Status : Published Published On : Nov, 2021 Report Code : VRICT5159 Industry : ICT & Media Available Format : Page : 225

Global Online Fitness Market – Analysis and Forecast (2021-2027)

Industry Insight by Streaming Type (Live and On-Demand), by Device Type (Smart TV, Smartphones, Laptops, Desktops, & Tablets, and Others), by Revenue Model (Subscription, Advertisement, and Hybrid), by Session Type (Group and Solo), by End-User (Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals, and Others) and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The online fitness market was valued at USD 6,148 million in 2020 and is anticipated to reach USD 59,259 million by 2027, witnessing a CAGR of 33.2% during the forecast period 2021-2027. The online fitness market is a next-generation fitness revolution that provides users with convenient fitness/wellness services and access to online trainers and instructors instead of going to physical facilities. The various forms of online or virtual fitness aids in having good accessibility of health and fitness to users. Online on-demand and live streaming fitness offer advantages like flexibility in schedule, an extensive range of fitness formats like yoga and meditation, provides proficient guidance at the home/office.

The mounting penetration of the internet in urban and rural areas, growing internet speeds, the surge in awareness regarding personal fitness, and the growing penetration of smart devices like fitness trackers and wearables will propel the growth of online/virtual fitness market.

The COVID-19 pandemic has led to the temporary closedown of fitness facilities like gyms, fitness clubs, etc. Thus, providing growth for online fitness businesses as people were forced to stay indoors. Many fitness companies and fitness trainers started providing online consultation to people via online classes and videos on demand. For example, in September 2020, Fitbit, a U.S.-based consumer electronics and fitness company, offered a free trial of Fitbit Premium, a new home exercise service that helps people to sleep properly, exercise, and stay fit during the COVID-19 pandemic.

Market Segmentation

Insight by Streaming Type

Based on streaming type, the global online fitness market is segmented into live and on-demand. On-demand streaming type contributes to the largest share in the online fitness market as the on-demand fitness programs are the most progressive option that allows trainers to work with their clients online. Moreover, individuals are opting for on-demand streaming workouts as they provide them to choose an exercise style and intensity level according to their specific needs irrespective of class schedules. In addition, the live streaming segment is anticipated to have substantial growth owing to its prominence among routine-oriented exercisers and individuals who are consistent about their fitness programming format and schedule.

Insight by Device Type

Based on device type, the online fitness market is categorized into smart TV, smartphones, laptops, desktops, & tablets, and others. Smartphones are anticipated to have a high CAGR during the forecast period and will have a robust growth owing to the growing popularity of fitness apps like Apple HealthKit, Samsung Health, Google Fit, LG Health, etc.  Moreover, the mounting penetration of smartphones in developing countries like India will provide opportunities for growth in the online fitness market.

Laptops, desktops & tablets will dominate the market owing to the rising trend to have an indoor workout and offers benefits like long battery life, high-performance speed, ease to use, and miniaturization to the fitness freak people.

Insight by Revenue Model

Based on the revenue model, the global online fitness market is segregated into subscription, advertisement, and hybrid. The subscription-based segment is anticipated to have the largest share owing to the increasing adoption of subscription-based virtual fitness training sessions by users as it is cost-effective. Moreover, an online subscription-based service will provide access to top-tier trainers and can be accessed from anywhere. Nevertheless, it offers benefits like unlimited access to services as they come within a package, a large catalog of services to choose from, and can be discontinued if users are not satisfied.

Furthermore, the hybrid-based subscription model is projected to have high growth as it can reach many customers who want to have access to features of paid virtual fitness programs on a free trails basis or those who are willing to pay on a pay-per-view basis or to purchase a subscription plan for removing ads.

Insight by Session Type

Based on session type, the global online fitness market is bifurcated into group and solo. Solo fitness is expected to have high growth during the projected period as it provides personalized trainer sessions which results in providing customized programs and attains individual fitness goals. Moreover, it provides clients to join live sessions or see videos on demand as per convenience and schedule.

Insight by End-User

Based on end-user, the online fitness market is categorized into professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals, and others. Professional gyms contribute to the largest share in the global online fitness market owing to the rising obesity in the urban population that surges the demand for awareness about health and wellness among consumers.

The individual segment is anticipated to have notable growth owing to the growing health concerns in developed and developing countries as a result of sedentary lifestyle which causes diabetes, obesity, and doubles the risk of cardiovascular diseases will propel the growth of the online fitness market.

