New York, April 20, 2023 (GLOBE NEWSWIRE) -- The virtual fitness market size is projected to surpass around USD 187.8 Billion by 2032, and it is poised to reach a registered CAGR of 31.2% from 2023 to 2032. The global virtual fitness market size was USD 13.3 Billion in 2022.
The virtual fitness market is a rapidly developing industry that provides fitness and wellness solutions through digital platforms. This includes various online workout classes, personalized coaching services, as well as virtual fitness communities. The market's growth is being spurred on by several factors such as the rising adoption of digital technologies, greater health awareness among consumers, and an increasing need for personalized fitness solutions. Furthermore, innovative virtual fitness products and services are becoming more affordable due to advancements in wearable technology availability.
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Key Takeaway:
- By session, in 2022, the virtual fitness market was dominated by the group segment.
- By streaming, the on-demand segment dominated the largest market share in streaming analysis and accounted for the largest revenue share in the virtual fitness market in 2022.
- By device, the smartphone device segment is the most lucrative in the virtual fitness market.
- By end-user, the professional gyms segment dominated the largest market share in end-user type analysis.
- In 2022, North America dominated the market with the highest revenue share of 48.2%.
Factors affecting the growth of the virtual fitness industry
There are several factors that can have an impact on the growth of the virtual fitness industry. Some of these factors include:
- Advancements in Technology: Virtual fitness market is on the rise due to advances in digital technology and wearables/fitness apps. Because of these advancements, it is now possible for consumers to access and monitor fitness programs from any location.
- Busy Lifestyles: Finding time for traditional gym workouts has become more and more difficult as people lead hectic lives. Virtual fitness makes this possible by enabling users to exercise anytime from anywhere, providing them with the flexibility to fit exercise into even hectic schedules.
- COVID-19 Pandemic: Virtual fitness has seen a meteoric rise due to the COVID-19 epidemic, as many are now forced to exercise from home due to lack of access or social disengagement. This has created an increased need for online and at-home fitness programs.
- Personalization: Virtual Fitness empowers users to customize their workouts, receive coaching and feedback, and access more customized fitness solutions. This personalized approach is becoming increasingly popular as people seek tailored solutions tailored specifically for them.
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Market Growth
In recent years, the virtual fitness market has experienced impressive growth and this trend is expected to continue into the anticipated future. As more people turn to online classes and virtual workout platforms for social engagement while staying physically fit. Furthermore, the convenience and flexibility of these options have made them appealing to busy professionals who lack time for traditional gym visits. Furthermore, technological developments such as high-speed internet accessibility, wearable fitness devices, and AI-powered virtual coaching are fueling the growth of the virtual fitness market. These innovations have made it easier for people to access tailored and engaging fitness experiences from the convenience of their own homes.
Regional Analysis
North America is estimated to be dominant in the virtual fitness market, with the largest market share of 48.2% in 2022. North America has the largest virtual fitness market in the world because it is also known as the home to many prominent virtual fitness providers such as Beachbody and Peloton and there is also a well-established fitness industry. Asia Pacific is expected as the fastest-growing region in the virtual fitness market. In this region, there is a large no. of population and a growing middle class with a disposable income. This has led to a rise in the demand for wellness and fitness solutions. Countries such as Japan and China are particularly active in this market.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 13.3 Billion |
| Market Size (2032) | USD 187.8 Billion |
| CAGR (from 2023 to 2032) | 31.2% |
| North America Revenue Share | 48.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Virtual fitness programs are typically more cost effective than traditional gym memberships, making them accessible to a wider range of individuals. This accessibility has significantly expanded the market for fitness and wellness services. Virtual fitness services provide personalized fitness programs, training plans, and nutrition guidance customized to individual preferences and fitness objectives. This level of customization has made virtual fitness services increasingly appealing to consumers.
Market Restraints
The quality of instruction can vary depending on the virtual fitness provider and the experience and qualifications of its instructors. This could affect both the effectiveness of workouts and consumer satisfaction with them. Virtual fitness services may raise privacy issues, particularly if consumers must share personal information or data to use or access them. This could pose a problem for individuals who value their privacy and are wary about sharing sensitive data online, these factors can be barriers to the virtual fitness market.
