New York, March 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Online/Virtual Fitness Global Market Report 2023” – https://www.reportlinker.com/p06248451/?utm_source=GNW
, Zwift, Peloton Interactive, Inc., Health Clubs & Gyms, Fast Lean Fitness centre and Gym, Charter Fitness Inc., and MoveGB.
The global online/virtual fitness market grew from $15.65 billion in 2022 to $21.82 billion in 2023 at a compound annual growth rate (CAGR) of 39.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The online/virtual fitness market is expected to grow to $76.57 billion in 2027 at a CAGR of 36.9%.
The online/virtual fitness market includes revenues earned by entities by providing services, which can be used for the online accessibility of health and wellness to fitness-conscious consumers or persons who might not be keen or able to visit a gym.Virtual or online fitness is a convenience-based fitness/wellness service to the users to access a trainer online/virtually rather than visiting the fitness facility.
Usually, the fitness training videos are provided on the web dashboards or fitness apps that are managed by the fitness trainer.In addition, virtual fitness sensors in smartphones and wearable enable various virtual fitness applications like sleep monitoring and running rhythm tracking to enhance users’ lifestyles and health.
Values in this market are ’factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the online/virtual fitness market in 2022.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 and Africa.
The main devices used to access online/virtual fitness services include smart TVs, smartphones, laptops, desktops, and tablets.Smart TVs and smartphones enable consumers to access online fitness services through apps and track physical activity.
Laptops, desktops, and tablets enable consumers to access online fitness services through apps and websites.Major end-user of online/virtual fitness include professional gyms, sports institutions, defense institutes, educational institutions, corporate institutions, and individuals.
Professional gyms include physical fitness facilities, weight-reducing clubs, health clubs, and exercise salons.Sports institutions include arenas, stadiums, and sports clubs.
Defense institutes provide various self-defense training, including martial arts classes, the use of pepper sprays, and other self-defense weapons. Educational institutions are involved in providing educational training and development. Individuals are a major end-user of online/virtual fitness services such as exercise classes, yoga sessions, meditation classes, sports classes, and others.
The rising penetration of smart devices is expected to propel the growth of the online/virtual fitness market.Smart devices are devices that are connected to other devices or networks via different wireless protocols such as Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G and help in keeping track of a person’s day-to-day activities.
Smart devices enable users to access online fitness content. According to a survey conducted across Australia, Belgium, China, Greece, Ireland, Italy, KSA, Netherlands, Spain, Sweden, the U.K., and the U.S. by OMD Worldwide, a US-based media communications agency, it has been found that 61% of people own a smart device. Therefore, the rising penetration of smart devices is driving the growth of the online-virtual fitness market.
The on-demand offering is a key trend gaining popularity in the online-virtual fitness market.On-demand online fitness services enable consumers to access fitness sessions at their convenience with their choice of workout programs, exercise difficulty levels, and trainers.
For instance, in May 2022, Johnson Health Technology Company, a US-based online fitness services company, launched Matrix Connected solutions through which gyms and fitness owners can create digital experiences for their members and people can take on-demand exclusive training cycles.
In October 2021, LifeSpeak Inc., a leading provider of mental health and total wellbeing platform, acquired LIFT Digital Inc., an online wellness company. With this acquisition, LifeSpeak aims to capitalize on LIFT’s client base which includes many blue-chip organizations, and execute on its plan to accelerate growth through acquisitions.
The countries covered in the online/virtual fitness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The online/virtual fitness market research report is one of a series of new reports that provides online/virtual fitness market statistics, including the line/virtual fitness industry global market size, regional shares, competitors with an online/virtual fitness market share, detailed online/virtual fitness market segments, market trends and opportunities, and any further data you may need to thrive in the online/virtual fitness industry. This online/virtual fitness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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