The increasing demand for healthy foods, the surging demand for AR & VR based fitness, the growing interest of health insurance providers in online/virtual fitness services to minimize health insurance costs, the increasing need for advanced fitness sessions to achieve physical fitness, and the lack of time to attend training sessions at fitness institutes are the major factors expected to drive the growth of the global Online/virtual fitness market. Furthermore, the rising popularity of online fitness programs among the elderly population is expected to offer expansive growth opportunities for the market over the estimated timeframe. However, no real interaction with the instructor and interruption in the flow of the class due to tech glitches restrain the market’s growth.
According to the report, the global online/virtual fitness market is projected to garner a revenue of $250.7 billion by 2032. The market accounted for $14.9 billion in 2022 and is predicted to rise at a CAGR of 32.7% over the analysis period from 2023 to 2032.
Key players in the online/virtual fitness market:
The key players profiled in the online/virtual fitness market analysis are ClassPass Inc., Fitbit, Inc., FitnessOnDemand, Les Mills International Ltd., Navigate Wellbeing Solutions, Peerfit, Inc., Reh-Fit Centre, Sworkit, Viva Leisure, and Wellbeats, Inc.
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Segmental review of the online/virtual fitness market:
By streaming type, the on-demand segment held the largest market share in 2022, contributing to nearly three-fifths of the global online/virtual fitness market revenue and is predicted to lead the trail during the analysis period, owing to the increasing number of people choosing on-demand streaming workouts instead of a live gym. The segment allows them to choose an exercise style as well as an intensity level that meets their specific needs irrespective of the class schedules. On the other hand, the live segment is projected to rise at a stunning CAGR of 33.8% during the analysis timeframe from 2023 to 2032. This is mainly because it offers convenience & comfort together with minimal pressure to perform correct exercises.
By session type, the group segment garnered the highest revenue in 2022, providing more than three- fifths of the global online/virtual fitness market share, and is predicted to lead the trail over the analysis period. This is mainly because the segment aids in building fitness and confidence levels before visiting the live classes. On the other hand, the solo segment is predicted to manifest a stunning CAGR of 34.5% from 2023 to 2032. This is mainly due to the increasing adoption of fitness services, enabling people to exercise conveniently at their homes, further promoting the adoption of virtual fitness programs.
By device type, the laptops desktops and tablets segment generated the biggest market share in 2022, contributing to around two-fifths of the global online/virtual fitness market revenue and is predicted to rule the roost over the estimated timeframe. This is because the segment offers video experience and storage capability. On the contrary, the smartphone segment is expected to exhibit a fascinating CAGR of 34.3% from 2023 to 2032. This is mainly due to the increasing adoption of smartphones worldwide.
By region, the North America region garnered the highest revenue in 2022, contributing to nearly two-fifths of the global online/virtual fitness market revenue, and is predicted to rule the roost during the analysis period, owing to the robust existence of numerous health and wellness organizations. On the other hand, Asia-Pacific is predicted to manifest a striking CAGR of 35.1% from 2023 to 2032. This is mainly due to the growing adoption of various technological advancements such as AR & VR and bio-sensing wearable devices to make exercise less boring & effective.
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