Virtual Fitness Market worth over $30bn by 2026
Published Date: September 23, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Virtual Fitness Market size is set to exceed USD 30 billion by 2026, according to a new research report by Global Market Insights, Inc.
Rising health consciousness due to growing concerns over cardiac associated diseases will drive the market growth. According to the WHO, around 17.9 million people die each year from Cardiovascular Disease (CVD), representing around 30% of deaths globally. To prevent the occurrence of such disease, people are highly opting for virtual fitness classes to maintain their overall health and fitness. These online classes offer a range of cardio workout sessions taught by professionally trained experts.
The ongoing coronavirus (COVID-19) pandemic will positively impact the virtual fitness market size. With the temporary closure of several gyms and sports clubs, there will be demand for virtual workout sessions for at-home exercises. The gradual reopening of fitness centers, following relaxation in lockdown measures, will surge the adoption of virtual classes from professional gyms. The pandemic has encouraged people to incorporate exercise into their daily routines to boost immunity. Several market players are introducing sophisticated on-demand virtual classes in response to the growing demand for online fitness classes.
Growing trend of on-demand video streaming for convenience and flexibility of exercise routine
On-demand virtual fitness streaming is expected to witness around 28% growth rate till 2026. Fitness brands are a popular niche that offer Video on demand (VOD) channels for their members. Exercising at home offers the flexibility of working out as per convenience while also saving traveling time to gyms or fitness centers. The availability of a wide range of video on demand fitness solutions has enabled users to choose a workout video that suits individual demands.
Technogym S.p.A, a fitness equipment provider, offers a range of on-demand classes on its equipment consoles for exercisers using the company’s fitness machines. The Technogym Live platform offered by the company enables users to choose their class, based on trainer, duration, music, and language from a comprehensive on-demand library. Amazon Prime also offers a series of workout videos in its library for its subscribers. A complete subscription video on demand channel, Peloton Digital provides users access to on-demand videos on cycling, boot camp, and floor & outdoor workout. The rising video on demand market globally will provide growth opportunities to the virtual fitness industry.
Demand for group online fitness sessions that ensure enhanced engagement and encourage a competitive environment
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Group based virtual fitness classes enable enhanced user engagement as exercisers can work out in a competitive environment, encouraging other participants to improve their fitness goals. 24 Hour Fitness, a fitness center chain in the U.S., offers free virtual group training using an app or Zoom platform. They offer several session formats for cardio & strength training, enabling users to join a group virtual session depending on individual requirements. Market leaders are also offering virtual group training classes introduced specifically for older adults to ensure active aging.
Browse key industry insights spread across 280 pages with 289 market data tables and 28 figures & charts from the report, “Virtual Fitness Market Size By Streaming Type (Live, On-Demand), By Session Type (Group, Solo), By Device Type (Smart TVs, Smartphones, Laptops, Desktops & Tablets, Others), By End-Use (Professional Gyms, Educational & Sports Institutes, Corporate Institutions, Individuals), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
A rise in the number of professional gyms in Europe will propel the demand for sophisticated virtual fitness classes
In 2020, according to European Health & Fitness market report 2020, fitness and health club members increased by 3.8% to around 65 million, whereas the number of facilities increased by 2.3% to 63,644 in Europe. Crunch and Gold’s Gym are among the first club chains to offer high-quality virtual classes for their members. Gold’s Gym International, Inc. offers a digital personal-training app, Gold’s AMP, that features pre-recorded video trainer routines and a built-in music-streaming service. A rise in the number of gyms in Europe will support the market expansion.
The growing adoption of smart TVs due to R&D of high-quality electronic products will spur the virtual fitness market growth
The growing penetration of smart TVs that ensure high-quality streaming of videos online will boost the market demand. According to gfu Consumer & Home Electronics GmbH, more than 51% of German households owned a smart TV in 2019. Smart TVs enable smooth interconnectivity of other electronic gadgets, ensuring an enhanced audio-visual experience. Electronic manufacturers are highly investing in R&D activities to introduce smart TVs with several high-quality features.
North America will provide growth opportunities to the market owing to increasing health concerns coupled with a rise in the number of gyms
In 2018, according to IHRSA, more than 71 million consumers utilized health clubs in the U.S. and the number of fitness facilities increased by 2.8% to 39,570. As gyms adopt advanced technologies to provide high-quality services to users, the market will gain traction. In June 2020, True Fitness collaborated with EGYM, a smart gym solutions provider, to offer personalized cardio training experience for trainers, gyms, and members. Through this collaboration, members can use the True EGYM compatible 16-inch touchscreen console, log in using their RFID tags, and select their trainer’s customized workout. The console synchronizes the data with the EGYM cloud.
Growing competition among market participants to launch attractive online portals to strengthen subscriber base
Major companies operating in the virtual fitness market include FitnessOnDemand, ClassPass, Inc., Econofitness, Les Mills International Ltd., Peerfit, Inc., Sworkit, Navigate Wellbeing Solutions, Viva Leisure, Peloton, Zwift, Goodlife Fitness, Wexer, Charter Fitness, Inc., Fitness First, Fittr, and MoveGB. The market is highly competitive with the presence of a large number of players offering customer-centric online fitness solutions. The increasing competition will encourage players to introduce online, live, and on-demand fitness sessions for users to undertake classes as per convenience.