A02887 | Pages: 315 | Jul 2020 | 49987 Views | ||
Author(s) : Rachita Rake & Vikas Gaikwad | Tables: 165 | Charts: 61 |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Online/virtual Fitness Market
Request Now !Virtual or online workout is the next generation fitness revolution. It is the convenience-based fitness/wellness service to the users to access a trainer or instructor online/virtually instead of visiting the fitness facility. Usually the fitness training videos are provided on the online dashboards or fitness apps that are managed by the fitness instructor. In addition to this, the virtual fitness sensors in smartphones and wearable enable various virtual fitness applications such as sleep monitoring and running rhythm tracking to improve users’ lifestyles and health. The different forms of online or virtual fitness offerings allows 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. The virtual on demand and live streaming fitness offerings enables benefits such as schedule flexibility, a wide variety of fitness formats such as yoga or meditation, and offers professional guidance at the home/office. The global online/virtual fitness market size was valued at $6,046 million in 2019, and is projected to reach at $59,231 million by 2027, growing at a CAGR of 33.1% from 2020 to 2027.
Due to COVID-19 outbreak, individual segment is expected to witness highest growth rate among others mainly due to the shut down of gyms and fitness studios around the globe and leading people to stay indoors.
Get more information on this report : Request Sample Pages
The on-demand streaming type segment dominated the online/virtual fitness market share in 2019, and is expected to continue this trend during the forecast period, as on demand virtual fitness is significantly being adopted by customers due to its access to a variety of workout classes at their convenience. The on demand virtual fitness streaming providers are thoughtfully designing their offerings to reach numerous exercisers of all fitness levels and to offer a variety of coaching styles, difficulty levels, and music genres. However, the live streaming segment is expected to witness highest CAGR during the online fitness market forecast period, owing to its popularity among routine-oriented exercisers and the individuals who are willing to be consistent and accountable regarding the fitness programming format and schedule.
Get more information on this report : Request Sample Pages
On the basis of revenue model, the subscriptions segment exhibited the highest growth in the online/virtual fitness market share in 2019, 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 signing up with a coach in-person. Also, the customers are joining the virtual subscription based fitness services as it offers the access to top-tier trainers, even if geographically they are not located in same place. However, the hybrid segment is expected to witness 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.
Get more information on this report : Request Sample Pages
North America is dominating the online fitness market, owing to significant presence of numerous health and wellness organizations across this region. In addition to this, the focus on precision medicine and personalized care is also increasing across the adult age group in North America, which in turn is driving the growth of the market. Also, the growing adoption of augmented and virtual reality (AR & VR) technology for workouts in this region further contributes toward the market growth. However, Asia-Pacific region is expected to observe highest growth rate during the forecast period of online fitness market as the proliferation of mobile devices and pro-fitness government policies are enabling the exponential rise of adoption of virtual/online fitness solutions. The mobile devices-based health & wellness apps that provide on demand and live streaming fitness classes appear to be a cost-effective solution in developing nations across Asia-Pacific. Moreover, numerous product launches by several fitness tech startups to expand their reach in this region is providing numerous opportunities to the online/virtual fitness market growth.
Get more information on this report : Request Sample Pages
The report focuses on the growth prospects, restraints, and online/virtual fitness market analysis. The study provides Porter’s five forces analysis of the online/virtual fitness industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the online fitness market trends.
Segment review
The online/virtual fitness market is segmented on the basis of streaming type, device type, session type, revenue model, end user, and region. On the basis of streaming type, it is categorized into Live and on demand. On the basis of device type, it is classified into smart TVs, smartphones, laptops desktops and tablets, others (internet sticks, streaming blu ray player). By session type, it is bifurcated into group and solo. Depending on revenue model, it is divided into subscription, advertisement, and hybrid. By age group, the market is classified as professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Impact of COVID-19 Analysis on Online/Virtual Fitness Market:
The global online/virtual fitness market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market has witnessed a sudden rise in 2020 as the larger number of the global population is working out daily at their homes using virtual/online fitness platforms. This is attributed to the implementation of lockdown by governments in majority of the countries and the shutdown of gyms and fitness clubs across the world to prevent the transmission of virus. The online fitness market is projected to prosper during the COVID-19 pandemic as well as in the upcoming years post pandemic. For instance, in 2019, the minority of Mindbody app users used live streams (7%) or pre-recorded videos (17%) to work out. During the COVID-19 pandemic, about 75% are using live stream video workouts and about 70% are exercising with pre-recorded workout videos.
