Informative: What will be the Future of the Global Virtual Fitness Market

The global virtual fitness market will be valued at $59,650.3 million by 2027, increasing from $6,060.0 million in 2019 at a CAGR of 33.5%.

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Impact Analysis of COVID-19 on the Virtual Fitness Market:

The communal transmission of coronavirus has had a significant impact on the virtual fitness industry. The pandemic has forced people to turn to technology as a solution to better their physical & mental health. Hence, key and innovative vendors in the virtual fitness market are following some effective strategies, such as launching insightful workout sessions, free subscriptions, and strategic collaborations in order to grow in the international market, during the COVID-19 crisis. For instance, in March 2020, Peloton, an American exercise equipment and media company, announced the extension of the ‘Peloton Digital’ subscription free trial for 30 - 90 days to help and support the society to maintain their mental and physical well-being through advanced wellness and fitness programs, during the COVID-19 outbreak. Also, in September 2020, Fitbit announced to provide a free trial of ‘Fitbit Premium’, offering its home workout services to help exercise, sleep well and stay healthy throughout pandemic.

Global Virtual Fitness Market Analysis:

Emerging trends such as innovative on-demand and live fitness assessments within the fitness industry are increasingly taking a place within people’s lifestyle routines. Furthermore, the increasing awareness of gym-goers about gaining information regarding their progress, sleep quality, and body fat percentage is creating positive impact on the market. Also, various established as well as startup companies are coming up with latest product innovations which is also gaining popularity among people. For instance, in July 2020, Twenty Billion Neurons GmbH, an innovative AI startup, made an announcement to launch ‘Fitness Ally’, an integrated workout virtual experience app powered by AI. The app provides a broad range of features including virtual fitness coach, Allie, that uses the front-facing camera in order to guide the users in real-time. Moreover, in September 2020, Apple introduced Fitness+, the new, advanced virtual fitness platform. The app intelligently incorporates with products including Apple TV, iPad, and iPhone to offer a first-of-its-kind virtual personalized workout experience. Such technological breakthroughs are further expected to capture the maximum share in the global virtual fitness market in the forecast years.

High cost associated with the advanced virtual fitness programs is one of the major reasons hampering the virtual fitness industry. Also, lack of awareness regarding on-demand and live exercise classes in the developing countries is further expected to obstruct the global fitness industry market throughout the analysis period.

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Growing adoption of exergaming solutions across the globe are creating favorable conditions for the virtual fitness industry. This platform helps the user in building self-confidence as well as strength via interactive gaming solutions. Thus, technology pioneers such as Nintendo are coming with novel product launches. For example, in June 2020, Nintendo made an announcement of ‘Jump Rope Challenge’. The challenge was developed by experts for people currently working from home to stay physically & mentally active during pandemic. Such technological advancements are further projected to create huge opportunities for the key market players.

Live streaming for the global virtual fitness industry shall have a rapid market growth and it is anticipated to cross $25,725.7 million by 2027, with a rise from $2,468.6 million in 2019. Live streaming exercise is the best option to keep exercise exciting, fresh, and challenging at home. The platform is mainly developed with new content and advanced techniques to assist people to stick to their scheduled routine. Moreover, the live-streamed workout programs can be completed within the comfort of customer’s home or a workplace fitness room. In addition to this, tips & techniques from experts, great comfort for beginners, and unique wellness content are some of the key factors driving the demand for live virtual fitness platform, among the fitness-freak and health-conscious.

The group session sub-segment for virtual fitness market will have a significant growth and it is further anticipated to surpass $39,264.5 million by 2027, with a massive surge from $3,928.1 million in 2019. The classes are conducted in purpose-built studios with motivating instructors and pumping music. In addition to this, the social nature of the group session also helps to motivate the participants and makes them more likely to reach their goals. Hence, workout institutions, like NOUFLEX LLC, a Boston-based fitness company, are launching advanced portfolio to increase their customer reach. For example, in December 2020, NOUFLEX LLC made an announcement to launch its virtual group workout classes, NouFlex Training System products and Virtual Personal Training Sessions. Such factors may help in bolstering the sub-segment growth, during the forecast period.

