The surge in demand for AR & VR-based fitness boosts the growth of the global online/virtual fitness market.

PORTLAND, PORTLAND, OR, UNITED STATES, June 6, 2023/EINPresswire.com/ -- According to the report published by Portland-based research firm, Allied Market Research, the global online/virtual fitness market was estimated at $6.04 billion in 2019 and is expected to hit $59.23 billion by 2027, registering a CAGR of 33.1% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.

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Rise in inclination toward having healthy lifestyle, lack of time among people to attend training sessions at fitness institutes, surge in demand for AR & VR based fitness regime, and shut down of gyms and studios due to the ongoing COVID-19 situation drive the growth of the global online/virtual fitness market. On the other hand, interruptions in the flow of the sessions due to several tech glitches impede the growth to some extent. Nevertheless, growing popularity of online fitness programs among elderly population is anticipated to create lucrative opportunities in the coming years.

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Impact of COVID-19 Pandemic on Online Fitness Market: (Pre and Post-Analysis):

• Fitness clubs & gyms were shut down during the first phase of the lockdown, and thus, there had been a significant surge in the drift toward installing online fitness apps among people.

• This inclination is likely to continue even in the post pandemic scenario, as these apps tend to dole out an array of advantages in terms of helping individuals set precise fitness goals and achieve the same within a definite timeframe.

The online/virtual fitness market is analyzed across streaming type, session type, device type, revenue model, end user, and region. Based on session type, the group segment contributed to nearly two-thirds of the total market revenue in 2019, and is expected to retain its dominance by 2027. Simultaneously, the solo segment would portray the fastest CAGR of 35.7% throughout the forecast period.

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Based on revenue model, the subscription segment accounted for nearly half of the total market share in 2019 and is expected to lead the trail till 2027. At the same time, the hybrid segment would manifest the fastest CAGR of 35.9% during the forecast period.

Based on region, North America garnered the major share in 2019, generating nearly two-fifths of the global market. Asia-Pacific, on the other hand, would grow at the fastest CAGR of 36.8% from 2020 to 2027. The other two regions studied through the report include Europe and LAMEA.

The key players that operate in the online/virtual fitness industry are ClassPass Inc., Fitbit, Inc., FitnessOnDemand, Les Mills International Ltd., Navigate Wellbeing Solutions, Peerfit, Inc., Reh-Fit Centre, Sworkit, Viva Leisure, and Wellbeats, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the online/virtual fitness industry.

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KEY BENEFITS FOR STAKEHOLDERS:

• The study provides an in-depth analysis of online/virtual fitness market forecast along with current trends and future estimations to explain the imminent investment pockets.

• Information about key drivers, restraints, and opportunities and their impact analysis on online/virtual fitness market trends is provided in the report.

• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

• The online/virtual fitness market analysis from 2023 to 2032 is provided to determine the market potential.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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