Online/Virtual Fitness Market Exhibit 34.6% CAGR and Generate $2,04,359.4 Million by 2031 | Research Dive
NEW YORK, June 23, 2023 /PRNewswire/ -- The online/virtual fitness market is expected to observe significant growth by 2031, owing to the increasing demand for progressive fitness assemblies to acquire physical fitness. The North America region was the most dominant in 2021.
Global Online/Virtual Fitness Market Forecast Analysis:
As per the report published by Research Dive, the global online/virtual fitness market is projected to garner a revenue of $2,04,359.4 million and rise at a stunning CAGR of 34.6% over the analysis timeframe from 2022 to 2031.
Segments of the Online/Virtual Fitness Market
The report has divided the online/virtual fitness market into the following segments:
- Streaming Type: live and on-demand
- On-Demand – Held the highest market share in 2021
The increasing adoption of on-demand virtual fitness among customers owing to the ease of choosing training sessions and reaching many exercisers of all fitness levels to provide a wide range of coaching techniques is predicted to boost the growth of the market sub-segment further. - Session Type: group and solo
- Group – Generated the largest revenue in 2021
The increasing popularity of group workouts among individuals as the class mainly focuses on developing postural alignment to boost strength and balance, and freedom of movement among individuals is predicted to augment the growth of the market sub-segment forward. - Revenue Model: subscription, advertisement, and hybrid
- Subscription – Held the maximum market share in 2021
The subscription model helps individuals provide customers with on-demand access to a variety of exercise courses that can be watched on laptops, televisions, and cell phones, which is expected to amplify the growth of the market sub-segment in the coming period. - Device Type: smart tv, smartphone, laptops desktops and tablets, and others
- Laptops, Desktops, and Tablets – Registered the biggest market share in 2021
The increasing use of laptops, desktops, and tablets among individuals to access virtual fitness programs in their comfort and allow them to work out in their busy schedules is expected to fuel the growth of the market sub-segment further. - End User: professional gyms, sport institutes, defense institutes, educational institution, corporate institution, individuals, and others
- Professional Gyms – Garnered the dominant revenue in 2021
Unlike traditional gyms, professional gyms can identify the benefits of virtual fitness programs such as the ability to reach a wider audience and offer a wide variety of workers and trainers which is expected to uplift the growth of the market sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Held the largest market share in 2021
The rising popularity of inventive fitness solutions with health awareness campaigns across the region and the growing need for novel fitness platforms are the major factors expected to drive the regional growth of the market during the forecast period.
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Dynamics of the Global Online/Virtual Fitness Market
The increasing preference of individuals for choosing healthier lifestyles such as good diets, flexible activities, and better healthcare is expected to fortify the growth of the online/virtual fitness market over the analysis timeframe. Besides, the increasing demand for progressive fitness assemblies to acquire physical fitness and the rising demand for innovative and convenient fitness solutions among individuals are expected to propel the growth of the market during the forecast period. However, the high cost associated with advanced virtual fitness programs may hamper the growth of the market in the coming period.
The rising trend of exergaming platforms among individuals to develop their self-confidence, strength, and health is further expected to create extensive growth opportunities for the market during the forecast timeframe. In addition, virtual fitness platforms deliver a range of progressive fitness assemblies such as high-intensity interval training, strength training, and others which are expected to fuel the growth of the market over the estimated period.
Covid-19 Impact on the Global Online/Virtual Fitness Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has positively driven the online/virtual fitness market. This is mainly due to the increasing demand for virtual/online fitness platforms among individuals to maintain physical distancing and control the spread of the deadly virus. Moreover, many people have started adopting new technology to stay healthy and connected during the pandemic due to lockdowns and social distancing guidelines. All these factors have increased the growth of the market throughout the crisis.
Key Players of the Global Online/Virtual Fitness Market
The major players of the online/virtual fitness market include
- Navigate Wellbeing Solutions Peloton
- Les Mills International Ltd.
- REH-FITSworkit
- FitnessOnDemand
- Viva Leisure
- Fitbit Inc.
- Wellbeats Inc.
- ClassPass Inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in May 2022, Dyaco, Inc., one of the leading designers, marketers, and manufacturers in both home and commercial fitness equipment industries launched its new product namely, XTERRA Fitness TRX5500 Folding Treadmill. This product is specifically designed for people who want to work out in an entertaining way.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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