Online/Virtual Fitness Market Booming Worldwide with Latest Trend and Future Scope From 2023-2032

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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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. 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.

On the basis of revenue model, the subscriptions segment exhibited the highest growth in the online/virtual fitness market size in 2022 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.

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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.

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.

At-home workouts have become the norm and the individual who wanted to have a group class experience are turning to virtual wellness in the form of streaming live and pre-recorded classes. The huge jump in consumers accessing virtual content is observed across the globe since March 2020. 73% of the global virtual fitness consumers are using pre-recorded video versus 17% in 2019; and 85% are using live stream fitness classes weekly versus 7% in 2019.

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The key players that operate in the online/virtual fitness industry are ClassPass Inc., Fitbit, Inc., FitnessOnDemand, Les Mills International Ltd., Navigate Wellbeing Solutions, Peerfit, Inc., Reh-Fit Centre, Sworkit, Viva Leisure, and Wellbeats, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the online/virtual fitness industry.

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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