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 showcased a revenue of USD 7.22 billion in 2022 and is projected to witness a compounded annual growth rate (CAGR) of more than 26.81% over the forecast period of 2023-2033.
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About the Market
Impact of COVID-19
Global Economic Slowdown
How is this report helpful
The virtual exercise combines workouts and virtual reality through the use of technology. In other words, one can imitate being in a class with an instructor from the comfort of one's own home. Many individuals find exercising difficult due to a lack of time or interest, a loss of passion, or even fear. Technology-assisted directed fitness can now assist individuals in overcoming these common barriers and workout more adequately. For several personal reasons, many choose virtual fitness sessions over physical gyms. Some benefits include convenience, flexibility, motivation, attention, confidence, numerous possibilities, cost-effectiveness, and relaxation. Moreover, the increased need for advanced training and a lack of time to join real-world events are expected to drive demand for the global virtual fitness industry.
The significant factors supporting the market's growth are the expanding demand for highly specialized fitness training to achieve fitness levels, insurance companies' involvement in online fitness facilities to minimize insurance costs, and a growing preference for wellness relying on AR or VR. The most frequent devices that use accessible web fitness programs are smart TVs, smartphones, laptops, and desktops. People can use online fitness activities and monitor their physical exercise using smart TVs and cell phone apps. The desire for new advanced exercise sessions, an interest in physical fitness, a rise in anxiety, an inability to attend sessions at institutes, a sedentary lifestyle, and other factors are propelling the virtual fitness business. Moreover, virtual fitness has inspired individuals of all ages, including the aged ones, to engage in physical activity to keep fit and prevent various health issues.
The worldwide spread of exergaming technology creates favorable conditions for the virtual fitness industry. This approach supports users in increasing self-confidence and strength through interactive solutions. As a result, technological pioneers, including Nintendo, are introducing novel items. Nintendo, for example, announced the 'Jump Rope Challenge' in June 2020. Experts developed the challenge to urge those working from home to stay mentally and physically active throughout the pandemic. These technological advancements will also likely open up enormous opportunities for industry leaders.
Virtual Fitness: Market Scope
The virtual fitness market is divided into four segments streaming type, session type, revenue model, and service provider. Furthermore, these segments are subdivided into respective categories and cross-referenced to North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa for regional analysis. The streaming type segment is further categorized into live/ scheduled. The session type segment is segregated into group and solo. The revenue model segment of the virtual fitness market is bifurcated into subscription, advertisement, and affiliate pay-per-session. Concerning service providers, the industry is analyzed by gyms, sports clubs, individual trainers, and rehab centers. Each segment is further classified into regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The historical dataset of 2018-2022 is provided in the report, whereas the forecast period of 2023-2033 is offered.
Live/Scheduled will capture the highest market share within the streaming type segment.
The live / scheduled market within the streaming type segment will witness the highest market share within the forecast period of 2023-2033. The increased usage of smart devices such as smartphones and tablets, combined with increased internet connectivity, is forecasted to boost the growth of the live streaming sector. During live broadcasting, the trainer guides each participant individually, emphasizing the individual's specific needs. The live-streaming site can deliver virtual exercise classes, including yoga, toning, dancing workshops, celebrity trainer courses, etc. As a result, the need for such classes has skyrocketed in recent years.
The group segment will witness the highest growth rate between 2023-2033
The group within the session type segment of the virtual fitness market to witness maximum growth potential within the forecast timeframe. Group workout sessions have grown in popularity since the session focuses primarily on building postural alignment, which results in robust strength and balance, freedom of movement, and improved work fitness. Additionally, Group activities that encourage user contact and healthy competitiveness have been demonstrated to improve their overall well-being.
The Subscription segment will capture the highest market share in the coming years
The subscription revenue model for the virtual fitness platform is expected to capture the largest share. Users with fitness subscriptions have access to a wide range of workouts, such as boxing, barre Yoga, core, HIIT, rowing, and cycling. The system is easy to use and provides customers with on-demand access to various workout classes that can be accessed on computers, cell phones, or televisions. In addition, users of the monthly membership can access on-demand or live-streamed sessions. If they are new, they can even choose a training schedule.
The gyms segment within the application witnessed the highest CAGR during the forecast timeframe
The gyms within the service providers segment of the virtual fitness market are analyzed to witness the highest growth potential during 2023-2033; owing daily gym workouts can also lower your risk of developing certain diseases like type 2 diabetes and metabolic illness, and osteoarthritis. It also aids in maintaining fat and enhances the body's metabolism. Moreover, Gym workouts offer a wide variety of exercise options, so going to the gym each day does not have to be tedious. Individuals must engage in at least 150 minutes of aerobic activity or 75 minutes of vigorous-intensity aerobic activity per week.
