Allied Market
The online/virtual fitness market is segmented into Streaming Type, Device Type, Session Type, Revenue Model and End User.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 15, 2023 /EINPresswire.com/ — The global online/virtual fitness market is driven by factors such as rise in need for advanced fitness sessions to achieve physical fitness, growth in interest of health insurance providers in online/virtual fitness services to reduce health insurances costs, increase in demand for healthy foods, lack of time to attend training sessions at fitness institutes, and surge in demand for AR & VR based fitness.
Growth in popularity of online fitness programs among elderly is expected to offer remunerative opportunities for expansion of the Online or virtual fitness market during the forecast period.
The global online or virtual fitness industry generated $14.9 billion in 2022, and is anticipated to generate $250.7 billion by 2032, witnessing a CAGR of 32.7% from 2023 to 2032.
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Based on streaming type, the on-demand segment held the highest market share in 2022, accounting for nearly three-fifths of the global online/virtual fitness market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to growing number of people are choosing on-demand streaming workouts instead of live gym as it enables them to choose an exercise style as well as an intensity level that fits into their specific needs irrespective of the class schedules. However, the live segment is projected to manifest the highest CAGR of 33.8% from 2023 to 2032, as it provides convenience & comfort along with minimal pressure to do correct exercises.
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Based on session type, the group segment accounted for the largest share in 2022, contributing to more than three fifths of the global online/virtual fitness market revenue and is estimated to maintain its leadership status throughout the forecast period, as it helps to build fitness and confidence levels before visiting the live classes. However, the solo segment is expected to portray the largest CAGR of 34.5% from 2023 to 2032. This is owing to an increase in the adoption of fitness services which enable convenience of exercising at home, further motivating adoption of virtual fitness programs.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting nearly two-fifths of the global online/virtual fitness market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to significant presence of numerous health and wellness organizations. However, the Asia-Pacific region is expected to witness the fastest CAGR of 35.1% from 2023 to 2032, owing to a rise in adoption of various technological advancements such as AR & VR and bio-sensing wearable devices to make exercise less boring & effective.
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Major market players such as – ClassPass Inc., Fitbit, Inc., FitnessOnDemand, Les Mills International Ltd., Navigate Wellbeing Solutions, Peerfit, Inc., Reh-Fit Centre, Sworkit, Viva Leisure, and Wellbeats, Inc.
The market numbers are verified by means of numerous data triangulation techniques. Additionally, reliable industry journals, accurate press releases from trade association, and government websites have also been revised for producing exclusive industry insights.
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