Overview and Scope
Online or virtual fitness is the fusion of fitness with technology. Online fitness is when a coach or personal trainer provides people with fitness coaching through the internet. Online or virtual fitness is provided through training videos offered through an app or online dashboard run by the coach.
Sizing and Forecast
The online/virtual fitness market size has grown exponentially in recent years. It will grow from $21.04 billion in 2023 to $28.89 billion in 2024 at a compound annual growth rate (CAGR) of 37.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased online fitness apps, a rise in digitalization, a growing interest in health insurance and outbreak of coronavirus disease (covid-19).
The online/virtual fitness market size is expected to see exponential growth in the next few years. It will grow to $81.47 billion in 2028 at a compound annual growth rate (CAGR) of 29.6%. The growth in the forecast period can be attributed to increasing government support, rising penetration of smart devices and growing popularity of online fitness programs among the elderly population. Major trends in the forecast period include focus on artificial intelligence for virtual fitness, focus on virtual fitness stations, focus on innovative fitness apps and focus on strategic partnerships and collaborations.
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Segmentation & Regional Insights
The online/virtual fitness market covered in this report is segmented –
1) By Device Type: Smart TV, Smartphones, Laptops Desktops and Tablets, Other Device Types
2) By Revenue Model: Subscription, Advertisement, Hybrid
3) By End User: Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals
North America was the largest region in the online/virtual fitness market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the online/virtual fitness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
During the forecast period, the rising penetration of smart devices is expected to increase the growth of the online or virtual fitness market. Smart gadgets keep track of a person’s daily activities, by connecting to other devices or networks via various wireless protocols, including Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G. For example, in 2022, according to policy advice, 57% of US users of smart home devices report daily time savings, according to data from surveys and the linked home market size. They claim that these gadgets help them save an average of roughly 30 minutes each day. Therefore, the rising penetration of smart devices is expected to propel the growth of the online or virtual fitness market during the forecast period.
Key Industry Players
Major companies operating in the online/virtual fitness market report are Peloton, Les Mills International Ltd., Fitness First, ClassPass Inc., Core Health & Fitness, Econofitness, Sworkit Company, Daily Burn, Viva Leisure, Reh-Fit Centre, Cult.fit, StepSetGo, Move Technologies Group Ltd., MoveGB, VIXY BV, Wexer Virtual, ClassPass, Fitbit Inc., Planet Fitness Franchising LLC, GOLD’S GYM, Anytime Fitness LLC, OX Fitness Club, AYO Fitness Club, Academia Bio Ritmo, Bodytech Sports Medicine, Erada Center, Vogue Fitness, Dr. Amina Al Amiri Clinic, Sporter.com, Body and Soul Health Club, Lifeline Wellness, FitRepublik, Life Diagnostics, esadore international, Planet Fitness, Nutreats, Karien CSN Diet, Express Fitness, Matrix Fitness South Africa, MAKROSAFE Holdings (Pty) Ltd., IPS: Health and Wellness, Camelot Spa Group
The online/virtual fitness market report table of contents includes:
1. Executive Summary
2. Online/Virtual Fitness Market Characteristics
3. Online/Virtual Fitness Market Trends And Strategies
4. Online/Virtual Fitness Market – Macro Economic Scenario
5. Global Online/Virtual Fitness Market Size and Growth
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31. Online/Virtual Fitness Market Other Major And Innovative Companies
32. Global Online/Virtual Fitness Market Competitive Benchmarking
33. Global Online/Virtual Fitness Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Online/Virtual Fitness Market
35. Online/Virtual Fitness Market Future Outlook and Potential Analysis
36.Appendix
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