Press release
Online/Virtual Fitness Global Market Report: Industry Insights and Growth Prospects | 2024 To 2033 Key Players Peloton, Les Mills International Ltd., Fitness First, ClassPass Inc., Core Health & Fitness, Econofitness.
Online/Virtual Fitness Global Market Share
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According to The Business Research Company's, The online/virtual fitness market size has grown exponentially in recent years. It will grow from $21.04 billion in 2023 to $28.89 billion in 2024 at a compound annual growth rate (CAGR) of 37.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased online fitness apps, a rise in digitalization, a growing interest in health insurance and outbreak of coronavirus disease (covid-19).
The online/virtual fitness market size is expected to see exponential growth in the next few years. It will grow to $81.47 billion in 2028 at a compound annual growth rate (CAGR) of 29.6%. The growth in the forecast period can be attributed to increasing government support, rising penetration of smart devices and growing popularity of online fitness programs among the elderly population. Major trends in the forecast period include focus on artificial intelligence for virtual fitness, focus on virtual fitness stations, focus on innovative fitness apps and focus on strategic partnerships and collaborations.
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Market Drivers and Trends:
During the forecast period, the rising penetration of smart devices is expected to increase the growth of the online or virtual fitness market. Smart gadgets keep track of a person's daily activities, by connecting to other devices or networks via various wireless protocols, including Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G. For example, in 2022, according to policy advice, 57% of US users of smart home devices report daily time savings, according to data from surveys and the linked home market size. They claim that these gadgets help them save an average of roughly 30 minutes each day. Therefore, the rising penetration of smart devices is expected to propel the growth of the online or virtual fitness market during the forecast period.
The on-demand offering is a key trend gaining popularity in the online virtual fitness market. On-demand online fitness services enable consumers to access fitness sessions at their convenience with their choice of workout programs, exercise difficulty levels, and trainers. For instance, in May 2022, Johnson Health Technology Company, a US-based online fitness services company, launched Matrix Connected solutions through which gyms and fitness owners can create digital experiences for their members and people can take on-demand exclusive training cycles.
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Major Key Players of the Market:
Glencore, Vale, Sumitomo Metal Mining Co. Ltd, Erame, Norilsk Nickel Inc., BHP, Anglo American, Pacific Metal Company, Sherritt International Corporation, INDEPENDENCE GROUP NL, Tsingshan Holdings Group, Hindustan Copper Limited, Jinchuan Group International Resources Co. Ltd, Huayou Cobalt Co. Ltd, CNGR Advanced Material Co., Ltd, Rigqueza International Pte Ltd, Jindal Stainless Limited, Vedanta Resources Limited, Alliance Nickel Limited, Western Areas Limited, Jervois Mining, National Aluminum Company Limited, Nicomet Industries Limited, Deutsche Nickel GmbH, Solway Investment Group Limited, Société Le Nickel (SLN), Sumic Nickel Netherlands B.V, North American Nickel, Talon Metals, PolyMet Mining Corp, First Quantum Minerals Ltd, Royal Nickel Corporation, Turnagain Nickel, Lundin Mining Corporation, Wallbridge Mining Co. Ltd, Atlantic Nickel UK, Brazilian Nickel PLC, Mirabela Nickel Ltd, Mubadala Investment Company, Ma'aden, Siyanda Resources, African Rainbow Minerals, Africo Resources, Impala Platinum, Sibanye Stillwater.
Online/Virtual Fitness Market 2024 Key Insights:
• The online/virtual fitness market size is expected to see exponential growth in the next few years. It will grow to $81.47 billion in 2028 at a compound annual growth rate (CAGR) of 29.6%.
• Smart Device Penetration Driving Growth In The Online Fitness Market
• Surging Popularity Of On-Demand Services Drives Innovation In The Online Fitness Market
• North America was the largest region in the online/virtual fitness market in 2023
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