Online virtual Fitness Market

Growth in popularity of online fitness programs among the elderly is expected to offer remunerative opportunities for the market during the forecast period.

PORTLAND, PORTLAND, OR, UNITED STATE, March 22, 2024 /EINPresswire.com/ -- 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.

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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The rise of online or virtual workouts marks the dawn of a new fitness era. This revolution in fitness and wellness offers clients the convenience of accessing trainers or instructors online, eliminating the need to visit a physical fitness facility. Typically, these online platforms or fitness apps feature training videos curated by instructors. Leveraging the sensors in smartphones and wearables, a range of virtual fitness applications has emerged, including sleep monitoring and tracking running rhythms, all aimed at enhancing users' lifestyles and well-being. With a diverse array of online fitness options available, health and wellness are now accessible to everyone—from shift workers to stay-at-home parents, and anyone who prefers or finds it challenging to visit a traditional gym.

Primary Advantages:

Encouraging individuals of diverse age groups, particularly seniors, to engage in regular exercise for enhanced health and prevention of various health issues, virtual fitness trainers play a crucial role. With a growing inclination of millennials towards healthier lifestyles, diverse exercise routines, and nutritional plans, they are turning to accredited professionals for guidance.

In addition, embracing virtual fitness presents numerous advantages. These include the ease of access, adaptability, motivational support, personalized attention, boosted confidence, a range of options, cost-effectiveness, and enhanced comfort. Furthermore, fitness applications are specifically crafted to aid in workouts, various physical training methods, nutritional guidance, and diverse avenues for achieving fitness goals.

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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.

Based on the 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.

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.

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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.

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.

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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Prominent market players:
• Wellbeats, Inc.
• ClassPass Inc.
• Viva Leisure
• Fitbit, Inc.
• Sworkit
• FitnessOnDemand
• Reh-Fit Centre
• Les Mills International Ltd.
• Peerfit, Inc.
• Navigate Wellbeing Solutions

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