Online Virtual Market Soars to $250.7 Billion in 2032, Reflecting Unprecedented Growth in Digital Commerce

Increase in need for advanced fitness sessions to achieve physical fitness and rise in technological advancements such as AR/VR for virtual fitness visibility majorly contribute toward the growth of the market. However, absence Social Engagement and Encouragement in the virtual fitness classes and interruptions in the flow of the online class due to tech glitches may hamper the growth of the online/virtual fitness market.

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Furthermore, increase in need for advanced fitness sessions to achieve physical fitness, growing interest of health insurance providers in online/virtual fitness services to reduce health insurances costs, increase in demand for healthy foods, Lack of time to attend training sessions at fitness institutes, and rising demand for AR & VR based fitness is boosting the growth of the global Online or virtual fitness market. In addition, shutdown of gyms and studios due to ongoing COVID-19 Pandemic situation is positively impacting growth of the online or virtual fitness market. However, no real interaction with the instructor and interruption in the flow of the class due to tech glitches is hampering the online or virtual fitness market growth. On the contrary, growing popularity of online fitness programs among elderly is expected to offer remunerative opportunities for expansion during the online/virtual fitness market forecast.

KEY FINDINGS OF THE STUDY:

► By streaming type, the on-demand segment accounted for the largest online or virtual fitness market share in 2022.

► Region wise, North America generated highest revenue in 2022.

► Depending on session type, the group segment generated the highest revenue in 2022.

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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, 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.

Region-wise, the online/virtual fitness market share was dominated by North America in 2022, and is expected to retain its position during the forecast period, owing to, increase in 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. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing governmental regulations pertaining to fitness are facilitating the widespread implementation of virtual fitness platform.

Post COVID-19, the size of the online or virtual fitness market is estimated to grow from $14,886.63 in 2022 and is projected to reach at $250,660.9 million by 2032. The current estimation of 2032 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has low impact on the growth of the global virtual or online fitness market as the outbreak of the COVID-19 pandemic has enabled the online/virtual fitness industry to witness a sudden rise in 2020 due to the upsurge in adoption of virtual fitness by larger number of the global population who are working out daily at their homes using virtual/online fitness platforms. For instance, in 2021, according to Health Club Industry Data & Consumer Trends report, nearly 38% of the consumers in the U.S. started using online workout services during COVID and plan to continue using them in the future.

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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. The COVID-19 pandemic expedited the development of a hybrid style of online/in-person training, which more brick-and-mortar gyms have embraced after the pandemic subsided. For instance, in 2021, according to a fitness study paper, fitness club owners coping with dwindling memberships have swiftly caught on, with about 80% discount and offering on-demand and livestream group exercises, up from 25% in 2019. Furthermore, post pandemic, this industry is being more digitalized. For instance, Apple launched Fitness+, a virtual fitness subscription service developed for the Apple Watch and compatible with iPhones, iPads, and Apple TV. The switch to virtual fitness offered access to a wider range of classes. It emphasizes the need to strike a balance between physical and mental health.

Key Market Players:

► ClassPass Inc

► Fitbit, Inc.

► FitnessOnDemand

► Les Mills International Ltd.

► Navigate Wellbeing Solution

► Peerfit, Inc.

► Reh-Fit Centre

► Sworkit

► Viva Leisure

► Wellbeats, Inc

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