Global Virtual Fitness Market by Session (Group and Solo), By Streaming (Live and On-demand), By Device (Smart TV, Smartphones, Laptops & Desktops, Tablets, and Other Devices), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Oct 2023
- Report ID: 100038
- Number of Pages: 264
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Report Overview
The Global Virtual Fitness Market size is expected to be worth around USD 187.8 Billion by 2032 from USD 13.3 Billion in 2022, growing at a CAGR of 31.20% during the forecast period from 2023 to 2032.
The virtual fitness market is a rapidly growing industry that provides fitness and wellness solutions through digital platforms. This includes various types of online workout classes, personalized coaching services, and virtual fitness communities. The market is driven by several factors, such as the growing adoption of digital technologies, increasing health awareness among consumers, and an increasing need for personalized fitness solutions.
This sector is supported by the development of innovative virtual fitness products and services, along with affordable fitness equipment and wearable technology becoming more readily available. The COVID-19 pandemic has seen a meteoric rise in the virtual fitness market, as many people turn to at-home workouts due to gym closures and social distancing restrictions.
Driving Factors
Technological Advancements, Changing Consumer Preferences, and the Impact of COVID-19 Drive the Market Growth of the Virtual Fitness Market.
The rise of digital platforms and wearable technology has enabled fitness providers to offer an extensive selection of virtual fitness options. This has vastly increased access to fitness and wellness services for consumers, allowing them to get in shape at any time they please from anywhere. Consumers are looking for convenient and customizable fitness solutions that fit into their busy schedules and lifestyle.
Virtual fitness services provide this level of convenience that traditional gyms and studios cannot provide, making them an attractive option for busy individuals looking to stay fit and healthy. The COVID-19 pandemic has accelerated the adoption of virtual fitness, as gyms and fitness studios were closed during the pandemic and people sought ways to stay active from home. This spurred an uptick in demand for virtual fitness services which is expected to persist even after the crisis has ended.
Restraining Factors
Lack of Physical Interaction, Limited Equipment, and Technological Barriers are Some Restraints for Virtual Fitness Market.
Virtual fitness offers convenience and flexibility but lacks the physical interaction and social aspects of traditional gym and fitness studio environments. This may not be suitable for everyone, especially those who value motivation and social support that comes from group fitness classes or in-person personal training sessions. Virtual fitness may not provide the same selection of equipment as traditional gyms or fitness studios, which could limit what types of exercises and workouts are available. This could make it harder to meet the needs of individuals with specific fitness objectives or needs. Virtual fitness requires a reliable internet connection, and compatible hardware and software to function optimally. For those without access or who lack familiarity with digital platforms, this could present an obstacle.
Growth Opportunities
Increased Demand for Home Fitness Solutions, Growing Popularity of Wearable Fitness Technology Creates Opportunities in Virtual Fitness Market.
Due to the COVID-19 pandemic, more people are turning to virtual fitness solutions for at-home workouts. This trend is likely to continue even after the crisis ends, as people have grown accustomed to the convenience and accessibility of these programs. Wearable fitness technology such as fitness trackers and smartwatches is on the rise. These devices can monitor a user’s fitness progress and offer real-time feedback and personalized recommendations. Virtual fitness programs can integrate with these devices for a more personalized, interactive workout experience. Virtual fitness programs can be accessed from any location, enabling fitness enthusiasts to connect and join classes with trainers and other users around the globe.
Trending Factors
Increased Demand for Personalized Fitness Experiences and Integration with Wearable Technology are Some Recent Trends in Virtual Fitness Market.
With the aid of AI and machine learning, virtual fitness programs are becoming increasingly personalized. Users can receive tailored workout plans and nutrition advice based on their fitness objectives, health conditions, and fitness level. Virtual fitness programs are now connecting with wearable technology like fitness trackers and smartwatches, enabling users to monitor their fitness progress and receive real-time feedback on their workouts. Virtual reality (VR) fitness programs are becoming increasingly popular as they offer an immersive workout experience.
Users can join virtual classes and simulations that make them feel like they’re in a real gym or studio. Gamification is being utilized in virtual fitness programs to make exercises more exciting and motivating. Users can earn rewards, compete with friends, and track their progress – making the activity feel more like a game. Virtual fitness programs are now offering social features, enabling users to connect with friends and trainers, track their progress, and take part in challenges and competitions – all from the convenience of their computer or phone.
COVID-19 Impact Analysis
COVID-19 impacted in both ways positively and negatively on the virtual fitness market. Due to COVID-19 restrictions, many gyms and fitness studios were forced to close or operate at limited capacity. As a result, more people turned to virtual fitness programs for at-home workouts. As demand for these programs surged, many providers experienced an unprecedented spike in subscriptions and downloads. The pandemic spurred the adoption of virtual fitness technology, as people sought new ways to stay fit and healthy from home.