Asia Pacific to capture the highest market share in Virtual Fitness Market
Rising health and wellness awareness in Asian Pacific countries such as Japan, South Korea, China, and India will drive up the market for high-exercise machines. According to the Asia Development Bank Institute (ADB), the Asia-Pacific region has experienced the highest obesity rate in recent times. The Asia-Pacific region is predicted to have the greatest growth rate in the accredited online market over the forecast period, as the increasing number of mobile devices and pro-fitness government policies enable the exponential increase in the use of virtual fitness services.
Impact of COVID-19 on the Virtual Fitness Industry
Due to the pandemic, people have been compelled to rely on the Internet to improve their physical and mental health. Therefore COVID-19 crisis, key and innovative virtual fitness suppliers are offering intelligent workout sessions, free subscriptions, and partnerships to prosper in the international market due to governments enforcing lockdowns in the majority of countries, as well as the closure of gyms and fitness centers globally, to prevent the virus from spreading. The online fitness sector is expected to expand both during the COVID-19 pandemic and in the years following the epidemic. In 2019, for example, a minority of Mindbody app users (7%) used live streaming (7%) or pre-recorded video (17%) to exercise. During the COVID-19 epidemic, over 75% of people use live broadcast video workouts, while roughly 70% use pre-recorded training videos.
Virtual Fitness: Market Dynamics
The market dynamics section of the report covers an in-depth analysis of drivers and restraints opportunities impacting the virtual fitness market. The report also encompasses major market strategies practiced by the industry, followed by patent analysis, product analysis, competitive benchmarking of companies, PORTER and PESTLE analysis of the virtual fitness industry, pricing analysis, and geographic competitiveness to provide a detailed understanding. The major players operating in the market are Conofitness, Fitbit, Inc., Fitness OnDemand, Les Mills International Ltd., Peloton, Sworkit, Wexer, Wellbeats, Inc., and Zwift Inc. These companies cumulatively hold most of the virtual fitness market share and actively undergo strategic development, such as new product launches, mergers, collaborations, business expansion, acquisitions, and long-term contracts to ensure market penetration. These companies also largely focus on research and development to gain technological competitiveness in the market. A detailed analysis of these companies is offered in the report.
Driver: Online or virtual fitness programmers are gaining popularity
People wish to live a healthy lifestyle and follow the advice of fitness experts to overcome challenges through exercise. Older people are quickly adopting virtual exercise due to the flexibility of timing, location, trainer availability, and the proper use of fitness training methods. Likewise, Virtual or online fitness motivates people of all ages, including the elderly, to exercise regularly to stay fit and avoid serious health problems. For instance, In January 2023, The International Sports Sciences Association (ISSA), the global leader in online fitness and wellness coaching, announced the launch of a one-of-a-kind 200-hour online teacher training program that Yoga Alliance, the leading authority on yoga norms and certification, has recognized.
Restrain: There is a high chance of improper form or technique and physical injuries.
The physical absence of the instructor or trainer is one of the main drawbacks. Because the trainer is unavailable, mistakes made while exercising or utilizing the wrong form or technique cannot be remedied. When you move and exercise incorrectly, you risk injuring a muscle, ligament, or tendon, dislocating a joint, breaking a bone, or triggering chronic aches and pains. Several of these may appear severe, but our bodies are meant to move in specific ranges of motion, and moving inappropriately, especially over time, can lead to damage. Additionally, this may keep the body from surpassing its limits, resulting in minor or substantial injury and rendering virtual exercise programs worthless. These factors are hampering the market growth.
Opportunity: Demand for Advanced Fitness Sessions
The demand for consumers for a better lifestyle is growing rapidly, as is the appeal of flexible workouts, healthy meals, and improved healthcare. For instance, In April 2020, My Virtual Mission, a virtual fitness technology company, will launch its Race Host platform. Race Hold is a platform that allows tycoons, companies, and charities to conduct virtual aptness activities to engage people, generate cash, and reach a wider global audience. The rising number of overweight or obesity among schoolchildren is expected to boost demand for workout programmers, thereby increasing the global market for virtual fitness solutions throughout the forecast period.
Virtual Fitness Market: Recent Developments
- In January 2023, SHAPE, the digital training destination and community, announces 167 winners for the best clothes, gear, equipment, and more for its readers' at-home training routines in its first Best in Fitness Awards.
