Virtual Fitness Market to be Worth $106.4 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 16, 2023 /PRNewswire/ — The global virtual fitness market size is expected to reach USD 106.4 billion by 2030 and is expected to expand at 26.72% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising demand for personalized workout sessions, increased adoption of virtual reality, and growing demand for live and on-demand streaming videos are primary factors driving the market growth.
Key Industry Insights & Findings from the report:
- Based on session type, the group segment dominated the market in 2022. However, the solo type segment is expected to register the fastest CAGR during the forecast period.
- The on-demand segment dominated the market in 2022, owing to its popularity among customers as it offers access to a variety of workout classes at their convenience.
- Based on device type, the smartphone segment dominated the market in 2022. The rising number of smartphone users, easy access, and increasing focus on health and wellness are factors responsible for the prominent share of the segment.
- North America dominated the global market in 2022 owing to a growing number of health clubs and gym memberships. According to IHRSA, there were 64.3 million health club members in the U.S. in 2019.
- ClassPass, is among the largest distributors of remote class options to health clubs. They presently have around 30,000 club associates in the U.S., with a presence in over 27 other countries.
- In March 2020, International Ltd. and TVNZ partnered to provide virtual exercise classes during the COVID-19 lockdown in New Zealand. These online workouts include HIIT workouts, meditation, and many other types of exercises.
Read 120-page market research report, “Virtual Fitness Market Size, Share & Trends Analysis Report By Streaming Type (Live, On-demand), By Session Type (Group, Solo), By Device Type, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Virtual Fitness Market Growth & Trends
In addition, the increasing trend of home workouts and fitness influencers on social media platforms are increasing the demand for workout videos. According to Mindbody, 70% of its users were using pre-recorded videos during COVID, which was just 17% in 2019. Similarly, 75% of its users were using live-streaming videos during COVID, up from 7% before COVID.
Virtual fitness trainers encourage people of all ages, including the elderly, to exercise regularly to stay healthy and prevent various health problems. The millennial generation is increasingly turning to healthier lifestyles and various exercise and nutrition regimes, by seeking advice from qualified professionals.
The adoption of online physical activity training is gaining more importance among millennials due to the myriad of benefits it offers. It provides flexibility to choose time, location, and trainers; making it the preferred option for consumers with hectic schedules. According to Health Club Industry Data & Consumer Trends from the IHRSA report in 2021, 35% of millennial gym members were also paying for online services.
On-demand fitness and activity trackers are some of the popular market trends. Additionally, pre-recorded workout sessions are expected to become more popular as many corporations include fitness services in their wellness programs. Based on the second-quarter earnings release of Peloton in 2020, the streaming fitness models of Peloton have experienced huge growth. Its subscribers grew by 96% yearly to 712,000 and subscription revenue grew by 107%. Moreover, many large gym brands, such as Crunch, are now extending on-demand exercises, and most of them are taking the hybrid model to a new level.
The pandemic had a significant impact on the fitness industry. The imposition of lockdowns led to the closure of many fitness centers and gyms. As a result, in-person workouts were replaced by digital at-home exercises. Owing to increasing demand for online classes, many gyms and health club providers adopted online services. In the coming years, health club providers will be required to adopt a hybrid or multichannel approach which will include both in-person and remote exercise sessions for the customers.
Virtual Fitness Market Segmentation
Grand View Research has segmented the global virtual fitness market based on session type, streaming type, device type, and region
Virtual Fitness Market – Session Type Outlook (Revenue, USD Million, 2018 – 2030)
Virtual Fitness Market – Streaming Type Outlook (Revenue, USD Million, 2018 – 2030)
Virtual Fitness Market – Device Type Outlook (Revenue, USD Million, 2018 – 2030)
- Smart TV
- Laptops & Desktops
Virtual Fitness Market – Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players in the Virtual Fitness Market
- MINDBODY, Inc.
- Fitness On Demand
- Navigate Wellbeing Solutions
- Les Mills International Ltd.
- VIXY BV
- Move Technologies Group Ltd
Check out more related studies published by Grand View Research:
- U.S. Virtual Care Market – The U.S. virtual care market size is expected to reach USD 46.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 30.75% from 2022 to 2030. Virtual care is an umbrella term encompassing all remote patient interactions with healthcare providers. High waiting times for physician appointments and the shift toward convenient and patient-focused care are boosting the market growth. In recent years, the inclination toward digital platforms from conventional care settings is increasing, which is propelling the market growth.
- U.S. Virtual Visits Market – The U.S. virtual visits market size is expected to reach USD 105.5 billion in terms of revenue and 5.2 billion in terms of volume by the end of the forecast period and is expected to grow at a CAGR of 30.9% in terms of revenue, and 36.9% in terms of volume as per a new report published by Grand View Research, Inc. Increasing demand for telehealth and teleconsultation and introduction of new and advanced technologies has positively impacted the growth of the market in the U.S. Increasing penetration of smartphones and assisted technologies has also been a key factor for the fast growth of the market.
- Augmented Reality & Virtual Reality In Healthcare Market – The global augmented reality & virtual reality in healthcare market size is expected to reach USD 9.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.2% from 2021 to 2028. Increasing advancements and digital disruptions in the healthcare system, rising healthcare expenditure, and the rising need for efficient and innovative solutions to enhance clinical and operational outcomes are contributing to the growth of the market. Augmented reality (AR) and virtual reality (VR)technologies are witnessing widespread adoption in surgical departments, simulation labs, education and training, and chronic pain management.
Browse through Grand View Research’s Healthcare IT Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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