The increasing demand for healthy foods, the growing interest of health insurance providers in online/virtual fitness services to minimize health insurance costs, the surging demand for AR & VR based fitness, the increasing need for advanced fitness sessions to achieve physical fitness, and the lack of time to attend training sessions at fitness institutes are the major factors expected to drive the growth of the global Online/virtual fitness market.
Wilmington, DE, Nov. 16, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Online/Virtual Fitness Market by Streaming Type (Live, and On-Demand), Device Type (Smart TV, Smartphone, Laptops Desktops and Tablets, and Others), Session Type (Group, and Solo), Revenue Model (Subscription, Advertisement, and Hybrid) and End User (Professional Gyms, Sports Institutes, Defense Institute, Educational Institutes, Corporate Institution, Individuals, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global online or virtual fitness industry is projected to garner a revenue of $250.7 billion by 2032. The market accounted for $14.9 billion in 2022 and is predicted to rise at a CAGR of 32.7% over the analysis period from 2023 to 2032.
Drivers, opportunities, and restraints:
The increasing demand for healthy foods, the surging demand for AR & VR based fitness, the growing interest of health insurance providers in online/virtual fitness services to minimize health insurance costs, the increasing need for advanced fitness sessions to achieve physical fitness, and the lack of time to attend training sessions at fitness institutes are the major factors expected to drive the growth of the global Online/virtual fitness market. Furthermore, the rising popularity of online fitness programs among the elderly population is expected to offer expansive growth opportunities for the market over the estimated timeframe. However, no real interaction with the instructor and interruption in the flow of the class due to tech glitches restrain the market’s growth.
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Report coverage & details:
|Market Size in 2022||$14.9 billion|
|Market Size in 2032||$250.7 billion|
|No. of Pages in Report||294|
|Segments Covered||Streaming Type, Device Type, Session Type, Revenue Model, End User, and Region.|
|Drivers||Rise in need for advanced fitness sessions to achieve physical fitness
Growth in interest of health insurance providers in online/virtual fitness services to reduce health insurance costs
Increase in demand for healthy foods
Lack of time to attend training sessions at fitness institutes
Rising demand for AR and VR-based fitness
|Opportunities||Increasing integration of product lifecycle management (PLM) solutions with IoT platform|
|Restraints||No real interaction with the instructor
Interruption in the flow of the class due to tech glitches
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The on-demand segment to hold the lion’s share over the analysis period
By streaming type, the on-demand segment held the largest market share in 2022, contributing to nearly three-fifths of the global online/virtual fitness market revenue and is predicted to lead the trail during the analysis period, owing to the increasing number of people choosing on-demand streaming workouts instead of a live gym. The segment allows them to choose an exercise style as well as an intensity level that meets their specific needs irrespective of the class schedules. On the other hand, the live segment is projected to rise at a stunning CAGR of 33.8% during the analysis timeframe from 2023 to 2032. This is mainly because it offers convenience & comfort together with minimal pressure to perform correct exercises.
The laptops desktops and tablets segment to hold the highest market share during the analysis period
By device type, the laptops desktops and tablets segment generated the biggest market share in 2022, contributing to around two-fifths of the global online/virtual fitness market revenue and is predicted to rule the roost over the estimated timeframe. This is because the segment offers video experience and storage capability. On the contrary, the smartphone segment is expected to exhibit a fascinating CAGR of 34.3% from 2023 to 2032. This is mainly due to the increasing adoption of smartphones worldwide.
The group segment to hold the maximum market share over the estimated period
By session type, the group segment garnered the highest revenue in 2022, providing more than three- fifths of the global online/virtual fitness market share, and is predicted to lead the trail over the analysis period. This is mainly because the segment aids in building fitness and confidence levels before visiting the live classes. On the other hand, the solo segment is predicted to manifest a stunning CAGR of 34.5% from 2023 to 2032. This is mainly due to the increasing adoption of fitness services, enabling people to exercise conveniently at their homes, further promoting the adoption of virtual fitness programs.
North America to maintain its dominance by 2031
By region, the North America region garnered the highest revenue in 2022, contributing to nearly two-fifths of the global online/virtual fitness market revenue, and is predicted to rule the roost during the analysis period, owing to the robust existence of numerous health and wellness organizations. On the other hand, Asia-Pacific is predicted to manifest a striking CAGR of 35.1% from 2023 to 2032. This is mainly due to the growing adoption of various technological advancements such as AR & VR and bio-sensing wearable devices to make exercise less boring & effective.
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Prominent market players:
- Wellbeats, Inc.
- ClassPass Inc.
- Viva Leisure
- Fitbit, Inc.
- Reh-Fit Centre
- Les Mills International Ltd.
- Peerfit, Inc.
- Navigate Wellbeing Solutions
Key Industry Developments –
In November 2023, GYMGUYZ, the world’s largest in-home and on-site personal training franchise, announced its all-new, online training sessions, streamed from a state-of-the-art fitness facility due to the demand for access to at-home fitness programs continues to soar.
In November 2023, UBX [pronounced You-Box], the Australian boutique fitness innovator renowned for its flexible workout schedules and unique boxing and strength regimens, announces a groundbreaking development—“Extended Access,” revolutionizing the landscape.
In February 2023, Adidas and Les Mills announced a new partnership that brings the two sports powerhouses together to shape the future of training through a fusion of innovation and heritage. The collaboration will usher in a new age of fitness, combining innovative technologies with thrilling live fitness experiences to change the way the Adidas community experiences workouts and inspire the next generation of training fans. Supported by Adidas’ pioneering performance-wear training offerings.
In February 2023, Fitness OnDemand collaborated with Marriott Bonvoy, Marriott International’s travel program and marketplace. Through the program hotel travelers will gain free access to a wide range of virtual fitness classes and wellness content that they can enjoy on vacation – from their hotel rooms, the beach, pool, or hotel gym. The collaboration covers more than 450 hotel properties in Europe, the Middle East, and Africa.
In April 2021, FitXR, the leading VR/AR fitness company, is pushing to new levels in its quest to build the most immersive virtual fitness club. Members will now have the ability to workout with their friends via a Multiplayer feature, have access to the full library of on-demand classes, enjoy a new class every day and workout to original tracks. FitXR is also soon launching its third fitness studio.
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