Market Overview:
The global virtual fitness market is continually witnessing rapid revenue growth. Virtual fitness programs and mobile applications are designed to give users the same experience as in-person workout sessions. The growing preference for online health & fitness programs and the advantages that virtual reality classes and programs bring influence the market growth, delivering rewarding experiences.
According to Market Research Future (MRFR), the global virtual fitness market is poised to expand at a massive 30.1% CAGR throughout the assessment period (2020-2026). Increasing penetration of smartphones, mobile networks & applications, and broadband connectivity would escalate market growth. Additionally, factors such as digitalization would accelerate the growth of the market.
Dominant Key Players on Virtual Fitness Market Covered are:
- GoodLife Fitness
- Fitness On Demand
- Reh-Fit Centre
- LES Mills International Ltd.
- Wexer
- Fit n Fast Health Clubs & Gyms
- WELLBEATS
- Conofitness
- Fitness First
- Charter Fitness Inc.
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Market USP Exclusively Encompassed:
Market Drivers
The growing awareness of leveraging virtual fitness for maximum benefit among people and the easy availability of virtual fitness coaches who help guide their fitness journey drive market growth. The rising popularity of mobile fitness apps and the growing adoption of wearable devices substantiate the market size. Therefore, the market is expected to garner significant traction in the years to come.
Additionally, the rise and rise of virtual fitness communities engaged in offering excellent coaching expertise have built dedicated fans following that forms influential virtual fitness communities and boost the market’s growth. The COVID 19 pandemic provided a much-required impetus to the market revenues. Demand for virtual fitness exponentially picked up by the mid-2020.
Furthermore, usages of health and fitness apps have grown significantly faster in recent years. Many gyms have started to recognize the advantages of offering these services and launched their own streaming apps and digital fitness apps with personal trainers and class instructors.
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Segmentation of Market Covered in the Research:
The market is segmented into session type and region. The session type segment is sub-segmented into group and solo. Of these, the group session type accounts for the largest market share, witnessing the rising preference.
Group sessions are widely preferred as it makes the sessions engaging and people motivated to keep working out during the session. By regions, the market is divided into the Asia Pacific, Americas, MEA, Europe, and rest-of-the-world.
Regional Analysis
North America dominates the global virtual fitness market, heading with the proliferation of online fitness solutions and virtual group fitness classes. Besides, the growing inclination towards physical fitness and raising awareness of the importance of being fit and healthy among the population boost the growth of the North American market. Moreover, the presence of remarkable players and substantial investments in research & development of technology propel the market growth.
Europe stands second in the global virtual fitness market with quadrupling wearables applications, such as VR headsets, head-mounted displays, smartwatches, fitness trackers, etc. Also, spurring growth in the number of fitness enthusiasts and other users drives the regional market growth. Furthermore, the increasing adoption of the internet and smart technology substantiates regional market growth.
The Asia Pacific virtual fitness market is growing significantly, witnessing increased spending on health and fitness apps and virtual fitness classes. Additionally, rising per capita disposable income among the population and consumer electronics sales act as a key tailwind for the regional market’s growth. India, Japan, China, and Thailand are major virtual fitness markets.
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Competitive Landscape
The market appears highly competitive and fragmented, characterized by the presence of numerous players. Industry players incorporate strategic partnerships, acquisitions, collaborations, expansions, and technology launches to gain a larger competitive advantage in the market. To achieve their goals, market players make substantial investments in R&D to develop unique technologies with innovative designs and features that are completely on a different level than their competition.
Industry/ Innovation/ Related News:
Dec. 16, 2021 — BetterUp, a leading provider company for virtual coaching and human transformations, announced its partnership with the U.S. Air Force to provide virtual learning and development program. The program will support the U.S. Air Force coaching culture. It’s a sole-source contract award by the Department of the Air Force to Airmen and Guardians across multiple Air Force Major Commands and Space Force.
BetterUp is also expected to design the Program Objective Memorandum, streamlining the procurement process for partner agencies. The partnership would enable Airmen and Guardians to access International Coaching Federation certified individual coaching and group coaching, propelling a coaching culture across the Air Force.
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