Online/Virtual Fitness Market is Expected to Reach USD 59,231 million by 2027 | Top Key players such as - Viva Leisure, Wellbeats Inc., Peloton, Zwift

An increase in the trend toward having a healthy lifestyle, lack of time among people to attend training sessions at fitness institutes, the surge in demand for AR & VR based fitness regimes, and shut down of gyms and studios due to the ongoing COVID-19 situation drive the growth of the global virtual fitness market.

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On the other hand, interruptions in the flow of the sessions due to several tech glitches impede the growth to some extent. Nevertheless, the growing popularity of online fitness programs among the elderly population is expected to create lucrative opportunities in the industry.

According to the report published by Portland-based research firm, Allied Market Research, the global online/virtual fitness market was estimated at $6.04 billion in 2019 and is expected to hit $59.23 billion by 2027, registering a CAGR of 33.1% from 2020 to 2027.

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Based on revenue model, the subscription segment accounted for nearly half of the total market share in 2019 and is expected to lead the trail till 2027. At the same time, the hybrid segment would manifest the fastest CAGR of 35.9% during the forecast period.

Based on session type, the group segment contributed to nearly two-thirds of the total market revenue in 2019, and is expected to retain its dominance by 2027. Simultaneously, the solo segment would portray the fastest CAGR of 35.7% throughout the forecast period.

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Based on region, North America garnered the major share in 2019, generating nearly two-fifths of the global market. Asia-Pacific, on the other hand, would grow at the fastest CAGR of 36.8% from 2020 to 2027. The other two regions studied through the report include Europe and LAMEA.

Impact of COVID-19 Pandemic on Online Fitness Market: (Pre and Post Analysis)

• Fitness clubs & gyms were shut down during the first phase of the lockdown, and thus, there had been a significant surge in the drift toward installing online fitness apps among people.

• This inclination is likely to continue even in the post pandemic scenario, as these apps tend to dole out an array of advantages in terms of helping individuals set precise fitness goals and achieve the same within a definite timeframe.

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The key market players analyzed 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
• Zwift

These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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