Market Opportunities
Due to the COVID-19 pandemic, more people are turning towards virtual fitness solutions for at-home workouts. This trend is likely to persist even after the crisis ends as users have grown accustomed to the convenience and accessibility of these programs. Wearable fitness technology such as fitness trackers and smartwatches has seen a surge in adoption; these devices monitor a user's progress while offering real-time feedback and personalized recommendations. Virtual fitness programs can integrate with these devices for an even more personalized, interactive workout experience. Furthermore, virtual fitness programs can be accessed anywhere - enabling fitness enthusiasts around the world to connect and join classes taught by trainers from around the globe!
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Report Segmentation of the Virtual Fitness Market
Session Insight
The group segment is projected to be the most lucrative in the global virtual fitness market, revenue share will total 56.7% by 2022, and it is anticipated to grow with a CAGR of 33.2%. Virtual group sessions enable participants to connect with people from around the world through live classes or pre-recorded sessions, creating an atmosphere of camaraderie and accountability as they strive together towards achieving their fitness goals. Group sessions come in many forms, from live classes to on-demand options, virtual personal training, and challenges - it all adds up to an unforgettable experience! Virtual group sessions are also an excellent way to stay motivated and engaged throughout your fitness journey.
Streaming Insight
The on-demand segment will dominate the virtual fitness market in 2022 with a share of 54.2%. On-demand streaming provides individuals with flexibility and convenience; they can work out according to their schedule without needing expensive equipment or access to an exclusive fitness facility. With various options such as pre-recorded classes, customized workout plans, tracking tools, and analytics tools plus virtual personal training services available, there's something for everyone regardless of fitness level or experience level.
Device Insight
Smartphone device segment most lucrative in the virtual fitness market with a market share of 32.4% in 2022. Smartphones have become indispensable tools in this space, enabling individuals to access platforms and take classes anytime from anywhere. Due to the increasing prevalence of smartphones worldwide, virtual fitness platforms have optimized their mobile applications for easy access to classes, workouts, and other resources - particularly helpful for those who are constantly on the go or have busy schedules as they provide speedy and effortless access to various virtual fitness platforms and resources.
End-User Insight
Professional gyms are projected to be the most lucrative segment in the global virtual fitness market, boasting a projected CAGR of 32.8% from 2023-2032 and holding an overall revenue share of 34.2% by 2022. Professional gyms have long been preferred when it comes to virtual fitness due to their established brand recognition and reputation, along with high-quality fitness equipment combined with knowledgeable trainers that allow them to create tailored virtual training sessions using qualified experts. With such an established customer base, they can leverage this advantage and promote their virtual fitness services as an added value for current customers.
Recent Development of the Virtual Fitness Market
- In 2020- Beachbody recently merged with Myx Fitness, a home fitness equipment provider, to further diversify its product offering.
- In 2020- Google recently acquired Fitbit, leading to the development of new health and fitness features for Google products.
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Market Segmentation
Based on Session
- Group
- Solo
Based on Streaming
- Live
- On-demand
Based on Device
- Smart TV
- Smartphones
- Laptops & Desktops
- Tablets
- Other Devices
Based on End-User
- Professional Gyms
- Educational & Sports Institutes
- Corporate Institutions
- Individuals
- Defence Institutes
- Other End-Users
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The virtual fitness market has seen tremendous growth over the last few years, spurred on by COVID-19 and the closure of many gyms and fitness centers. This market is highly competitive, with numerous players providing various virtual fitness experiences. For example, Nike Training Club is a virtual fitness platform that offers various workouts such as HIIT, yoga, and strength training. Plus, it provides personalized coaching and tailored training plans.
Some of the major players include:
- MINDBODY, Inc.
- ClassPass Inc.
- Fitness On Demand
- Sworkit Health
- WELLBEATS
- FitnFast Health Clubs & Gyms
- Conogitness
- Move Technologies.
- Wexer Virtual Corporation
- Other Key Players
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