New York, USA, June 15, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global online/virtual fitness market is predicted to rise at a tremendous CAGR of 34.6%, thereby garnering a revenue of $2,04,359.4 million in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the online/virtual fitness market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Growing demand for progressive fitness assemblies to acquire physical fitness is anticipated to be the primary growth driver of the online/virtual fitness market in the forecast period. Along with this, there is an increase in the number of individuals across the world who are choosing healthier lifestyles that include flexibility activities, good diets, and better healthcare. This surge in fitness-aware population is expected to push the market forward.
Opportunities: Introduction of exergaming platforms among individuals is estimated to provide numerous growth opportunities to the market in the forecast period. Additionally, strategic alliances and technological advances are predicted to propel the growth of the online/virtual fitness market.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the high cost associated with the advanced virtual fitness programs which might prove to be a restraint for the online/virtual fitness market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The online/virtual fitness market, however, faced positive impact of the pandemic. The Covid-19 pandemic put a lot of focus on fitness and created awareness among people regarding the importance of leading a healthy lifestyle. At the same time, the lockdowns and travel restrictions forced people to opt for online and virtual fitness programs which increased the growth rate of the market during the pandemic.
Segments of the Market
The report has divided the online/virtual fitness market into certain segments based on streaming type, session type, revenue model, device type, end user, and region.
Streaming Type: On-Demand Sub-segment to be Highly Dominant
The on-demand sub-segment is expected to be one of the most dominant by 2031. The growing adoption of on-demand virtual fitness owing to the ease of accessing a choice of training sessions is further expected to boost the growth of this sub-segment.
Session Type: Group Session Sub-segment to Flourish Immensely
The group sub-segment is expected to be highly dominant in the forecast timeframe. Group activities encourage healthy competition among users and thus benefit their overall health. This benefit of group activities has led to an increase in its popularity which is anticipated to boost the growth of the online/virtual fitness market’s sub-segment.
Revenue Model: Subscription Sub-segment to Garner a Significant Revenue
The subscription sub-segment is expected to flourish immensely in the 2022-2031 timeframe. The subscription model helps in gaining access to all types of workouts, including barre yoga, boxing, core, rowing, strength, HIIT, and riding which is predicted to boost the growth of this sub-segment.
Device Type: Laptops Desktops and Tablets Sub-segment to Gather a Huge Market Share
The laptops desktops and tablets sub-segment is projected to be one of the most lucrative by 2031. The ease of access and comfort offered by laptops, desktops, and tablets in accessing virtual fitness programs is anticipated to boost the growth of this sub-segment.
End User: Professional Gyms Sub-segment to be Highly Profitable
The professional gyms sub-segment is expected to gather a huge market share by 2031. The steep increase in obesity rates, especially in urban areas, has led to an increase in consumers' awareness of health and well-being which is further expected to boost the growth of this sub-segment.
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Region: North America Market to Have the Highest Market Share
The online/virtual fitness market in North America region is predicted to be the most dominant by 2031. The rising prevalence of chronic disorders including asthma, diabetes, obesity, and arthritis is expected to boost the growth of this market in the forecast period.
Prominent Market Players
Some of the prominent players of the online/virtual fitness market are
- ClassPass Inc.
- Navigate Wellbeing Solutions
- Sworkit
- Fitbit Inc.
- Peloton
- Viva Leisure
- FitnessOnDemand
- REH-FIT
- Wellbeats Inc.
- Les Mills International Ltd.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in December 2021, Gympass, a leading corporate well-being platform, announced the acquisition of Trainiac, a 1-on-1 personal training solutions provider. This acquisition is expected to help Gympass to expand its operations and consolidate its position as a leader in the industry.
Finally, the report also summarizes many crucial aspects of the online/virtual fitness market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Online/Virtual Fitness Market:
Online/Virtual Fitness Market Size Projected To Generate A Revenue Of $2,04,359.4 Million By 2031
