Virtual fitness has captured the imagination of health enthusiasts and workout rats due to the success of high-speed internet. Rise of virtual exercises amid the COVID-19 pandemic and the comfort of working out from the confines of homes can propel the market to new heights. The global virtual fitness market report by Market Research Future (MRFR) covers drivers, challenges, trends, and niches for the period of 2018 to 2026 (forecast period). The COVID-19 outbreak and its impact on the industry have been explored in the report.
The global virtual fitness market is expected to score 30.1% CAGR over the forecast period. It is driven by popularity of online solo and group fitness classes taken by reputed instructors. The emphasis on fitness in current sedentary lifestyles, rise of online instructors, and a bevy of online platforms for promoting healthy lifestyles can drive the market demand. Furthermore, rising living standards and huge mobile phone markets in developing economies can bode well for the market.
The social distancing measures enforced due to the COVID-19 pandemic has resulted in a surge of virtual fitness app downloads. Streaming of workouts and regular sessions on messaging applications can bode well for the market. Rise of premium clubs dedicated to fitness and need for exclusive training can provide opportunities of growth to the global virtual fitness market. The use of smartphone apps due to the penetration of smart devices and benefits of regular workouts will fuel the market growth till 2026.
But lack of awareness of virtual fitness among the smartphone-devoid consumers can hamper the market growth.
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Based on the session type, the global market is bifurcated into group and solo. Group sessions are widely preferred as it makes the sessions engaged that people are always motivated to keep working out during the session. Offering on sessions based on personal preference and option to join virtually can drive the market demand during the forecast period. On the flip side, the solo segment can capture a significant market share owing to personalized trainer attention. In addition, its popularity among working employees struggling with time management can drive its demand in the global virtual fitness market.
Geographically, the virtual fitness market has been segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America.
North America holds the largest share of the virtual fitness market. One factor that is responsible for the growth of the regional market is the growing inclination towards physical fitness. Moreover, the presence of large companies and rising awareness of the importance of being fit and healthy among the population in the US is boosting the growth of the North American market. Adoption of fitness apps and partnerships between players for providing an enjoyable experience to users can drive the penetration rate of the virtual fitness market in the region.
APAC is expected to register the fastest growth rate by 2026 due to the rapidly growing health consciousness among the population in countries such as India, China, Japan, and Thailand. The highest rate of obesity and diabetes in the region can prove to be lucrative for the market in the region. Launch of online portals for catering to the demand of consumers can bode well for the global virtual fitness market.
Fit n Fast Health Clubs & Gyms, Fitness First, Wexer, LES MILLS INTERNATIONAL LTD, conofitness, Reh-Fit Centre, WELLBEATS, GoodLife Fitness, Charter Fitness Inc., and Fitness On Demand are key players of the global virtual fitness market.
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