Virtual or Online Fitness Market size is projected to reach at $59,231 million by 2027

According to a recent report published by Report Ocean, titled, “Virtual or Online Fitness Market by Streaming Type, Device Type, Session Type, Revenue Model, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,” the global online/virtual fitness market size was valued at $6,046 million in 2019, and is projected to reach at $59,231 million by 2027, growing at a CAGR of 33.1% from 2020 to 2027.

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The growth of the virtual fitness market is driven by number of factors such as increase in need for advanced fitness sessions to achieve physical fitness, growing interest of health insurance providers in virtual/online fitness services to reduce health insurances costs, growing demand of AR or VR based fitness, increase in demand for healthy foods and others. Moreover, lack of timings to attend training sessions at fitness clubs further drives the market growth. In addition to this, COVID-19 pandemic has disrupted the lives of people and causing fitness centers such as gyms and other fitness clubs to stay closed further leading to rapid adoption of virtual fitness solutions as people have started workouts at their homes, which in turn will support the growth of the market. However, interruptions in the flow of the class due to tech glitches along with the lack of real interaction with the instructor may hinder the online/virtual fitness market growth to some extent. On the contrary, growing popularity of virtual or online fitness programs among older adult age group as their focus on health & fitness is further provides numerous opportunities for the market to grow.

In 2019, the global online/virtual fitness market share was dominated by the on- demand streaming type and is expected to maintain this trend during the forecast period, as the on-demand fitness programs are the most advanced option, which enable trainers to work with their clients online. The growing number of people are choosing on demand streaming workouts instead of live gym as it enables them to choose an exercise style as well as an intensity level that fits into their specific needs irrespective of the class schedules. However, the live streaming segment is expected to witness the highest growth, owing to its popularity among routine-oriented exercisers and the individuals who are willing to be consistent and accountable regarding the fitness programming format and schedule.

On the basis of revenue model, the subscriptions segment exhibited the highest growth in the virtual fitness market in 2019, and is expected to maintain its dominance in the upcoming years, owing to the growing adoption of subscription based virtual fitness training sessions by customers due to its cost effectiveness as compared to the signing up with a coach in-person. Also, the customers are joining the virtual subscription based fitness services as they offer access to top-tier trainers, even if geographically they are not located in same place. However, the hybrid segment is expected to witness the highest growth during the forecast period, due to its ability to reach a range of customers including, those willing to access features of the paid virtual fitness programs on a free trails basis as well as those who willing to pay on a pay-per-view basis or to purchase a subscription plan for removing ads. 

Post COVID-19, the size of the global online/virtual fitness market is estimated to grow from $ 7,995 million in 2020 and projected to reach $ 59,231 million by 2027, at a CAGR of 33.1%. Post COVID-19 outbreak the online fitness market is expected to witness highest growth due to lockdown scenarios in every country, shutdown of the gyms, and rise in mental as well as physical illness. The pandemic has affected positively on the virtual fitness market growth as the at-home workouts rapidly became the norm and the people who wanted the group/solo fitness class experience, have turned to virtual fitness or wellness in the form of streaming pre-recorded and live classes. Moreover, number of governing bodies across the globe are striving to stop the spread of virus by initiating various fitness policies. For instance, in April 2020, the Fit India, the flagship fitness movement of Indian government and Central Board of Secondary Education (CBSE) India have collaborated to offer live fitness sessions by expert trainers for school students during the pandemic.

Key Findings Of The Study

By streaming type, in 2019 the on-demand streaming type dominated the online/virtual fitness market size. However, the live streaming type is expected to exhibit significant growth during the forecast period.
On the basis of session type, the group type accounted for the highest revenue in 2019, however, the solo type is expected to witness highest growth rate in the forecasted period.
Depending on end user, the professional gyms generated the highest revenue in 2019. However, the individuals segment is expected to witness highest growth rate in the near future.
Region wise, the online fitness market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key online/virtual fitness industry players profiled in the report include ClassPass Inc., Fitbit, Inc., FitnessOnDemand, Les Mills International Ltd., Navigate Wellbeing Solutions, Peerfit, Inc., Reh-Fit Centre, Sworkit, Viva Leisure, Wellbeats, Inc., Peloton, and Zwift. This study includes market trends, online/virtual fitness market analysis, and future estimations to determine the imminent investment pockets.

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This release was published on openPR.