- In February 2022, LifeSpeak Inc., the premier mental health and complete wellness platform for employers, health plans, and insurance companies, announced today the formal signing of a purchase agreement with Wellbeats Inc., located in the United States, for up to US$92.5 million. Wellbeats, situated in Minnesota, is a market-leading provider of an on-demand, software-as-a-service ("SaaS") physical well-being platform with a diverse customer base of 400+ U.S. and overseas enterprise clients.
- In January, fit bought Onyx, a California-based fitness startup, for an unknown sum as part of its global development aspirations. The purchase is also a step forward in the recovery process. Fit is working to improve the computing technology for its at-home fitness device. Onyx specializes in body-tracking technology and personalized workout feedback.
- In October 2021, FlexIt, the fitness platform that enables users to seamlessly access fitness facilities and LIVE 1-on-1 virtual instruction with fitness trainers, announced the launch of Connected TrainingTM. This new cutting-edge tool enables trainers to design interactive, personalized workout sessions to augment consumers' FlexIt fitness programming.
Virtual Fitness Market: Synopsis
The study of the virtual fitness market offers revenue and growth data sets of segments provided at the global, regional, and country levels. The report offers the historical data set for 2018-2022 and the forecast period of 2023-2033. For analysis, Quadrant Market Insights (QMI) has segregated the virtual fitness market into four major segments as follows:
By Streaming Type
By Session Type
By Revenue Model
- Advertisement and Affiliate
- Pay Per Session
By Service Provider
- Sports Clubs
- Individual Trainers
- Rehab Centers
The regional analysis of the virtual fitness market is as follows:
- Rest of Europe
- Rest of Asia-Pacific
Middle East & Africa
- South Africa
- Saudi Arabia
Key players operating in the virtual fitness industry are:
- ClassPass Inc.
- Fitbit, Inc.
- Les Mills International Ltd.
- Wellbeats, Inc.
- Zwift Inc
Virtual Fitness Market: Who Should Purchase, and How It Will Help Readers
- The report is best suited for top-level decision-makers, individuals who are supposed to take a leadership role or require market research to start a business, independent researchers, research institutes, and anyone who wishes to gain detailed strategic insights into the virtual fitness market.
- This report provides a qualitative and quantitative analysis of the market segments, current trends, estimations, and dynamics of the virtual fitness market analysis from 2017 to 2032 to identify the prevailing market opportunities.
- Market research and information related to key drivers, restraints, and opportunities are offered.
- Porter's five forces and PESTLE analysis highlight the potency of buyers and suppliers to enable stakeholders' market profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the virtual fitness segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional and global virtual fitness industry trends, key players, market segments, application areas, and market growth strategies.
- The report offers insights from primary interviews and CXOs of major industry players. It also offers a comprehensive contact and event repository to ensure future collaborations among industry stakeholders.
Virtual Fitness Market: Frequently Asked Questions (FAQ)
Q: How big is the virtual fitness market?
A: The global virtual fitness market showcased a revenue of USD 7.22 billion in 2022 and is projected to witness a compounded annual growth rate (CAGR) of more than 26.81% over the forecast period of 2023-2033.
Q: Does the report have several virtual fitness numbers bifurcated by segments and regions?
A: The report offers a total number of virtual fitness market , further bifurcated into segments and regions. Please refer to the TOC page for more information.
Q: What are the major trends in the virtual fitness market?
A: The rise in awareness about healthy lifestyle post COVID-19 along with preference to experience more personalised experience to support the virtual fitness market.
Q: How can I get the sample Report on the virtual fitness market?
A: The virtual fitness market report sample can be obtained on demand from the website. Also, 24*7 chat support and direct call services are provided to procure the sample report
Q: Is it possible to purchase a specific or customized report as per my needs
A: Yes, it is possible to purchase a specific part of the report or edit the scope of the report at your convenience. Feel free to drop us the mail/talk to our customer support or schedule a conversation to procure a customized report.
- Streaming type
- Session Type
- Revenue Model
- Service Provider
- North America
- Latin America
- Middle East & Africa
- Online and virtual fitness programmers gaining popularity
- Demand for advanced fitness sessions
- High chance of improper posture or techniques, leading to physical injuries
Conofitness, Fitbit, Inc., Fitness OnDemand, Les Mills International Ltd., Peloton, Sworkit, Wexer, Wellbeats, Inc., and Zwift Inc.