LONDON, March 22, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the online/virtual fitness market, the rising penetration of smart devices is expected to propel the growth of the online or virtual fitness market. Smart devices are devices that are connected to other devices or networks via different wireless protocols such as Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G and help in keeping track of a person's day-to-day activities. Smart devices enable users to access online fitness content. According to a survey conducted across Australia, Belgium, China, Greece, Ireland, Italy, KSA, Netherlands, Spain, Sweden, the U.K., and the U.S. by OMD Worldwide, a US-based media communications agency, 61% of people own a smart device. Therefore, the rising penetration of smart devices is driving the growth of the online-virtual fitness market.
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The global online/virtual fitness market size is expected to grow from $11.39 billion in 2021 to $16.15 billion in 2022 at a compound annual growth rate (CAGR) of 41.84%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The online fitness market size is expected to reach $79.87 billion in 2026 at a CAGR of 49.12%.
On-demand offerings are a key trend gaining popularity in the online fitness industry. On-demand online fitness services enable consumers to access fitness sessions at their convenience with their choice of workout programs, exercise difficulty levels, and trainers. For instance, in December 2019, a US-based manufacturer and distributor of fitness equipment launched Life Fitness On Demand, which is a library of digital classes available on the touchscreens of Life Fitness premium cardio machines. On-demand classes are accessible on treadmills, ellipticals, climbers, cross-trainers, and exercise bikes through the digital library.
Major players in the online health and fitness industry are ClassPass Inc., FITBIT, INC., Fitness On Demand, Les Mills International Ltd., Navigate Wellbeing Solutions, Reh-Fit Centre, Sworkit Company, Viva Leisure, Wellbeats Inc., Zwift, Peloton Interactive, Inc, Health Clubs & Gyms, Fast Lean Fitness Centre and Gym, Charter Fitness Inc., and MoveGB.
The global online/virtual fitness market is segmented by device type into smart TV, smartphones, laptops, desktops, tablets; by end-user into professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals; by revenue model into subscription, advertisement, hybrid.
North America was the largest region in the online or virtual fitness market in 2021. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the online fitness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Online/Virtual Fitness Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide online/virtual fitness market overviews, analyze and forecast market size and growth for the whole market, online/virtual fitness market segments and geographies, online/virtual fitness market trends, online/virtual fitness market drivers, online/virtual fitness market restraints, online/virtual fitness market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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