Online/Virtual Fitness Market Is Projected to Reach USD 59,231 Billion by 2027 | SWORKIT, VIVA LEISURE, WELLBEATS, INC.

Rise in inclination toward having healthy lifestyle, lack of time among people to attend training sessions at fitness institutes, surge in demand for AR & VR based fitness regime, and shut down of gyms and studios due to ongoing COVID-19 situation drive the growth of the global online/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, growing popularity of online fitness programs among elderly population is anticipated to create lucrative opportunities in the coming years.

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.

The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.

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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.

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 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 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.

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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