The virtual/online fitness market is likely to register appreciative growth during the forthcoming timeframe owing to rising use of new technology, increasing internet penetration and smartphone adoption, and popularity of live streaming of various virtual fitness programs worldwide. Today, virtual/online fitness market has witnessed substantial growth owing to the COVID-19 pandemic.
The market witnessed immense growth in 2020, when the global population started working out daily through the help of numerous online fitness platforms. This new trend is ascribed to the implementation of nationwide lockdowns by world governments and the shutdown of fitness clubs and gyms globally in order to control the spread of virus.
The enforcement of lockdowns and closure of gyms has created monumental growth opportunities for virtual fitness platforms. In fact, these virtual platforms have now become the much-required reliable solution for most of the people. One of the contributing factors for the growth of the virtual/online fitness market is cost. People can find free workout routines that need little or no equipment on apps such as YouTube and IG lives. Additionally, streaming memberships are less expensive in comparison to a yearly gym membership.
Virtual/online fitness market is divided into segment in terms of streaming type, session type, device type, end-use, and regional landscape.
With respect to streaming type, the virtual/online fitness market is categorized into on-demand and live. Among these, live streaming type segment is likely to witness substantial growth over the coming years. Live streaming of virtual fitness sessions to experience personalized workouts is expected to boost the market growth. Various trainers have shifted to streaming options using numerous apps such as FaceTime, Zoom, Instagram Live in order to keep their business running.
Based on session type, the virtual/online fitness market is divided into solo and group. Among these, solo fitness routines segment is likely to gain immense traction since they provide the benefit of joining live or pre-recorded sessions as per individual convenience and schedule.
With respect to device type, virtual/online fitness market is classified into laptops, desktops and tablets; smartphones; smart TVs; and others. Among these, the demand for laptops, desktops and tablets segment for watching videos online is rising tremendously. The demand is surging since these gadgets provide high-end experience owing to their large display size.
In terms of end-use, the overall market is bifurcated into individuals, corporate institutions, educational and sports institutes, professional gyms, and others. Among these educational and sports institutes are witnessing high demand. Educational and sports institutions leverage the benefits of virtual fitness workout sessions to train sports players efficiently. By streaming videos virtually, they can stream videos from prominent and professional trainers from around the globe without having to leave their premises.
From a regional frame of reference, Latin America virtual/online fitness market is slated to witness considerable growth over the coming years. Growing internet penetration and smartphone adoption in several Latin American countries such as Mexico, Brazil and Argentina will drive the virtual fitness market growth. Fitness enthusiasts generally use smartphones to watch high quality videos with seamless internet connectivity.