New York, USA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global virtual fitness market is predicted to rise at a tremendous CAGR of 33.5%, thereby garnering a revenue of $59,650.3 million in the 2020-2027 timeframe. This integrated report presents a brief outlook of the current framework of the virtual fitness market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2020-2027. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Virtual Fitness Market
Drivers: Launch of various exergaming platforms and their growing popularity across the globe is predicted to boost the virtual fitness market in the forecast period. Additionally, growing prevalence of obesity among school students is expected to increase the demand for workout programs which is predicted to offer numerous growth opportunities to the market.
Opportunities: Rapid shift of people from gyms to the virtual fitness solutions is expected to offer numerous growth opportunities for the market in the forecast period. Moreover, the massive expansion of mobile devices, especially smartphones, is anticipated to push the growth rate of the market even higher.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the lack of awareness regarding online fitness programs, which might prove to be a restraint for the virtual fitness market.
Impact of Covid-19 on the Virtual Fitness Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. However, there was a positive growth in the virtual fitness market during the pandemic. Due to the lockdowns, people couldn’t step out of their homes to go to gyms or fitness centers. Hence, they shifted to video exercise platforms which helped the market grow substantially during this period.
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Segments of the Virtual Fitness Market
The report has divided the virtual fitness market into certain segments based on streaming type, session type, device type, revenue model, end-user, and region.
Steaming Type: Live Sub-segment to be the Fastest Growing
By streaming type, the live sub-segment is expected to be the fastest growing sub-segment of the virtual fitness market and is predicted to gather $25,725.7 million by 2027. The variety, comfort, and convenience offered by live streaming services is expected to boost the growth of this sub-segment.
Session Type: Group Sub-segment to Grow Rapidly
By session type, the group sub-segment is expected to register a substantial growth and gather a revenue of $39,264.5 million during the 2020-2027 timeframe. The growing adoption of group sessions with increased emphasis on improving postural alignment and enhanced functional fitness is expected to be the primary growth driver of the sub-segment in the forecast period.
Device Type: Smartphone Sub-segment to Flourish Immensely
By device type, the smartphone sub-segment is expected to grow rapidly and is predicted to gather $18,996.9 million by 2027. Increasing popularity of the fitness apps including Apple HealthKit, Google Fit, etc. is further expected to boost the growth of this sub-segment.
Revenue Model: Hybrid Sub-segment to be Highly Dominant
By revenue model, the hybrid sub-segment is expected to garner a noteworthy market share and gather a revenue of $10,007.9 million by 2027. The ability of hybrid revenue models to provide access to certain features free of cost while monetizing other features through subscription plans is expected to be the primary growth driver of the sub-segment in the forecast period.
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End-User: Professional Gyms Sub-segment to be Highly Lucrative
By end-user, the professional gyms sub-segment is expected to be highly profitable and is predicted to garner $11,593.9 million by the end of 2027. Increasing prevalence of obesity in the urban world and the resulting growth of awareness among the consumers is predicted to boost the growth rate of the sub-segment in the forecast period.
Region: Market in the Asia-Pacific Region to be Highly Profitable
By regional analysis, the virtual fitness market in Asia-Pacific region is predicted to be highly lucrative and register a revenue of $15,580.7 million by 2027. The widespread penetration of internet and digital services across the whole region is expected to boost the growth of this sub-segment in the forecast period.
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Prominent Virtual Fitness Market Players
Some of the prominent players of the virtual fitness market are
- Fitbit, Inc.
- Wellbeats, Inc.
- Les Mills International Ltd.
- ClassPass Inc.
- Zwift Inc
- Sworkit
- FitnessOnDemand
- REH-FIT
- Navigate Wellbeing Solutions
- Peloton, among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market. – Inquire here to buy full report
For instance, in April 2022, Wahoo Fitness, a manufacturer of smart bikes and indoor trainers, announced the acquisition of RGT Cycling, a virtual cycling platform. This acquisition will help Wahoo Fitness’ business expansion plans and will help to develop products that will fulfill the demands of the virtual fitness market.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Virtual Fitness Market:
- Virtual Fitness Market: Soaring High with New Innovations and Business Strategies
- What are the Benefits and Drawbacks of Online Fitness Training Programs?
