New York, USA, March 18, 2021 (GLOBE NEWSWIRE) -- A recent report by Research Dive states that the global virtual fitness market is showing a steady growth. Its revenue stood at $6,060.0 million in 2019 and is predicted to rise to $59,650.3 million by 2027, increasing with a CAGR of 33.5%.
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Dynamics of the Market
It’s a common occurrence to see people joining gyms at the start of the year, but withina couple of months they tend to quit. There are many reasons to it, specifically boredom and repetitiveness. They find that similar activities in the comfort of their home prove to be much more effective. This has added to the tremendous growth of the global virtual fitness market.
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Additionally, lack of awareness and high cost of content creation, along with strong network connectivity issues work as a restraining factor for the market growth of virtual exercise classes. Strategic tie ups with various brands and companies along with more technological innovations are expected to build more opportunities in the market in the future.
Coronavirus Pandemic and its Ramifications on the Market
During the peak stage of the pandemic, various industries found themselves in a state of limbo where they didn’t know what the future would hold. On the contrary, the novel coronavirus brought a wave of growth for this industry. With a majority of the population in the world under lockdown, there wasn’t much to do indoors. Various brands used this to attract people who were aiming towards better health and fitness with workouts in the form of videos. Many popular start-ups such as HealthifyMe, Fittr, and Fitternity were proof of this growth in customers who opted for various health services such as mental health, corporate wellness programs, and others. The need of the hour was to maintain good health and build immunity, something the brands ensured.
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Segments of the Virtual Fitness Market
Overall, the market is broadly divided into – streaming type, session type, device type, revenue model, and end user.
• Under streaming type, the live platform has seen itself grow immensely due to the variety that it provides. Several forms of workouts such as Pilates, yoga, toning, and celebrity trainer classes make it popular among the crowd. Due to this, its revenue is predicted to rise from $2,468.6 million in 2019 to $25,725.7 million by 2027.
• The session types are divided into - group and solo where the former takes the lead. This is due to the importance given to posture, balance and more such aspects. The sub-segment is set to register a revenue of $39,264.5 million by 2027 at a CAGR of 33.7%.
• Under thetypes of devices, smartphones hold more value, primarily because majority people have access to it. Its revenue is predicted to rise to $18,996.9 million by 2027. The other sub-categories are Smart TVs, laptops, and tablets.
• The revenue model is divided into subscription, advertisement, and hybrid sub-segments. The hybrid revenue model is expected gain a revenue of $10,007.9 million by 2027, increasing at a CAGR of 33.8%. Customers always look for options that provide them the flexibility to access both free programs as well as paid subscriptions based on their interests.
• The end user type is divided into professional gyms, sports institutes, defense institutes, educational institutes, corporate institutes, individual, and others. Among these, professional gyms have a higher value, with the revenue expected to rise from $1,377.9 million in 2019 to $11,593.9 by 2027. The rising obesity rates followed by awareness about wellness have given an advantage to gyms all over the world.
Regional Analysis
A majorly sedentary lifestyle has contributed to the rising underlying illnesses such as diabetes and obesity. One such nation that faces this problem is North America. Due to this, it is predicted to hold the highest position for its revenue that is predicted to rise from $2,291.9 million in 2019 to $20,173.7 million by 2027.
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Key Developments and Players in the Market
A new innovation within the fitness industry is exergaming. This combines both workout and gaming. This helps in building up strength, self confidence through a fun and interactive gaming platform. Some innovators such as ZwiftInc are providing an app for runner, triathletes and cyclists. This allows them to train indoors and stay physically active. Additionally, in August 2020, two establishments – ClassPass and Fyt, teamed up to create a personal training session that can be accessed via a livestream. This was created for sportspersons, athletes and people who wanted to explore the domain.
Key Players
1. Fitbit, Inc.
2. ClassPass Inc.
3. FitnessOnDemand
4. Peloton
5. Wellbeats, Inc.
6. Zwift Inc
7. REH-FIT
8. Les Mills International Ltd.
9. Sworkit
10. Navigate Wellbeing Solutions.
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