Virtual Fitness Market Expected to Garner $59,650.3 Million in the 2020-2027 Timeframe, Growing at 33.5% CAGR

The global virtual fitness market is anticipated to grow tremendously by 2027, mainly due to the introduction of various exergaming platforms. The Asia-Pacific region is expected to be the most lucrative in the forecast period.

According to the latest report published by Research Dive, the global virtual fitness market is predicted to rise at a tremendous CAGR of 33.5%, thereby garnering a revenue of $59,650.3 million in the 2020-2027 timeframe.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/8338

𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

Drivers: Launch of various exergaming platforms and their growing popularity across the globe is predicted to boost the virtual fitness market in the forecast period. Additionally, the growing prevalence of obesity among school students is expected to increase the demand for workout programs which is predicted to offer numerous growth opportunities to the market.

Opportunities: Rapid shift of people from gyms to the virtual fitness solutions is expected to offer numerous growth opportunities for the market in the forecast period. Moreover, the massive expansion of mobile devices, especially smartphones, is anticipated to push the growth rate of the market even higher.

Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the lack of awareness regarding online fitness programs, which might prove to be a restraint for the virtual fitness market.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. However, there was a positive growth in the virtual fitness market during the pandemic. Due to the lockdowns, people couldn't step out of their homes to go to gyms or fitness centers. Hence, they shifted to video exercise platforms which helped the market grow substantially during this period.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The report has divided the virtual fitness market into certain segments based on streaming type, session type, device type, revenue model, end-user, and region.

By streaming type, the live sub-segment is expected to be the fastest growing sub-segment of the virtual fitness market and is predicted to gather $25,725.7 million by 2027. The variety, comfort, and convenience offered by live streaming services is expected to boost the growth of this sub-segment.

By session type, the group sub-segment is expected to register substantial growth and gather a revenue of $39,264.5 million during the 2020-2027 timeframe. The growing adoption of group sessions with increased emphasis on improving postural alignment and enhanced functional fitness is expected to be the primary growth driver of the sub-segment in the forecast period.

By device type, the smartphone sub-segment is expected to grow rapidly and is predicted to gather $18,996.9 million by 2027. Increasing popularity of fitness apps including Apple HealthKit, Google Fit, etc. is further expected to boost the growth of this sub-segment.

By revenue model, the hybrid sub-segment is expected to garner a noteworthy market share and gather a revenue of $10,007.9 million by 2027. The ability of hybrid revenue models to provide access to certain features free of cost while monetizing other features through subscription plans is expected to be the primary growth driver of the sub-segment in the forecast period.

By end-user, the professional gyms sub-segment is expected to be highly profitable and is predicted to garner $11,593.9 million by the end of 2027. Increasing prevalence of obesity in the urban world and the resulting growth of awareness among the consumers is predicted to boost the growth rate of the sub-segment in the forecast period.

By region analysis, the Asia-Pacific virtual fitness market is predicted to be highly lucrative and register a revenue of $15,580.7 million by 2027. The widespread penetration of internet and digital services across the whole region is expected to boost the growth of this sub-segment in the forecast period.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/8338

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Some of the prominent players of the virtual fitness market are Fitbit, Inc., Wellbeats, Inc., Les Mills International Ltd., ClassPass Inc., Zwift Inc, Sworkit, FitnessOnDemand, REH-FIT, Navigate Wellbeing Solutions and Peloton, among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.

Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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