SAN FRANCISCO, Feb. 16, 2023 /PRNewswire/ — The global virtual fitness market is expected to reach $106.4 billion by 2030 and grow at a CAGR of 26.72% from 2023 to 2030, according to a new report by Grand View Research , Inc. Increasing demand for personalized workouts, growing adoption of virtual reality, and growing demand for live and on-demand streaming video are the key drivers behind the market growth.
Key industry insights and takeaways from the report:
Based on session type, the group segment dominated the market in 2022. However, the solo segment is expected to register the fastest CAGR over the forecast period. The on-demand segment dominated the market in 2022 due to its popularity among customers as it offers access to variety of training courses at will. Based on device type, the smartphone segment dominated the market in 2022. The increasing number of smartphone users, ease of access and increasing focus on health and wellness are factors responsible for the segment’s outstanding share. North America dominated the global market in 2022 due to a growing number of gyms and gym memberships. According to IHRSA, there were 64.3 million fitness club members in the US in 2019. ClassPass is one of the largest providers of distance learning options for fitness clubs. They currently have around 30,000 club employees in the US and are represented in over 27 other countries. In March 2020, International Ltd. and TVNZ are teaming up to offer virtual exercise classes during the COVID-19 lockdown in New Zealand. These online workouts include HIIT workouts, meditation, and many other types of exercise.
Read the 120-page market research report, Virtual Fitness Market Size, Share & Trends Analysis Report By Streaming Type (Live, On-Demand), By Session Type (Group, Solo), By Device Type, By Region, And Segment Forecasts, 2023 – 2030”, published by Grand View Research.
Growth and trends of the virtual fitness market
Additionally, the growing trend of home workouts and fitness influencers on social media platforms are driving demand for workout videos. According to Mindbody, 70% of its users used pre-recorded video during COVID, down from just 17% in 2019. Likewise, 75% of its users used live streaming video during COVID, up from 7% before COVID.
Virtual fitness trainers encourage people of all ages, including the elderly, to exercise regularly to stay healthy and prevent various health problems. The millennial generation is increasingly turning to healthier lifestyles and various exercise and diet plans by seeking advice from qualified professionals.
The adoption of online physical activity training is gaining momentum among millennials due to the myriad of benefits it offers. It offers flexibility in choosing time, place and trainers; This makes it the preferred option for consumers with hectic schedules. According to Health Club Industry Data & Consumer Trends from the IHRSA report in 2021, 35% of millennial gym members also paid for online services.
On-demand fitness and activity trackers are some of the most popular market trends. Additionally, pre-recorded workouts are expected to grow in popularity as many companies incorporate fitness services into their wellness programs. Based on the release of Peloton’s second quarter 2020 results, Peloton’s streaming fitness models have seen tremendous growth. Its subscribers grew 96% annually to 712,000 and subscription revenue increased 107%. Additionally, many major gym brands like Crunch are now expanding on-demand exercise, and most of them are taking the hybrid model to a new level.
The pandemic has had a significant impact on the fitness industry. The imposition of lockdowns has resulted in the closure of many fitness centers and gyms. As a result, face-to-face training has been replaced with digital home practice. Due to the increasing demand for online classes, many gym and health club providers have launched online services. In the coming years, fitness club providers will need to adopt a hybrid or multichannel approach that includes both in-person and remote exercise for customers.
Virtual Fitness Market Segmentation
Grand View Research has segmented the global virtual fitness market based on session type, streaming type, device type, and region
Virtual Fitness Market – Session Type Outlook (Revenue, $M, 2018-2030)
Virtual Fitness Market – Streaming Type Outlook (Revenue, $M, 2018-2030)
Virtual Fitness Market – Device Type Outlook (Revenue, USD Million, 2018-2030)
Smart TV Smartphones Laptops & Desktops Tablets
Virtual Fitness Market – Regional Outlook (Revenue, $M, 2018-2030)
North America Europe Germany UK France Spain Italy Denmark Sweden Norway Asia Pacific China Japan India Australia South Korea Thailand Latin America MEA South Africa Saudi Arabia UAE Kuwait
List of Major Players in Virtual Fitness Market
MINDBODY, Inc. ClassPass Fitness On Demand Unscreen Navigate Wellbeing Solutions Sworkit Les Mills International Ltd. VIXY BV Wellbeats. Move Technologies Group Ltd Wexer
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquartered in San Francisco, the company includes over 425 analysts and consultants who add more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.
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