Global Virtual Fitness Market Size Expected to Reach $187 Billion By 2032
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Aug. 3, 2023 /PRNewswire/ -- The virtual fitness market is a rapidly developing industry that provides fitness and wellness solutions through digital platforms. This includes various online workout classes, personalized coaching services, as well as virtual fitness communities. The market's growth is being spurred on by several factors such as the rising adoption of digital technologies, greater health awareness among consumers, and an increasing need for personalized fitness solutions. Furthermore, innovative virtual fitness products and services are becoming more affordable due to advancements in wearable technology availability. In recent years, the virtual fitness market has experienced impressive growth and this trend is expected to continue into the anticipated future. As more people turn to online classes and virtual workout platforms for social engagement while staying physically fit. Furthermore, the convenience and flexibility of these options have made them appealing to busy professionals who lack time for traditional gym visits. Furthermore, technological developments such as high-speed internet accessibility, wearable fitness devices, and AI-powered virtual coaching are fueling the growth of the virtual fitness market. These innovations have made it easier for people to access tailored and engaging fitness experiences from the convenience of their own homes. According to Market.us the global virtual fitness market size was USD 13.3 Billion in 2022 and is projected to surpass around USD 187.8 Billion by 2032, and it is poised to reach a registered CAGR of 31.2% from 2023 to 2032. Active Companies from around the markets with current developments this week include: Interactive Strength Inc. d/b/a FORME (NASDAQ: TRNR), Xponential Fitness (NYSE: XPOF), YETI Holdings, Inc. (NYSE: YETI), Peloton (NASDAQ: PTON), Life Time (NYSE: LTH).
The report said that: "The virtual fitness market is expected to be led by North America, with a dominant market share of 48.2% in 2022. This region boasts the largest virtual fitness market globally, owing to its established fitness industry and the presence of major virtual fitness providers. North America is estimated to be dominant in the virtual fitness market, with the largest market share of 48.2% in 2022. North America has the largest virtual fitness market in the world because it is also known as the home to many prominent virtual fitness providers… and there is also a well-established fitness industry."
Interactive Strength Inc. (NASDAQ: TRNR) BREAKING NEWS: Interactive Strength Inc. (d/b/a "FORME") Announces Distribution Partnership with Industry Leading Integrated Fitness Services Company, The Risher Companies
- Company continues business-to-business commercial strategy to strengthen multi-year subscription opportunities
- FORME selected as a preferred equipment supplier for industry leading fitness center consulting and procurement firm
Interactive Strength Inc. d/b/a FORME ("TRNR" or "the Company"), maker of premium smart home gyms and provider of virtual personal training services, is continuing its expansion into the commercial market through a partnership with The Risher Companies ("TRC"), one of the largest fitness center consulting and equipment procurement firms servicing multi-family properties, real estate development and management companies, master-planned communities, and office buildings nationwide. TRC distributes over 20 commercial brands of fitness equipment and is a top 10 national distributor for Matrix, Woodway, Stages Cycling, Octane and FreeMotion Fitness.
"The Risher Companies is trusted by several of the top property developers in the country to manage fitness center design and buildout for new and existing projects across the US, including nearly 200 projects last year," said Trent Ward, co-founder and CEO of FORME. "Partnering with the Risher team as a preferred equipment supplier allows FORME to bring its products and services to new properties and tenants around the country. We are pleased with the first installations that have been completed and are excited about the Risher project pipeline."
"FORME's equipment is best-in-class and we are very excited to offer it to our clients in support of our focus on curating differentiated and value-added on-property amenities," said Josh Mann, Partner and Vice President of TRC. "FORME's offering checks the three most important boxes for us - attractive and high-quality design, versatile functionality, and an engaging user experience, making it a great fit for many of our projects."
The commercial channel represents many significant, multi-year opportunities for FORME, given the size of the addressable market, the consistency of the demand and favorable competitive dynamics. FORME already installs its smart home gyms in a number of commercial settings, including luxury hotels internationally, multi-family developments and office buildings.
"The commercial channel is one of the most impactful routes to market given the higher average recurring revenue, multi-year contracts, larger volumes and lower acquisition costs," continues Trent Ward. "Given these dynamics, we believe having a strong commercial business is a key to a profitable hardware business." CONTINUED… Read this and more news for TRNR at: https://ir.formelife.com/
In other industry developments and happenings in the market this week:
YETI Holdings, Inc. (NYSE: YETI) recently announced that it plans to report its second quarter fiscal year 2023 financial results on Thursday, August 10, 2023, before the market opens. YETI will host a conference call at 8:00 a.m. ET to discuss its financial results.
Investors and analysts who wish to participate in the call are invited to dial 833-816-1399 (international callers, please dial 412-317-0492) approximately 10 minutes prior to the start of the call. A live webcast of the conference call will also be available in the investor relations section of YETI's website, www.investors.yeti.com.
A recorded replay of the call will be available shortly after the conclusion of the call and remain available until August 24, 2023. To access the telephone replay, dial 844-512-2921 (international callers, please dial 412-317-6671). The access code for the replay is 10180639. A replay of the webcast will also be available within two hours of the conclusion of the call and will remain available on the website for 90 days.
Peloton (NASDAQ: PTON) recently announced the start of the company's next chapter as it repositions from the perception of an in-home bike company to reflect everything Peloton has to offer to everyone, at any level, wherever they are. With Peloton's amazing content on its award-winning hardware and App, today's relaunch ignites a vibrant new brand identity and campaign; introduces new Membership tiers; and releases a new content feature, Peloton Gym. With today's relaunch, Peloton is declaring itself open and available for everyone to experience its expert Instructors and world-class content, even for free.
"With this brand relaunch we're reflecting the vibrancy and fullness of everything Peloton has to offer to everyone. We're shifting perceptions from in-home to everywhere, fitness enthusiasts to people at all levels, exclusivity to inclusivity across all Peloton Members present and future," said Leslie Berland, Peloton's Chief Marketing Officer. "Our Instructors and Members live and breathe the true Peloton experience every day. We're excited to bring that energy and inspiration out into the world."
Xponential Fitness, Inc. (NYSE: XPOF), the largest global franchisor of boutique fitness brands, recently announced it has signed a Master Franchise Agreement in France for its Club Pilates brand, representing Xponential's 19th international country outside of North America. The agreement, signed with TCMP Fitness, LP and its partners Susan and Chris Fichaud, gives the Master Franchisee the opportunity to license a minimum of 75 Club Pilates studios in France over the next 10 years. The master franchise partners have eight years of experience bringing the Club Pilates brand to local markets and assembling highly-qualified teams, and also recently signed master franchise agreements to develop Club Pilates in Ireland and Switzerland. TCMP Fitness, LP is Xponential's third domestic franchisee to expand its operations internationally.
Xponential Fitness' Club Pilates studios offer low-impact, full-body Reformer Pilates-based workouts with a variety of classes that challenge your mind as well as your body. Club Pilates offers a supportive and inclusive environment for individuals looking to improve their fitness and well-being through the practice of Pilates.
Life Time (NYSE: LTH), the nation's premier healthy lifestyle brand, recently announced the opening of Life Time Sienna in Missouri City, Texas. The opening marks the Company's 30th athletic country club in Texas and 12th in the Houston market.
"We are thrilled to expand our Life Time presence in the Houston market and across Texas with the opening of Life Time Sienna," said Parham Javaheri, Life Time Chief Property Development Officer. "Our continued growth comes as a result of people choosing to make Life Time a part of their daily lives for themselves and their families. We're always looking for great locations and Missouri City is an ideal market for us to bring this new Life Time experience."
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