into subscription, advertisement, and hybrid. Among these, the hybrid sub-segment is projected to have the highest CAGR during the forecast period. The use of AR and VR technologies has drastically changed the fitness sector worldwide. In addition, clients who want to benefit from training from qualified gym instructors need to choose the hybrid model. The hybrid model also offers the user a more individualized approach along with targeted planning.
The device type segment is further classified into smart tv, smartphones, laptops desktops and tablets, and others. Among these, the smartphones sub-segment is projected to have the highest CAGR during the forecast period. The smartphone can be a great workout companion for all the fitness enthusiasts. The user can watch videos to get through tedious cardio workouts and listen to music to keep them motivated. Smartphones have definitely become an essential device for many people who are trying to stay healthy and active. With the help of fitness apps and other health-related features, smartphones can act as virtual personal trainers and nutritionists, providing users with personalized guidance and support.
The end user segment is further classified into professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals, and others. Among these, the individuals sub-segment is projected to have the highest CAGR during the forecast period. Web-based portals and mobile applications make it simple to access virtual fitness platforms, which also give users access to a wide range of well-liked exercises like squats, pushups, and side planks. These classes are led by certified, approachable coaches who offer users fitness evaluations and workout plans that are customized to their goals. In addition, the demand for virtual fitness solutions is anticipated to increase among individual end-users during the forecast period.
The online/virtual fitness market share in Asia-Pacific is projected to show the fastest growth by 2031, as more people are adopting digital solutions for their fitness needs. This presents an exciting opportunity for fitness brands and entrepreneurs to tap into this rapidly growing market and provide innovative solutions that cater to the unique needs of consumers in the region. Furthermore, several countries, including India, Malaysia, Japan, South Korea, and China, are expanding their use of virtual fitness platforms. Formal products launched by fitness tech companies such as Fantasy Fitness, GuavaPass, and others are extending their reach in the region, offering huge possibilities for the development of the online/virtual fitness industry.
Key Players in the Global Online/Virtual Fitness Market
Some of the leading online/virtual fitness market analysis players are
- ClassPass Inc.
- Fitbit Inc.
- Les Mills International Ltd.
- Navigate Wellbeing Solutions
- Viva Leisure
- Wellbeats Inc.
In October 2021, LifeSpeak Inc., an online wellness company, was acquired by LIFT Digital Inc., a prominent provider of mental health and overall wellbeing platform. With this acquisition, LifeSpeak hopes to capitalize on LIFT's customer base, which includes many blue-chip companies.