Virtual fitness platforms quickly adjusted to meet this growing need for online workouts, with many providers introducing new features and content in response. With the closure of gyms and fitness studios, virtual fitness providers expanded their offerings to include a wider variety of classes and programs such as yoga, Pilates, dance, and strength training. The pandemic has brought to light the importance of health and wellness, prompting virtual fitness providers to offer more programs focusing on stress relief, mindfulness, and overall well-being. Gyms and fitness studios are reopening, many offering hybrid fitness models that combine in-person and virtual workouts. This approach gives users access to workouts no matter where they are – at home or on the go.
Session Analysis
The Group Session Segment is the Most Lucrative Segment in the Session Analysis of the Virtual Fitness Market.
Based on the session, the market for virtual fitness is segmented into group and solo. Among these sessions, the group segment is the most lucrative in the global virtual fitness market, with a projected CAGR of 33.2%. The total revenue share of the group segment in the virtual fitness market is 56.7% in 2022. Virtual group sessions allow participants to join live classes or pre-recorded sessions with people from around the globe, creating an atmosphere of camaraderie and accountability as they work together toward reaching their fitness goals.
There are various forms of group sessions such as live classes, on-demand classes, virtual personal training, challenges, and competitions. It all adds up to an incredible experience. Virtual group sessions can be an excellent way to stay motivated and engaged in your fitness journey. They provide a sense of community and encouragement that helps keep you accountable, leading to the achievement of goals. Group sessions have become increasingly popular offerings within the virtual fitness market.
The Solo Session Segment is Expected to Grow Faster in the Projected Period in Virtual Fitness Market.
Solo sessions accounted for the fastest-growing session segment in the virtual fitness market, and its estimated market share is 43.3% revenue share in 2022 and accounted for a CAGR of 36.8% between 2023 to 2032. Solo sessions are perfect for those who prefer to exercise alone or have hectic schedules that make attending group sessions impossible. Solo sessions provide the freedom to exercise whenever and wherever, without needing equipment or a dedicated gym or fitness studio.
Virtual fitness platforms provide various solo options such as personalized workouts, on-demand classes, virtual personal training, and workout tracking and analytics. Solo sessions offer a convenient and flexible way for people to exercise on their schedule. They’re especially ideal for busy individuals who cannot commit to an established schedule or prefer exercising in privacy. The virtual fitness market has responded by offering various solo sessions, tools, and resources that can be accessed from anywhere with an internet connection.
Streaming Analysis
The On-demand Streaming Segment Accounted for the Largest Revenue Share in Virtual Fitness Market in 2022.
Based on streaming, the market is segmented into live and on-demand streaming. Among these, the on-demand segment dominates the virtual fitness market with a market share of 54.2% in 2022. On-demand streaming is a key offering in the virtual fitness market, enabling participants to access pre-recorded classes at any time, from anywhere.
On-demand streaming provides individuals with flexibility and convenience; they can work out according to their schedule at their own pace without needing expensive equipment or access to an exclusive fitness facility. With various options such as pre-recorded classes, customized workout plans, tracking tools, and analytics tools as well as virtual personal training services available, there’s something for everyone regardless of fitness level or experience level.
The Live Segment is Expected to be the Fastest Growing Streaming Segment in Virtual Fitness Market.
Live streaming, accounted for the fastest-growing streaming segment in the virtual fitness market with a CAGR of 29.2% during the forecasted period. Live streaming offers participants an immersive and exciting experience, enabling them to engage with instructors and other viewers in real-time, creating a sense of community and accountability. With various options like virtual fitness classes, personal training sessions, group workouts, tracking tools, and analytics programs. Live streaming has become popular for those wanting to recreate the in-person fitness class atmosphere but with the added convenience of working from home.
Device Analysis
The Smartphone Device Segment Accounted for the Largest Revenue Share in Virtual Fitness Market in 2022.
Based on devices, the market is segmented into a smart TV, smartphones, laptops & desktops, tablets, and other devices. Among these, the smartphone segment dominates the virtual fitness market with the largest share 32.4% in 2022. Smartphones have become a key tool in the virtual fitness market, enabling individuals to access platforms and take part in classes from anywhere at any time.
Due to the rising prevalence of smartphones worldwide, virtual fitness platforms have optimized their mobile applications for easy access to classes, workouts, and other resources. Smartphones are especially helpful for those who are constantly on the go or have hectic schedules, as they provide quick and effortless access to virtual fitness platforms and resources. As virtual fitness’ popularity continues to grow, smartphones will remain a crucial player in this space by offering people flexibility and convenience in exercising at their pace.
The Tablets Segment is Expected to be the Fastest Growing Device Segment in Virtual Fitness Market.
Followed by tablets, which accounted for the fastest-growing device segment in the virtual fitness market with a CAGR of 30.4% in 2022. Tablets are an increasingly important device in the virtual fitness market, offering a larger screen and more immersive experience compared to smartphones. Tablets boast bigger screens, high-resolution displays, and superior sound quality which can all contribute to making the virtual fitness experience more engaging and enjoyable. Tablets offer various features like larger screens, higher resolution displays, superior sound quality, and portability that further enhance this enjoyment.
End-User Analysis
The Professional Gyms Segment is the Most Lucrative Segment in the End-User Analysis of the Virtual Fitness Market.
