NEW YORK, USA, May 10, 2022 (GLOBE NEWSWIRE) – A recent report by Research Dive said that Global virtual fitness market Shows steady growth. Its revenue stood at $6060.0 million in 2019 It is expected to rise to $59,650.3 million by 2027, increase with a Compound annual growth rate of 33.5%.
market dynamics
It’s common to see people joining gyms at the beginning of the year, but after a couple of months they tend to quit. There are many reasons for this, specifically boredom and repetition. They find that similar activities in the comfort of their own home prove to be more effective. This has added to the exponential growth of the global virtual fitness market.
Additionally, lack of awareness and high cost of content creation, along with strong network connectivity issues act as a limiting factor for market growth for virtual exercise classes.
Strategic linkages with various brands and companies along with more technological innovations are expected to build more opportunities in the market in the future.
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Corona virus pandemic and its repercussions on the market
During the peak phase of the pandemic, many industries found themselves in limbo as they did not know what the future held. On the contrary, the novel coronavirus has brought a wave of growth to the industry. With the majority of the world’s population under lockdown, there was not much to do indoors. Many brands have used this to attract people who have been aiming to improve health and fitness through workouts in the form of videos. Several popular startups such as HealthifyMe, Fittr, and Fitternity have been evidence of this growth in clients who have opted for different health services such as mental health, corporate wellness programs, and others. The need of the hour was to maintain good health and build immunity, which the brands ensured.
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Virtual fitness market segments
Broadly speaking, the market is broadly segmented into – broadcast type, session type, device type, revenue model and end user.
- Under the streaming genre, the live platform has seen itself grow exponentially due to the diversity it offers. Several forms of exercises such as Pilates, yoga, toning, and celebrity trainers make them popular with the public. As a result of this, its revenue is expected to rise from $2,468.6 million in 2019 to $25,725.7 million by 2027.
- The types of sessions are divided into – group and solo, where the former takes the lead. This is due to the importance given to posture, balance and more of these aspects. The sub-section is set to record a file Revenue was $39,264.5 million by 2027, at a compound annual growth rate of 33.7%.
- Under device types, smartphones have more value, mainly because the majority of people have access to them. Its revenue is expected It will rise to $18996.9 million by 2027. Other subcategories are Smart TVs, Laptops, and Tablets.
- The revenue model is divided into subscription, advertising, and mixed sub segments. The mixed revenue model is expected to earn A Revenues were $10,007.9 million by 2027, growing at a compound annual growth rate of 33.8%. Customers are always looking for options that give them the flexibility to access both free software as well as paid subscriptions based on their interests.
- The type of end user is divided into professional gyms, sports institutes, defense institutes, educational institutes, corporate and individual institutes, and so on. Among these, professional sports clubs are of higher value, with returns expected From $1,377.9 million in 2019 to $11,593.9 by 2027. Increasing obesity rates followed by health awareness have given an advantage to gyms all over the world.
Regional Analysis
A sedentary lifestyle has largely contributed to the increase in underlying diseases such as diabetes and obesity. One such country facing this problem is North America. As a result, it is expected to rank first in terms of its expected revenue From $2,291.9 million in 2019 to $20,173.7 million by 2027.
Key developments and market players
A new innovation in the fitness industry is exergaming. This combines both exercise and games. This helps build strength and self-confidence through a fun and interactive gaming platform. Some innovators like ZwiftInc offer an app for runners, athletes, and cyclists. This allows them to train indoors and stay physically active. In addition, in August 2020, two institutions – ClassPass and Fyt, They collaborated to create a personal training session that can be accessed via live broadcast. This was created for athletes, athletes, and people who want to explore the field.
The global virtual fitness industry has many players that make it easy for people to start their fitness journey. Some of these players are in the market
- Fitbit
- class pass
- Fitness On Demand
- peloton
- Willbitts Inc
- ZwiftInc
- REH-FIT
- Les Mills International LTS
- Workit
- Browse luxury solutions.
The report also provides an overview of the various technologies in use as well as products, facilities, business performance, and SWOT analysis.
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Frequently Asked Questions
Q1. What is the size of the global Virtual Fitness Market?
Q2. What are the major players in the virtual fitness market?
Q3. Which region has the largest investment opportunities in the near future?
Q4. What is the growth rate of the Virtual Fitness Market in the Asia Pacific region?
Q5. What strategies have the major players in this market chosen?
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