The smartphone device type for the global virtual fitness industry will be a significantly growing segment and is further anticipated to register a revenue of $18,996.9 million by 2027. The smartphone can be an excellent workout companion for the exercise enthusiast. The user can have access to the videos for pushing through boring cardio sessions combined with music for motivation while working out. In recent years, smartphones have been playing a key role as a virtual personal trainer and nutritionist in the busy urban lifestyle with numerous workout sessions.

The subscription revenue model for virtual fitness platform is anticipated to generate a revenue of $28,555.6 million by 2027, increasing at a growth rate of 33.6%. Workout subscriptions enable customers with access to every type of workout including boxing, barre Yoga, core, HIIT, strength, rowing, and cycling. The platform is easy to use and also provides customers with on-demand access to numerous fitness classes that can be viewed on laptops, smartphones, or TVs. The subscription model provides on-demand or live-streamed classes to its users, and they can also pick training plan if they are beginners. On the contrary, hybrid revenue model for virtual fitness platform is expected to register a revenue of $10,007.9 million by 2027, at a CAGR of 33.8%. The global fitness industry has enormously transformed owing to the incorporation of AR & VR technologies. In addition to this, hybrid model is the best option for clients to take advantage of training from professional gym instructors. The hybrid model also provides a more personal approach combined with targeted planning for the user.

The individuals sub-segment for the global virtual fitness industry is expected to rise at notable CAGR of 39.3% and is anticipated to register a revenue of $15,290.7 million by 2027. Virtual fitness platforms are easily accessible with web-based portals and mobile apps that further allow users a broad variety of popular workouts including squats, side planks, pushups, and many among others. These classes are conducted by the certified relatable instructors who provide fitness assessments and goal-specific workout plans to the user. In addition to this, due to the growing health concerns among the people, the demand for virtual fitness solutions is expected to rise in the individual end-user, throughout the analysis period.

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The Asia-Pacific region for virtual fitness industry accounted $1,452.6 million in 2019 and is anticipated to register a revenue of $15,580.7 million by 2027, at a CAGR of 34.9%. Fitness governmental policies are enabling the extensive rise of the adoption of virtual fitness platforms. Moreover, the mobile device-based wellness apps that offer live and on demand streaming workout virtual classes appear to be a cost-effective solution in emerging countries such as India, China, and Japan, across the Asia- Pacific region. In addition to this, official products released by fitness tech startups including Fantasy Fitness, GuavaPass, and others are providing massive opportunities to the growth of virtual fitness market by expanding their reach in the region.

North America region for virtual fitness market registered a revenue of $2,291.9 million in 2019 and it is further expected to increase up to $20,173.7 million by 2027. Extensively increasing demand for innovative fitness platforms is attributed to the rising prevalence of chronic diseases including CVDs (Cardiovascular diseases), obesity, and diabetes, particularly in the U.S. and Canada. As per the survey conducted by CDC (Centers for Disease Control and Prevention) in the U.S., Type 2 diabetes is the most common disorder caused by sedentary or inactive lifestyle and obesity in approximately 90% of the reported cases. The above-stated factors may create a positive impact on the North America virtual fitness market, during the forecast period.

Key Players

• Fitbit, Inc.
• ClassPass Inc.
• FitnessOnDemand
• Peloton
• Wellbeats, Inc.
• Zwift Inc
• REH-FIT
• Les Mills International Ltd.
• Sworkit
• Navigate Wellbeing Solutions.

Porter’s Five Forces Analysis for Virtual Fitness Market:

• Bargaining Power of Suppliers: The suppliers operating in the virtual fitness market are few in number. Hence, the bargaining power of the supplier is High.

• Bargaining Power of Buyer: The global market for virtual fitness market is fragmented. Hence, there is huge product differentiation found in the virtual workout platforms. Therefore, the bargaining/negotiating power of the buyer is Low.

• Threat of New Entrants: Innovative startup enterprises are adopting multiple key strategies like effective tie-ups, along with product innovation to stronghold their position in the world. Hence, the threat of the new entrants is High.

• Threat of Substitutes: There is no substitute product/service for the virtual fitness solutions. Thus, the threat of substitutes is Low.

• Competitive Rivalry in the Market: Strong presence of technology players such as ClassPass, Fitbit, and FitnessOnDemand is creating huge rivalry in the global market. Massive business expansion along with impressive heavy investments in research and innovations are some of the key elements leading to competitive rivalry among key players. Competitive rivalry in the market is High.

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This release was published on openPR.