New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), "Virtual Fitness Market Information by Session Type, Streaming Type, Device Type, and Region - Forecast till 2030”, Virtual Fitness Market could thrive at a rate of 5.80% between 2022 and 2030. The market size will be reaching around USD 5.2 billion by the end of the year 2030.
Market Synopsis:
Virtual fitness is a type of fitness program that allows users to access a range of workouts and fitness programs through digital platforms. These workouts can be accessed from anywhere, anytime, using a range of devices such as smartphones, tablets, and computers. The virtual fitness market has witnessed significant growth in recent years, owing to the growing popularity of digital fitness programs, the convenience of on-demand workouts, and the increasing adoption of wearable technology.
The use of virtual fitness platforms is widespread, with applications ranging from corporate wellness programs to personalized training programs. These platforms allow users to track their progress, set goals, and measure results, offering a more personalized and engaging fitness experience. Virtual fitness programs have been particularly popular among millennials and younger generations, who have grown up in a digital world and are more likely to use technology to enhance their fitness and wellness goals.
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Market Competitive Landscape:
The affluent companies in the Virtual Fitness industry include.
- Fitness on Demand
- GoodLife Fitness
- Reh-Fit Centre
- WexerLES MILLS INTERNATIONAL LTD
- WELLBEATS
- FitnFast Health Clubs & Gyms
- Conofitness
- Charter Fitness Inc.
Virtual Fitness Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 5.2 Billion |
| Market CAGR during 2022-2030 | 5.80% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | The rising popularity of online or virtual fitness programs among older adults, owing to their increased attention on health and fitness, is projected to fuel the virtual fitness market's growth in the future years |
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Latest Industry Updates (May 2021):
The fitness technology company Peloton acquired Atlas Wearables, a startup that specializes in wearables for strength training. The acquisition is expected to enhance Peloton's digital fitness offerings and enable the company to expand into the strength training market.
Market USP Covered:
Market Drivers:
The virtual fitness market is being driven by several factors. Firstly, the growing awareness about the importance of health and wellness has led to increased demand for fitness solutions. Secondly, the increasing adoption of wearable technology and mobile devices has made it easier for people to access virtual fitness programs. Finally, the convenience of virtual fitness programs, which allow users to access workouts from anywhere, anytime, is also a major driver of market growth.
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Market Restraints:
Several market restraints need to be addressed. One of the main challenges is the lack of human interaction, which may not be suitable for some users. Additionally, the effectiveness of virtual fitness programs may be limited by the lack of access to specialized equipment or personal training.
COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the virtual fitness market, with gyms and fitness centers closing down and people increasingly turning to digital fitness programs. The pandemic has accelerated the shift towards digital fitness, with many consumers choosing to work out at home rather than in a public setting. The post-COVID-19 scenario is expected to see continued growth in the virtual fitness market, as consumers have become more accustomed to the convenience and accessibility of digital fitness programs.
Market Segmentation:
- By Session Type - The Session Types in the market include Group and Solo.
- By Streaming Type - By Streaming Type, the segment includes Live and On-Demand
- By Device Type - By Device Type, the segment includes Smart TV, Smartphones, Laptops, Desktops, and Tablets.
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Regional Insights:
The virtual fitness market is witnessing significant growth across the world, with North America dominating the market due to the high adoption rate of digital technologies and the presence of key market players. The region is home to several leading virtual fitness companies, including Peloton and Beachbody, which have a significant market share. Additionally, the increasing awareness about the importance of health and fitness among people is driving the demand for digital fitness solutions in the region. Further, Europe is expected to witness significant growth in the virtual fitness market, driven by the increasing demand for fitness solutions and the growing focus on health and wellness. The region is home to several leading fitness companies, such as Les Mills International and Fitbit, which are expanding their digital offerings to cater to the growing demand for virtual fitness solutions. Additionally, the COVID-19 pandemic has accelerated the adoption of digital fitness solutions in the region, as people are increasingly looking for ways to stay fit and healthy from the comfort of their homes.
The Asia-Pacific region is also expected to witness significant growth in the virtual fitness market, driven by the increasing awareness about health and wellness and the growing adoption of wearable technology. The region is home to several leading fitness companies, such as Keep, Wexer, and Fitbit, which are expanding their digital offerings to cater to the growing demand for virtual fitness solutions. Additionally, the rise of mobile devices and increasing internet penetration in the region is expected to drive the growth of the virtual fitness market in the coming years.
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