Online/Virtual Fitness Global Market Report 2022 – GlobeNewswire
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New York, March 29, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Online/Virtual Fitness Global Market Report 2022” – 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 is expected to grow from $11.39 billion in 2021 to $16.15 billion in 2022 at a compound annual growth rate (CAGR) of 41.84%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $79.87 billion in 2026 at a CAGR of 49.12%.
The online/virtual fitness market consists of sales of online/virtual fitness services and related products by entities (organizations, sole traders, and partnerships) that offer 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.
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 wesites.Major end-user of online/virtual fitness include professional gyms, sports institutions, defense institutes, educational institutions, corporate institutions, and individuals.
Professaional gyms include include physical fitness facilities, weight reducing clubs, health clubs, and exercise salons.Sports institutions include arenas, stadiums, and sports clubs.
Defense institutes provide various sefl-defense training, including martial arts classes, 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.
North America was the largest region in the online/virtual fitness market in 2021.Asia Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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, rising penetration of smart devices is driving the growth of the online-virtual fitness market.
On-demand offerings 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 December 2019, a US-based manufacturer and distributor of fitness equipment, launched Life Fitness On Demand, which is a library of digital classes available on the touchscreens of Life Fitness premium cardio machines. On-demand classes are accessible on treadmills, ellipticals, climbers, cross-trainers, and exercise bikes through the digital library.
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.
Read the full report: https://www.reportlinker.com/p06248451/?utm_source=GNW
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