Based on End-User, the market for virtual fitness is segmented into professional gyms, educational & sports institutes, corporate institutions, individuals, defense institutes, and other end-users. Among these end-users, the professional gyms segment is the most lucrative in the global virtual fitness market, with a projected CAGR of 32.8%. The total revenue share of the professional gyms segment in the virtual fitness market is 34.2% in 2022.
Professional gyms have long been the go-to for virtual fitness due to their established brand recognition and reputation. By having an existing customer base, they can leverage to promote their virtual fitness services as an added value for current customers. Furthermore, professional gyms possess high-quality fitness equipment along with knowledgeable trainers that allow them to create personalized virtual training sessions using qualified professionals. Professional gyms can incorporate virtual fitness into their facilities to enhance the workout experience for their members. This could include VR-based workouts, interactive exercise equipment, and personalized fitness plans that utilize data from wearable technology.
The Individual Segment is Expected to Grow Faster in the Projected Period in Virtual Fitness Market.
Followed the individual, which accounted for the fastest-growing end-user segment in the virtual fitness market, accounted for the highest CAGR of 34.3% in 2022. Virtual fitness platforms provide individuals with a convenient and flexible way to exercise from the comfort of their own homes, without needing expensive gym memberships or equipment. These platforms provide personalized experiences, enabling individuals to select the type and intensity level best suited for them according to their fitness level. These tools enable individuals to track progress, set objectives, and assess performance, keeping them motivated to stay committed to reaching their fitness goals.
Key Market Segments:
Based on Session
- Group
- Solo
Based on Streaming
- Live
- On-demand
Based on Device
- Smart TV
- Smartphones
- Laptops & Desktops
- Tablets
- Other Devices
Based on End-User
- Professional Gyms
- Educational & Sports Institutes
- Corporate Institutions
- Individuals
- Defense Institutes
- Other End-Users
Regional Analysis
North America Accounted for the Largest Revenue Share in Virtual Fitness Market in 2022.
North America is estimated to be the most lucrative market in the global virtual fitness market, with the largest market share of 48.2% in 2022. North America has the largest virtual fitness market in the world because it is also known as the home to many prominent virtual fitness providers such as Beachbody and Peloton and there is also a well-established fitness industry.
APAC is expected as Fastest Growing Region in Projected Period in Virtual Fitness Market.
Asia Pacific is expected as the fastest-growing region in the virtual fitness market. In this region, there is a large no. of population and a growing middle class with a disposable income. This has led to a rise in the demand for wellness and fitness solutions. Countries such as Japan and China are particularly active in this market.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
The virtual fitness market is predicted to experience significant growth over the coming years, as new players join and existing ones expand their services. Companies must differentiate themselves by providing unique and innovative virtual fitness solutions that cater to customers’ evolving needs. For example, Peloton is a top virtual fitness provider, offering at-home equipment and digital classes. The company boasts around 30% market share and has experienced tremendous growth over the last few years – particularly during the COVID-19 pandemic.
Market Key Players:
Listed below are some of the most prominent Virtual Fitness industry players.
- MINDBODY, Inc.
- ClassPass Inc.
- Fitness On Demand
- Sworkit Health
- WELLBEATS
- FitnFast Health Clubs & Gyms
- Conogitness
- Move Technologies.
- Wexer Virtual Corporation
- Other Key Players
Recent Developments:
- In 2021, Peloton acquired fitness equipment maker Precor to expand its production capacity and speed up product delivery.
- In 2020, Beachbody recently merged with Myx Fitness, a home fitness equipment provider, to further diversify its product offering.
- In 2020, Google recently acquired Fitbit, leading to the development of new health and fitness features for Google products.
Report Scope:
Report Features Description Market Value (2022) USD 13.3 Bn Forecast Revenue (2032) USD 187.8 Bn CAGR (2023-2032) 31.2% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Session (Group, Solo), By Streaming (Live, On-demand), By Device (Smart TV, Smartphones, Laptops & Desktops, Tablets, Other Devices), By End-User (Professional Gyms, Educational & Sports Institutes, Corporate Institutions, Individuals, Defence Institutes, Other End-Users) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape MINDBODY, Inc., ClassPass Inc., Fitness On Demand, Sworkit Health, WELLBEATS, FitnFast Health Clubs & Gyms, Conogitness, Move Technologies., Wexer Virtual Corporation, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What was the Virtual Fitness Market Size in 2022?The Global Virtual Fitness Market size is expected to be worth around USD 13.3 Billion in 2022, growing at a CAGR of 31.20%.
What is the Virtual Fitness Market Size Expected During the Forecast Period?The Global Virtual Fitness Market size is expected to be worth around USD 187.8 Billion by 2032 during the forecast period from 2023 to 2032.
What is the Virtual Fitness Market CAGR During the Forecast Period 2023-2032?The Global Virtual Fitness Market is growing at a CAGR of 31.20% during the forecast period from 2023 to 2032.
- MINDBODY, Inc.
- ClassPass Inc.
- Fitness On Demand
- Sworkit Health
- WELLBEATS
- FitnFast Health Clubs & Gyms
- Conogitness
- Move Technologies.
- Wexer Virtual Corporation
- Other Key Players
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