Virtual Fitness Market
By Streaming Type (Live/Scheduled, On Demand),
By Session Type (Group, Solo),
By Revenue Model (Subscription, Advertisement, Affiliate, Pay Per Session),
By Service Provider (Gyms, Sports Clubs, Individual Trainers, Rehab Centers,),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global virtual fitness market is to be worth more than USD 98.45 billion by 2033.
Consumers are willing to spend more money on health and fitness clubs, with health factors driving global market growth. The expanding number of health clubs and gyms offering private instruction and cutting-edge workout equipment is tempting clients to join health and fitness clubs, which will positively affect market growth in the upcoming years. The worldwide spread of exergaming technology is establishing favorable conditions for the virtual fitness industry. As a result, technical pioneers such as Nintendo are introducing novel products. For instance, Nintendo announced the 'Jump Rope Challenge' in June 2020. The challenge was designed by experts to urge those working from home to stay mentally and physically active throughout the pandemic. Such technological advancements are also likely to open up tremendous opportunities for industry leaders. Additionally, As per IHRSA, there were over 25,000 fitness centers in the area in 2017, with roughly 6,950 in South Korea and 4,930 in Japan. The demand for high-quality equipment will increase as the number of health clubs and fitness studios expands.
The global virtual fitness market is growing as a result of the entry of new industry players. Several market rivals offer subscription plans and programmers to satisfy the needs of consumers, such as flexibility and accuracy. Competitive methods used by industry players include mergers, acquisitions, collaborations, and joint ventures. For instance, in December 2019, Life Fitness on Demand, a library of digital programmers available on the touchscreen devices of Life Fitness premium cardio equipment, was announced by a US-based fitness equipment manufacturer and distributor. On-demand classes on treadmills, ellipticals, climbers, cross-trainers, and exercise machines are available through the digital library.
According to the CXOs and primary research conducted, Virtual or online fitness pushes older people to exercise regularly to stay fit and avoid the many health issues that come with aging. The elderly are increasingly concerned with living a healthier lifestyle, and they seek help from knowledgeable fitness professionals who can guide them to health through exercise and food recommendations. Moreover, many companies, including Fitter and HealthifyMe, indicated that they had a big customer base in services related to mental health, such as corporate wellness programs and other ongoing programs at the time.
The virtual fitness market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. With a growing ICT-dominated landscape and a rapid transition toward digital empowerment, the Asia-Pacific region has been driving business outcomes, particularly with communication devices and expanding the internet, generating significant benefits. Asia Pacific countries like China and Japan are prospering in the cloud services marketplace as the region pushes for cloud competence with an increasing number of enterprises. The major companies operating within the market are Conofitness, Fitbit, Inc., Fitness OnDemand, Les Mills International Ltd., Peloton, Sworkit, Wexer, Wellbeats, Inc., and Zwift Inc.