The growth of the global virtual fitness market is driven by factors such as increase in need for advanced fitness sessions to achieve physical fitness, lack of timings to attend training sessions at fitness clubs, growing interest of health insurance providers in virtual/online fitness services to reduce health insurances costs, growing demand of AR or VR based fitness, and increase in demand for healthy foods. Growing popularity of online or virtual fitness programs among older adult age group due to their growing focus on health & fitness is expected to further drive the growth of the virtual fitness market in the upcoming years. However, factors such as interruptions in the flow of the class due to tech glitches along with the lack of real interaction with the instructor may hamper the growth of the market during the online/virtual fitness market forecast period.
The focus of consumers toward healthier lifestyle is increasing exponentially long with the continuously growing popularity of flexible workouts, balanced diets, and improved healthcare. The considerable need for the advanced fitness programs across the globe to achieve healthy lifestyle is enabling virtual fitness service providers to adopt different strategies and meet the consumer requirements. For instance, in April 2020, My Virtual Mission, one of the virtual fitness technology leaders have released their Race Host platform. The Race Host platform is designed with advanced features for entrepreneurs, businesses, and charities enabling them to host virtual fitness events to engage with target audiences, generate revenue, and expand their global market reach.
Virtual or online fitness is encouraging regular exercises among older adults to stay fit and prevent various health problems which arise with age. The elderly individuals are significantly focusing on healthier lifestyle and they pursue advices from certified fitness professionals, which can direct them to achieve wellness through training and dietary recommendations. The adoption of virtual fitness is gaining momentum among this age group as they are hiring personal virtual trainers, for the correct execution of fitness training routines.
Key Benefits For Stakeholders
Key Market Segments
Key Market Players
Loading Table Of Content...
The convenient access to the workouts at almost any place or any time, seems to be encouraging people across the globe to attain virtual fitness sessions to get fit and healthy. With the advent of the digital revolution, social media is playing a pivotal role in businesses' and people's outlook & acceptance towards virtual fitness. Also, the people who are above the age of 40 years are realizing necessity of health & wellness, as staying fit enable them to keep various diseases away and allow healthy ageing. On the other hand, the fitness industry is witnessing boom in the number of digital fitness tools available to support health club operators to monetize and deliver digital fitness content. On-demand programming, live streaming, and one-on-one personalized coaching are the three core categories of content that are being flourished in fitness oriented world.
Furthermore, individuals are adopting community-driven virtual fitness services to stick with a workout plan. This services includes rising live-streamed fitness classes, social media challenges, and online chats within the virtual fitness offerings enabling people to easily connect with each other. Moreover, number of workout equipment & services providers, including Peloton, iFit, and Zwift are introducing home workout equipment such as the treadmill with various tech enhanced upgrades. These vendors are launching at home exercise bikes that enable individuals to stream live or on demand workout classes that include running, cycling, walking, and boot camp style sessions on its screens. The technological upgrades of workout equipment is providing growth opportunities for the market.
The Online/Virtual Fitness Market is highly competitive and comprises number of local, regional, and global vendors competing based on factors such as subscription cost, reliability, and content quality. The growth of the market is impacted by intense competition, favorable changes in government initiatives, and rapid change in lifestyle of the people due to erratic work hours and jammed schedules. The competition among the vendors operating in the market is intense due to exponential rise in demand for virtual/online fitness videos mainly due to lockdown scenarios and COVID situation. Due to which, key players of the market are launching advanced efficient online/virtual fitness services along with the new features to attract the users and meet the fitness demands of the user with seamless experience.
Start reading instantly.
This Report and over 13,000+ thousand more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers