NEW YORK, April 6, 2021 /PRNewswire/ — Global virtual fitness market is expected to experience a positive growth during the forecast period. The segments that are anticipated to be the most profitable are live streaming, group session, smartphone, and hybrid revenue model. North America is predicted to dominate the market.
Research Dive has recently added a report to its online repository, titled “Virtual Fitness Market, by Streaming Type (Live, On-demand), Session Type (Group, Solo), Device Type (Smart TV, Smartphones, Laptops, Desktops & Tablets, Others), Revenue Model (Subscription, Advertisement, Hybrid), End User (Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals, Others), Regional Analysis (North America, Europe, Asia Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027″
According to the report, the Global Virtual Fitness Market is anticipated to generate a revenue of $59,650.3 million at a CAGR of 33.5% during the projected period, 2020-2027.
Regional Analysis
North America virtual fitness market is expected to dominate the market during the forecast period. The regional market generated a revenue of $2,291.9 million in 2019, and is further projected to surpass $20,173.7 million by the end of 2027. The reason behind this growth is mainly attributed to the growing demand of innovative fitness platforms due to its convenience and comfort.
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Highlights of the Report
The report has divided the market into different segments based on streaming type, session type, device type, revenue model, end-user, and regional analysis.
- In the streaming type segment, the live sub-segment is expected to be the most profitable with a revenue of $25,725.7 million during the forecast period. The main features of the segment including variety, comfort, and convenience are going to fuel the growth of the market segment.
- In the session type, the group session is expected to be the most lucrative one. This is because these sessions emphasize mainly on postural alignment, ease of movement, and improved functional fitness of the participators.
- In the device type, smartphone segment is estimated to generate the highest profit of $18,996.9 million at a CAGR of 34.0% during the forecast period. The major reason behind this growth is the popularity of smartphone fitness apps such as Google Fit, Samsung Health, Apple HealthKit, and LG Health.
- In the revenue model segment, the hybrid revenue model sub-segment is anticipated to be the most beneficial. The segment is expected to account for $10,007.9 million at a CAGR of 33.8% by the end of 2027. Its capability to fitness conscious population worldwide is the main reason behind the growth of this segment.
- In the end-user segment, the professional gyms is predicted to garner the highest revenue of $11,593.9 million by the end of 2027.
Dynamics of the Market
Researches have shown that the popularity of virtual fitness programs has been skyrocketing worldwide in recent years because of its convenience and comfort. Moreover, increasing rate of obesity in the school and college students has increased the demand of regular workout. These are the factors behind the growth of the global virtual fitness market.
Lack of awareness regarding the innovative virtual exercise classes is expected to be the major restraining factor behind the market growth during the upcoming years.
The latest trend of exergaming in the fitness sphere is expected to create many opportunities for the market in the long run.
Top 10 Key Players of Virtual Fitness Market
The leading players of the global virtual fitness market include
- FitnessOnDemand
- Fitbit, Inc.
- Zwift Inc
- ClassPass Inc.
- Wellbeats, Inc.
- REH-FIT
- Sworkit
- Les Mills International Ltd.
- Navigate Wellbeing Solutions
- Peloton
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. For instance, in August 2020, ClassPass partnered with Fyt, one of the largest personal training services, in order to emphasize on live streamed virtual personal training sessions. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
Impact of COVID-19 on the Virtual Fitness Market
The coronavirus outbreak has impacted the global virtual fitness market in a positive way. During the worldwide lockdown period, the health conscious people got used to workout in their own homes with virtual or online programs. The fitness startups recorded significant rise in consumer numbers during the Covid-19 crisis.
Get Access Comprehensive Analysis Report of the Impact of Covid-19 on Virtual Fitness Market
More about Virtual Fitness:
- Virtual Fitness Market: Soaring High with New Innovations and Business Strategies
- How Can You Stay Fit Within the Comfort of your Home?
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