Global Online Fitness Market Size to Grow 6X by 2026 at a Staggering CAGR of 33.1%
According to BlueWeave Consulting, the Global Online/Virtual Fitness Market is expected to reach USD 44,741 million in 2026 from 6,046 million in 2019 at a CAGR of 33.1% during the projection period.
A virtual or online workout has brought significant change in fitness market. The requirement for individual healthcare and progressive fitness sessions, busy lifestyle and increasing number of fitness-conscious people drive the demand for Global Online Fitness Market. The market has shown steady growth over last few years in developed countries and is expected to grow at an accelerated and substantial rate during the forthcoming period. COVID-19 led lockdown has prompted many people to join online fitness sessions as the fitness clubs and gyms have closed. The people would like to continue with these sessions as they offer flexibility of time and place, and the trend is likely to persist during forthcoming period assuring more attendees and market players. Besides, such kind of online sessions are becoming more popular among elderly and certain other adult age group as they get more personalized attention, fitness sessions & medication advice through this platform and enjoy flexibility offered by them. However, the insufficient attention of market players may hinder the growth.
Usually, fitness training videos and advices are provided through online dashboards and apps on the Wi-Fi enabled smartphone, laptops, desktops, tablets and other such devices which connect the trainees with instructors. Besides, such apps also help track the physical activities, calories burnt & sleeping pattern and check the vital statistics of the individuals. The fitness apps are accessible by everyone from homemaker to professionals. The virtual classes offer benefits of flexible schedule and place of work-out and access to wide variety of fitness programs like yoga, aerobics, Cardio exercises, Zumba, etc.
The online fitness market is segmented based on streaming type, device type, session type, revenue model, end-user, and region. Based on the streaming type, it is segmented into Live and On-demand Virtual Fitness market.
“The On-Demand segment plays a significant role in the Global Online Fitness Market.”
The on-demand streaming type segment has captured the major share of the online/virtual fitness market in 2019 and, is expected to preserve it during the forthcoming period due to its increasing popularity among clients. The online sessions have become popular as they offer access to a variety of workout classes at clients’ suitability. The Live Streaming segment is also gaining popularity among regular fitness enthusiasts and the individuals who want reliable and fitness program and, it is anticipated to witness the highest CAGR during the upcoming period.
“Revenue Segment Dominates the Global Online Fitness Market.”
The market is divided into three categories viz., Subscription, Advertisement and Hybrid based on the Revenue Model. Among them, the subscriptions segment exhibited the highest growth and captured vital market share in 2019 and, is expected to preserve its dominance in the future years, due to the rising acceptance of subscription-based virtual fitness training sessions by customers. The client acceptance is primarily driven by its cost efficiency similar to signing up with a coach in-person.
"The Key Drivers of The Global Online Fitness Market are Need for Progressive Fitness sessions and Growing Popularity among Older Age-group."
Customers’ emphasis toward a better lifestyle is growing combined with the preference for stretchy workouts, stable diets, and better healthcare. The progressive fitness programs worldwide help achieve a healthy lifestyle by adopting different fitness strategies and providing essential healthcare to clients. For instance, in April 2020, My Virtual Mission, one virtual fitness technology bests, has launched its Race Host platform, designed with advanced features for tycoons, businesses, and charities. It allows them to host virtual aptness events to engage target viewers, generate income, and enlarge their global market reach.
Virtual or online fitness programs promote regular exercises among older adults to stay fit and prevent various health problems arising with age. Elderly individuals are increasingly focusing on a healthier lifestyle, and they follow advice from qualified fitness specialists, that can direct them to attain wellness through training and dietary recommendations. The adoption of virtual fitness is gaining momentum among this age group as they hire personal virtual trainers for the correct implementation of fitness training procedures.
"The Asia Pacific is expected to witness significant growth in the market during the forecast period."
Though North America dominates the online fitness market due to the presence of numerous health and wellness organizations across this region, Asia-Pacific is expected to emerge as a significant market with the highest CAGR due to widespread smartphone usage and increasing adoption of online sessions. The adult age group in North America is inclined towards getting more personalized healthcare and fitness sessions and, drives the development of the market. Besides, the increasing adoption of increased and virtual reality (AR & VR) technology for workouts in this region further contributes to market growth. The mobile devices-based health & wellness apps that provide on-demand and live streaming fitness classes appear to be cost-effective solutions in developing nations across Asia-Pacific. Moreover, several health tech startups’ product introduce different apps to increase their reach in this region, expanding the market for virtual fitness programs.
“The leading companies” in the market are Health Clubs & Gyms, Econofitness, WELLBEATS, Fitness On Demand, GoodLife Fitness, Wexer, Reh-Fit Centre, LES MILLS INTERNATIONAL LTD., Fit n Fast, Charter Fitness Inc., and Fitness First Ltd. and other prominent players.