Pune, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Virtual Fitness Market Size & Growth Analysis:
“According to SNS Insider Research, The Virtual Fitness Market size was estimated at USD 16.03 billion in 2023 and is expected to reach USD 151.35 billion by 2032 at a CAGR of 28.35% during the forecast period of 2024-2032.”
Virtual Fitness Market Booms with Demand for Personalized Workouts and Immersive Technologies
People have become more and more inclined to a sedentary lifestyle, while chronic diseases like cancer have emerged as a major problem; thus, exercising should be made easy. This has increased the need for the personalized workouts that are specific to one’s lifestyle as well as one that suit the daily hectic timetable. The trend of virtual fitness platforms simplifies these demands and also hold advantage such as, convenience, fun and proper training regime solutions which are quite preferred by millennials. Such innovations encompass elements like the reliance on unique training and tailored experiences, making people move out from the group training and gym access market. Although upsurge the demand for the virtual fitness market.
In a recent study, Yakir et al cited proving that the virtual mind-body fitness helps to decrease the rate of hospitalizations of cancer patients and stressed that it is crucial to have various kinds of exercises and mindfulness practices. This area is applying the concept of the metaverse in the sphere of fitness, developing and enhancing workouts and exercising through virtual and augmented reality. Large companies’ investments and affordable devices like Gear VR extended opportunities for new niches like fitness ones and content developers. Nevertheless, obstacles such as data protection and availability should be solved to enhance virtual fitness’s effectiveness. Thus, the prospects of Virtual Fitness, depending on the further development of technology as well as the interest of consumers is vast.
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Major Players Analysis Listed in this Report are:
- Éconofitness
- Les Mills International Ltd.
- Viva Leisure
- FitXR
- ClassPass
- Wexer
- MINDBODY, Inc.
- Fitness On Demand
- Fitbit
- Move Technologies Group Ltd
- Sworkit (Nexercise, Inc.)
- Unscreen
- Wellbeats
- Navigate Wellbeing Solutions
- VIXY BV
- Sworkit (Nexercise, Inc)
- CFX
- Reh-Fit Centre
- GoodLife Fitness
- Other Players
Virtual Fitness Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 16.03 Bn |
| Market Size by 2032 | US$ 151.35 Bn |
| CAGR | CAGR of 28.35% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | • The rise of awareness all around the globe regarding fitness and the benefits associated with it. • The Adaption of virtual fitness in the developed and in the emerging countries. |
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AI-Powered Virtual Trainers Drive Personalized, Accessible, and Effective Workouts
Digital assistants that incorporate artificial intelligence are the newest developments in the fitness industry helping to design the requisite workout routines, give instant feedback, and prevent injuries; in other words, they are making fitness available and efficient. These digital coaches for example use features such as motion tracking and thus assist the user get the required fitness levels without posing the danger of the usual pitfalls encountered. As the number of the obesity and the disease related to it increasing there is also the need for online fitness services stimulating people into exercising and leading a healthy life. The world’s aging population and soaring health care costs also add to the necessity of affordable virtual fitness programs. Thirdly, the global sedentary society has amplified people’s demand for easily accessible and entertaining virtual exercising solutions. Newer technologies in relation to virtual reality and wearable devices add more appeal about the activity and interacting with fitness. Thus, individualized fitness programs, which the concepts of virtual fitness platforms provide, are becoming more and more popular among the consumers.
Virtual Fitness Market Key Segmentation:
By Session Type
- Group
- Solo
By Streaming Type
- Live
- On-demand
By Device Type
- Smart TV
- Smartphones
- Laptops & Desktops
- Tablets
Group Sessions, On-Demand Streaming, and Smartphones Lead Virtual Fitness Market in 2023
In 2023, the group segment accounted for the largest share with 59.1% among the main adult rehabilitation services. That is why people’s interest is growing as functional fitness is combined with correcting postures, teamwork and mutual encouragement. As collected from the surveys, 56% of users select group workout, whereas 27% of users like some extent of interaction. From the concerned list provided by the group fitness department, we see that there are many options such as yoga, Zumba and so on.
On-demand streaming was the leading segment in 2023, and it commanded the largest share of 63% of the market. Most customers value the ability to freely stream a host of workouts, trainers, as well as programs at their own pace. As a result, the on-demand platforms are also increasing their options for different fitness genres, music, and the level of the workout.
Key Regional Developments
North America was the largest market for virtual fitness in 2023, with a 40.44% share of the market. This dominance is due to several dynamics such as; increase in smart phone usage, increased population of people with advanced ages, and increased incidences of chronic illnesses. COVID-19 saw the adoption of digital health which meant people stayed at home which made them look for other forms of workouts. Some people in America integrated fitness apps and even dropped exercising in gyms in the pandemic times.
Regional Coverage
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Recent Developments:
- August 2024: Aria Care partners with Burns Gym to bring virtual fitness workouts to 50 care homes, expanding the reach of virtual fitness to care facilities.
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Key Takeaways:
- In-depth analysis of the virtual fitness market, covering market size, growth potential and key trends.
- Insights into the driving factors behind the market's rapid expansion and the opportunities they present.
- Detailed segment analysis, highlighting the dominance of group sessions and on-demand streaming.
- Regional insights, with a focus on North America's current market leadership and Asia Pacific's growth potential.
- Comprehensive examination of the challenges and restraints facing the virtual fitness market.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Virtual Fitness Market Segmentation, by Session Type
8. Virtual Fitness Market Segmentation, by Streaming Type
9. Virtual Fitness Market Segmentation, by Device Type
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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