Online Fitness Market Size to Reach USD 59,231 Billion by 2027 | CAGR of 33.1% - Valuates Reports
BANGALORE, India, Oct. 29, 2020 /PRNewswire/ -- Online/Virtual Fitness Market by Streaming Type (Live, and On-demand), Device Type (Smart TV, Smartphones, Laptops Desktops & Tablets, and Others), Session Type (Group and Solo), Revenue Model (Subscription, Advertisement, and Hybrid) and End User (Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027 - Published on Valuates Reports in Beauty & Fitness Category.
The global Online fitness market size was valued at USD 6,046 Million in 2019 and is projected to reach USD 59,231 Million by 2027, growing at a CAGR of 33.1% from 2020 to 2027.
North America is expected to hold the largest Online Fitness Market share during the forecast period. The major factor driving the growth of North America's market share is the increased emphasis on precision medicine and personalized treatment and the significant presence of numerous health and wellness organizations across this region.
Major factors driving the growth of online fitness market size are the need for specialized fitness sessions to achieve physical fitness, the interest of health insurance companies in online fitness services to minimize the cost of health insurance, increasing demand for fitness based on AR or VR, growing demand for healthy food.
Furthermore, recent COVID-19 has had a positive effect on the online fitness market size. The COVID-19 pandemic has disrupted people's lives and forced fitness centers to remain closed. This scenario has, in turn, led to the rapid adoption of virtual fitness solutions as individuals have begun workouts at their homes.
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TRENDS INFLUENCING THE ONLINE FITNESS MARKET SIZE
The increase in digitalization will propel the expansion of the online fitness market size along with the trend of connected fitness equipment that allows users to monitor health parameters, such as pulse rate and calories. Several businesses are launching virtual classes that allow users to incorporate fitness experiences with their smart devices.
The rising penetration of smart devices and the internet is expected to increase the growth of the online fitness market size. The penetration of smartphones and tablets has resulted in high fitness app adoption across all demographics. Some apps provide personalized services based on specifications and body physiology.
Corporate institutions that incorporate gyms into their infrastructure would boost the demand for the online fitness industry. Several fitness clubs partner with businesses to facilitate the introduction of gyms to improve employee productivity in the work environment.
Awareness about the growing health issues due to sedentary lifestyles is fueling the online fitness market size. Increasing rates of obesity and associated disorders, including heart attacks and diabetes, enable individuals to take individual fitness lessons to cope with specific health problems.
However, interruptions in the class flow due to tech glitches, along with the lack of real contact with the teacher, may, to some degree, impede the growth of the online fitness industry.
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ONLINE FITNESS MARKET SHARE ANALYSIS
During the forecast period, the Asia-Pacific region is expected to experience the highest growth rate as the proliferation of mobile devices and pro-fitness government policies enable the exponential increase in the adoption of virtual/online fitness solutions. The health & wellness apps focused on mobile devices that offer fitness classes on-demand and live streaming tend to be a cost-effective solution in developing nations across the Asia-Pacific region.
ONLINE FITNESS MARKET SEGMENTATION
By Streaming Type
- Live
- On Demand
By Session Type
- Group
- Solo
By Device Type
- Smart TV
- Smartphones
- Laptops, Desktops, and Tablets
- Others
By Revenue Model
- Subscription
- Advertisement
- Hybrid
By End User
- Professional Gyms
- Sports Institutes
- Defense Institutes
- Educational Institutions
- Corporate Institutions
- Individuals
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ClassPass Inc.
- Fitbit, Inc.
- FitnessOnDemand
- Les Mills International Ltd.
- Navigate Wellbeing Solutions
- Peerfit, Inc.
- Reh-Fit Centre
- Sworkit
- Viva Leisure,
- Wellbeats, Inc.
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- Fitness App Market
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This report focuses on the status of the United States Connected Gym Equipment Market, future projections, prospects for growth, key markets, and key players. This study also analyses the effect of the COVID-19 (coronavirus) on the United States Connected Gym Equipment Market.
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