New York, USA, June 23, 2021 (GLOBE NEWSWIRE) -- The latest report by Research Dive states that the global virtual fitness market is expected to garner revenue of $59,650.3 million by 2027, rising from $6,060.0 million in 2019 at a stable CAGR of 33.5% during the forecast period, 2020-2027.
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Market Analysis
Many people tend to join gyms at the beginning only to lose out on their motivation over time which leads to them quitting. There has also been a rise in the number of young kids suffering from obesity. Additionally, the World Obesity Federation noted that according to a research in 2019, there were over 150 million children who were overweight and the number is expected t rise further to over 206 million by 2025. This is expected to lead to an increased awareness about the importance of exercise leading to the growth of the global virtual fitness market.
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On the other hand, many people are unaware of the availability of virtual classes and this is usually noticed in the developing economies. To add further, creating content that can be available online has a higher production cost and a lack of strong network could limit its availability. These factors have been a major hindrance to the market growth rate.
But, over the years, a new concept known as ‘exergaming’ has come up with combines exercise with gaming. It can also help build fitness levels among people while also giving the people the chance to enjoy the games. This has created a growth opportunity for the market.
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COVID-19 Impact on the Market
The novel coronavirus pandemic has favorably impacted the growth of the global virtual fitness market. This is mainly because the health-conscious people and fitness-freaks rapidly shifted towards innovative video exercise platforms during the COVID-19 pandemic. In addition, start-ups such as Fittr, HealthifyMe, and Fitternity announced to have gained more customers during the pandemic crisis. For instance, Mindbody observed a spike in growth of about 73% in consumers using pre-recorded exercise video in 2020.
Segmental Analysis
Live Sub-segment to Hold Highest Market Share
By type, the live sub-segment is expected to witness a rise in revenue from $2,468.6 million 2019 to over $25,725.7 million by 2027. The comfort factor along with the availability of a variety of forms of workout such as Pilates, dancing, Barre, and more have assisted in the growth of the segment. People can also workout alongside their favourite celebrity trainers without having to spend a fortune which is expected to further push the growth rate.
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Group Sessions Expected to Dominate the Market
By session type, the group session are expected to witness a high demand with a rise in revenue of over $39,264.5 million by 2027 at a steady CAGR of 33.7%. The group sessions tackle enhancing of the posture, working on the balance, and working on functional fitness. This is set to further boost the growth of the segment.
Smartphone Sub-segment to Gain Highest Revenue
By device type, the smartphone sub-segment is set to experience tremendous growth with a rise in revenue of $18,996.9 million by 2027. The fitness tracking applications available online such as Google Fit, LG Health and along with its rising popularity in developing countries has further contributed to the growth of the segment.
Hybrid Revenue Model Sub-segment to Gain Momentum in the Market
By revenue model, the hybrid revenue model is set to garner significant revenue of $10,007.9 million by 2027 at a steady CAGR of 33.8%. The online medium of learning has also changed the methods of payment where people can either choose not to pay and use the free programs or avail a subscription. This availability of flexible options is expected to boost the growth of the segment.
Professional Gyms Sub-segment to Grow Significantly in the Forecast Period
By end user, the professional gyms hold the highest share in the market with an increase in revenue from $1,377.9 million to over $11,593.9 million by 2027. The staggering rates of obesity all over the world have led to people opting to a healthy lifestyle which has further pushed them towards opting for health and wellness sessions. This is one of the primary factors for the growth of the segment.
Regional Analysis
The Asia-Pacific region has significantly contributed to the market growth with a rise in revenue from $1,452.6 million in 2019 to over $15,580.7 million by 2027. This growth is credited to the extensive availability of internet into several Asian countries which is also expected to provide people with the opportunity to attend the virtual sessions.
Key Players of the Market
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
1. Fitbit,Inc
2. FitnessOnDemand
3. Wellbeats, Inc
4. REH-FIT
5. Sworkit
6. ClassPass
7. Peloton
8. Zwift, Inc
9. Les Mills International ltd
10. Navigate Wellbeing Solutions.
For instance, in March 2020, Wellbeats, a pioneer in virtual workouts announced a challenge of 3 varieties of workouts that can easily be done at home. The challenge is spread across 2-8 weeks and also provides 15 goals. These challenges will ensure that the participants are able to workout regularly.
The report also provides an overview of the different techniques uses as well as the products, facilities, business performance, and a SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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