Industry Dynamics

Industry Trends

The activities like high-intensity interval training (HIIT), bodyweight training, yoga, strength training, Pilates, cycling, and trail running that are easily done and require minimal or no equipment are the trends that have occurred during the COVID-19 crisis resulting in the growth of the online training market.  

Growth Drivers

The mounting demand for AR and VR based fitness programs, flexibility in seeing the content remotely, increase in awareness about health and well-being, the growing prominence of online fitness programs among the elderly and adult population, initiatives by the government to develop subscription-based virtual fitness training sessions, and rising interest of medical insurance providers about online fitness services to reduce health insurance costs are the drivers that propel the growth of online fitness market. Furthermore, lack of timings to attend training sessions at fitness clubs, the proliferation of seamless internet services globally, increasing digitalization, growing trend of connected fitness equipment to track health parameters like pulse rate and calories will drive the market growth. Thus, the benefits of login in anywhere, exercising according to schedule, accessing limitless opportunities and skilled trainers, skip the gym or studio will bolster the growth of the online fitness market.

Challenges

Factors like an interruption in the flow of class due to technical difficulties, lack of real interaction with the instructor, lack of awareness about online fitness and exercise classes in developing economies, increased cost of content creation may hamper the growth of the online fitness market.

Opportunities

The increasing popularity of online fitness programs among old adult age and young population to focus on health and fitness will create opportunities for growth in the online fitness market. Moreover, exergaming platforms, the most recognized fitness brand i.e. combination of gaming and workout will create opportunities for growth in the online fitness market.

Geographic Overview

North America dominates the online fitness market owing to the presence of various health and wellness organizations in the region. Moreover, the increasing focus on precision medicine and personalized care along with increasing adoption of AR and VR technology for workouts will fuel the growth in the region.

Asia-Pacific is anticipated to have a high CAGR during the forecast period 2021-2027 owing to the increase in adoption of mobile devices and pro-fitness government policies leading to growth in online fitness solutions. Furthermore, many product launches by various fitness tech startups to expand their reach will provide opportunities for growth in the region.

Competitive Insight

The industry players operating the online fitness industry are focusing on technological developments, mergers & acquisitions, business expansion. The industry players are introducing online fitness platforms in the form of apps or websites to provide training sessions via professionals.

Sworkit is apremium digital helatha nd fitness company having customized plans and resources to maintain helathy habits in life. SworKit was ranked No1 In a scientific study by University of Florida from 30 IOS apps.

Move GB revolutionized its business and wanted to reduce the economic impact of COVID-19 crisis. They quicly adapt themselves to subscription-based fitness platform via online platforms and launched Move At Home Service and have generated revenue of £1m for fitness, yoga and dance instructors across the UK.

ClassPass, teamed up with Fyt, one of the largest personal training services, in order to emphasize on live streamed virtual personal training sessions.

HealthAssure, a primary healthcare aggregator, acquired FitMeIn, an on-demand fitness subscription service with more than 2,500 fitness centers and coaches.

Some of the key players operating in the online fitness market: Fitbit LLC, ClassPass Inc., Les Mills, FitnessOnDemand, Navigate Wellbeing Solutions, CFit Holding Corp., MoveGB, Sworkit, Charter Fitness Inc., and GoodLife.

Online Fitness Market Size and Market Analysis

Source: VynZ Research

Frequently Asked Questions

The anticipated CAGR of online fitness market during 2021-2027 is 33.2%
The online fitness market was valued at USD 6,148 million in 2020 and is anticipated to reach USD 59,259 million by 2027
The subscription-based segment is anticipated to have the largest share owing to the increasing adoption of subscription-based virtual fitness training sessions by users as it is cost-effective.
Factors attributing to the growth of the online fitness market include snowflaking demand for advanced fitness sessions to accomplish physical fitness, increasing interest of health insurance providers in online fitness services to decrease health insurance costs, mounting demand for AR and VR based fitness will fuel the market growth.
North America dominates the online fitness market owing to the presence of various health and wellness organizations in the region.
Some of the key players operating in the online fitness market: Fitbit LLC, ClassPass Inc., Les Mills, FitnessOnDemand, Navigate Wellbeing Solutions, CFit Holding Corp., MoveGB, Sworkit, Charter Fitness Inc., and GoodLife.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Online Fitness Market