Portland, OR, Oct. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global online/virtual fitness market is expected to reach $59.23 billion by 2027, growing at a CAGR of 33.1% from 2020 to 2027. The report highlights the key segments, top investment pockets, growth by segmentation, and competitive scenario.
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Rachita Rake, Research Analyst, Consumer Goods at AMR, highlighted, “North America dominates the online/virtual fitness market, owing to significant presence of numerous health and wellness organizations across this region. In addition to this, the focus on precision medicine and personalized care is also increasing across adult age group in North America, which in turn driving the growth of the market. Also, the growing adoption of augmented and virtual reality (AR & VR) technology for workouts in this region further contributes toward the market growth.”
As per the report, the market across North America dominated in this market. Focus on precision medicine and personalized care is growing among adults in North America, which in turn, drives the market growth. Simultaneously, the market across Asia-Pacific is anticipated to manifest the fastest CAGR from 2020 to 2027. The report also includes an in-depth analysis of the market across Europe and LAMEA.
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The global virtual/online market is analyzed across streaming type, session type, device type, revenue model, and end-user.
By session type, the group segment contributed to the highest market. This is due to the fact that majority of users happens to prefer virtual group fitness classes as it helps strengthen fitness and confidence levels during the live sessions. At the same time, the solo segment would portray the fastest CAGR from 2020 to 2027. This is due to rise in focus on personal & mental health during Covid-19, and the outbreak of the pandemic has led to increased expenditure on individual workout session due to the shutdown of gyms, studios, and others.
By revenue model, the subscription segment accounted for the highest market revenue in 2019, due to its cost effectiveness as compared to signing up with a coach in-person. The hybrid segment, on the other hand, would showcase the fastest CAGR of 35.9% throughout the forecast period. This is attributed to its ability to reach a range of customers including those willing to access features of the paid virtual fitness programs on a free trails basis as well as those willing to pay on a pay-per-view basis or to purchase a subscription plan for removing ads.
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The global online/virtual fitness market report includes a comprehensive analysis of the major market players such as Fitbit, Inc., Peloton, FitnessOnDemand, Les Mills International Ltd., Zwift, Sworkit, Viva Leisure, Navigate Wellbeing Solutions, Peerfit, Inc., ClassPass Inc., Reh-Fit Centre, and Wellbeats, Inc.
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