Online/Virtual fitness Market to Reach $250.7 Billion, Globally, by 2032 at 32.7% CAGR: Allied Market Research

The global Online/virtual fitness market is driven by factors such as rise in need for advanced fitness sessions to achieve physical fitness, growth in interest of health insurance providers in online/virtual fitness services to reduce health insurances costs, increase in demand for healthy foods, lack of time to attend training sessions at fitness institutes, and surge in demand for AR & VR based fitness

PORTLAND, Ore., May 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Online/Virtual Fitness Market by Streaming Type.

(Live, and On-Demand), Device Type (Smart TV, Smartphone, Laptops Desktops and Tablets, and Others), Session Type (Group, and Solo), Revenue Model (Subscription, Advertisement, and Hybrid) and End User (Professional Gyms, Sports Institutes, Defense Institute, Educational Institutes, Corporate Institution, Individuals, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global online or virtual fitness industry generated $14.9 billion in 2022, and is anticipated to generate $250.7 billion by 2032, witnessing a CAGR of 32.7% from 2023 to 2032.

Prime determinants of growth

The global online/virtual fitness market is driven by factors such as rise in need for advanced fitness sessions to achieve physical fitness, growth in interest of health insurance providers in online/virtual fitness services to reduce health insurances costs, increase in demand for healthy foods, lack of time to attend training sessions at fitness institutes, and surge in demand for AR & VR based fitness. However, no real interaction with the instructor and interruption in the flow of the class due to tech glitches hampers the online/virtual market growth. On the contrary, growth in popularity of online fitness programs among elderly is expected to offer remunerative opportunities for expansion of the Online or virtual fitness market during the forecast period.

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Report coverage & details:

Covid-19 Scenario

• The online/virtual fitness market witnessed a significant growth during the COVID-19 pandemic, owing to increase in adoption of virtual fitness by larger number of the global population who are working out daily at their homes using virtual/online fitness platforms during the pandemic situation.
• Moreover, the increase in efforts of governments of various countries to encourage healthy lifestyles during the pandemic with a major shift towards online fitness in collaboration with online fitness solutions providers, which, in turn, boosted the growth of the market.

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The on-demand segment to maintain its leadership status throughout the forecast period

Based on streaming type, the on-demand segment held the highest market share in 2022, accounting for nearly three-fifths of the global online/virtual fitness market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to growing number of people are choosing on-demand streaming workouts instead of live gym as it enables them to choose an exercise style as well as an intensity level that fits into their specific needs irrespective of the class schedules. However, the live segment is projected to manifest the highest CAGR of 33.8% from 2023 to 2032, as it provides convenience & comfort along with minimal pressure to do correct exercises.

The laptops desktops and tablets segment to maintain its leadership status throughout the forecast period

Based on device type, the laptops desktops and tablets segment held the highest market share in 2022, accounting around two-fifths of the global online/virtual fitness market revenue and is estimated to maintain its leadership status throughout the forecast period, as it provides better video experiences and storage capability. However, the smartphone segment is projected to manifest the highest CAGR of 34.3% from 2023 to 2032, owing to increase in adoption of smartphones across the globe.

The group segment to maintain its lead position during the forecast period

Based on session type, the group segment accounted for the largest share in 2022, contributing to more than three fifths of the global online/virtual fitness market revenue and is estimated to maintain its leadership status throughout the forecast period, as it helps to build fitness and confidence levels before visiting the live classes. However, the solo segment is expected to portray the largest CAGR of 34.5% from 2023 to 2032. This is owing to an increase in the adoption of fitness services which enable convenience of exercising at home, further motivating adoption of virtual fitness programs.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2022, accounting nearly two-fifths of the global online/virtual fitness market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to significant presence of numerous health and wellness organizations. However, the Asia-Pacific region is expected to witness the fastest CAGR of 35.1% from 2023 to 2032, owing to a rise in adoption of various technological advancements such as AR & VR and bio-sensing wearable devices to make exercise less boring & effective.

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Leading Market Players: -

• ClassPass Inc,
• Fitbit, Inc.
• FitnessOnDemand
• Les Mills International Ltd.
• Navigate Wellbeing Solutions
• Peerfit, Inc.
• Reh-Fit Centre
• Sworkit
• Viva Leisure
• Wellbeats, Inc.

The report provides a detailed analysis of these key players of the global online/virtual market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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