Home » Fitness Anywhere, Anytime: Exploring the Growth of Online/Virtual Fitness Market Growth Drivers 2023-2032

Fitness Anywhere, Anytime: Exploring the Growth of Online/Virtual Fitness Market Growth Drivers 2023-2032

Online virtual Fitness Market

Lack of time to attend training sessions at fitness institutes, & a surge in demand for AR & VR-based fitness boost the growth of the virtual fitness market.

PORTLAND, PORTLAND, OR, UNITED STATE, April 1, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Online/Virtual Fitness Market,” The online/virtual fitness market was valued at $14.9 billion in 2022, and is estimated to reach $250.7 billion by 2032, growing at a CAGR of 32.7% from 2023 to 2032.

Online or virtual workouts are a generation fitness revolution. It is a convenience-based fitness/wellness service to the clients to access a trainer or instructor online instead of visiting the fitness facility. Usually, the training videos that are provided on the online dashboard or fitness app are managed by the instructor. The sensors in smartphones and wearable allow various virtual fitness applications such as sleep monitoring and running rhythm tracking to improve users’ lifestyles and health. The various forms of online or virtual fitness offerings enable accessibility of health & wellness to every individual from shift workers to housewives and any person who may not be keen or able to visit the gym.

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At-home workouts have become the norm and the individual who wanted to have a group class experience are turning to virtual wellness in the form of streaming live and pre-recorded classes. The huge jump in consumers accessing virtual content is observed across the globe since March 2020. 73% of the global virtual fitness consumers are using pre-recorded video versus 17% in 2019; and 85% are using live stream fitness classes weekly versus 7% in 2019. The COVID-19 pandemic expedited the development of a hybrid style of online/in-person training, which more brick-and-mortar gyms have embraced after the pandemic subsided. For instance, in 2021, according to a fitness study paper, fitness club owners coping with dwindling memberships have swiftly caught on, with about 80% discount and offering on-demand and livestream group exercises, up from 25% in 2019. Furthermore, post pandemic, this industry is being more digitalized.

Increase in need for advanced fitness sessions to achieve physical fitness and rise in technological advancements such as AR/VR for virtual fitness visibility majorly contribute toward the market’s growth. However, the absence Social Engagement and Encouragement in the virtual fitness classes and interruptions in the flow of the online class due to tech glitches may hamper the growth of the online/virtual fitness market.

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Furthermore, increase in need for advanced fitness sessions to achieve physical fitness, a growing interest of health insurance providers in online/virtual fitness services to reduce health insurance costs, an increase in demand for healthy foods, Lack of time to attend training sessions at fitness institutes, and rising demand for AR & VR based fitness is boosting the growth of the global Online or virtual fitness market. In addition, the shutdown of gyms and studios due to the ongoing COVID-19 Pandemic situation is positively impacting the growth of the online or virtual fitness market. However, no real interaction with the instructor and interruption in the class flow due to tech glitches is hampering the online or virtual fitness market growth. On the contrary, the growing popularity of online fitness programs among the elderly is expected to offer remunerative opportunities for expansion during the online/virtual fitness market forecast

Based on the revenue model, the subscriptions segment exhibited the highest growth in the online/virtual fitness market size in 2022 and is expected to maintain its dominance in the upcoming years, owing to the growing adoption of subscription-based virtual fitness training sessions by customers due to its cost-effectiveness as compared to the signing up with a coach in-person.

Also, the customers are joining the virtual subscription-based fitness services as they offer access to top-tier trainers, even if geographically they are not located in same place. However, the hybrid segment is expected to witness the highest growth during the forecast period, due to its ability to reach a range of customers including, those willing to access features of the paid virtual fitness programs on a free trails basis as well as those who willing to pay on a pay-per-view basis or to purchase a subscription plan for removing ads.

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Region-wise, the online/virtual fitness market share was dominated by North America in 2022, and is expected to retain its position during the forecast period, owing to, increase in demand for innovative fitness platforms is attributed to the rising prevalence of chronic diseases including CVDs (Cardiovascular diseases), obesity, and diabetes, particularly in the U.S. and Canada. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing governmental regulations about fitness facilitating the widespread implementation of virtual fitness platforms.

Types of Online/Virtual Fitness Offerings:

1. Fitness Apps: These apps offer a variety of workout routines, from yoga to high-intensity interval training (HIIT). Users appreciate the ability to customize workouts based on their fitness level and goals.

2. Live Virtual Classes: Many fitness studios and instructors offer live-streamed classes via platforms like Zoom, allowing users to participate in real-time workouts from home.

3. On-Demand Classes: Platforms such as Peloton, Beachbody on Demand, and Daily Burn provide a library of pre-recorded workout videos that users can access anytime.

4. Virtual Personal Training: Personal trainers conduct one-on-one or group training sessions via video calls, providing personalized guidance and motivation.

5. Wearable Tech Integration: Fitness trackers and smartwatches have become integral to virtual fitness, offering real-time tracking of workouts, heart rate, and other metrics.

The key players profiled in the online/virtual fitness market analysis are ClassPass Inc., Fitbit, Inc., FitnessOnDemand, Les Mills International Ltd., Navigate Wellbeing Solutions, Peerfit, Inc., Reh-Fit Centre, Sworkit, Viva Leisure, and Wellbeats, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the online/virtual fitness industry.

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