Global virtual fitness market is expected to reach a value of around USD 7,437 million by 2027, at a CAGR of around 19.3% between 2019 and 2027.
NEW YORK, UNITED STATES, May 19, 2020 /EINPresswire.com/ — Facts and Factors Market Research has published a new report titled “Virtual Fitness Market By Session Type (Group and Solo): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global virtual fitness market is predicted to be valued at approximately USD 1,521 million in 2018 and is expected to reach a value of around USD 7,437 million by 2027, at a CAGR of around 19.3% between 2019 and 2027.
Virtual fitness is the current trend of providing sessions on physical training & exercises to people in groups through the internet. These sessions have benefitted the persons having a tight work schedule and are unable to attend the physical training classes on-board. Moreover, the physical training sessions are carried out as per the time slot or schedule. In fact, virtual fitness has catered to the health & fitness needs of the working professionals as well as the millennial across the globe.
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Some of the major players in the business include Health Clubs & Gyms, Econofitness, Wellbeats, Fitness On Demand, GoodLife Fitness, Wexer, Reh-Fit Centre, Les Mills International Ltd., Fit n Fast, Charter Fitness Inc., and Fitness First Ltd.
Customer trends for virtual training & fitness activities to drive the market growth
As per data from the WHO, in 2016, more than 1.9 billion adults with the age of more than 18 years & over were found to be overweight. Out of these more than 650 million subjects were reported to be obese. During the same year, nearly 39% of adults whose ages were 18 years & above were overweight. In fact, 13% of the global adult populace was obese in 2016. Hence, citing the data statistics, WHO has demonstrated that obesity is a major concern. Moreover, it has been found that growing obesity cases have resulted in health problems as well as the cause of various diseases. This has driven the demand for virtual fitness programs as it offers convenience to end-users, flexibility, and customization as per the consumer needs. These programs links people & millennial with the same level of workouts and this is anticipated to steer the market growth during the forecast timeline.
Furthermore, the adoption of virtual fitness activities by commercial gyms and clubs will further create lucrative avenues for market growth over the forecast period. Moreover, commercial clubs have introduced tech tools like monthly EFT, online group exercise sessions, ancillary services, and virtual group training classes for the customers. Nonetheless, huge membership charges will pose a challenge to the growth of the market over the forecast period. Apart from this, lack of awareness about the services offered by the industry players across the developing countries can also pose a threat to industry expansion during the forecast period. However, developed nations like the U.S. and the UK will provide new growth opportunities to the market as the virtual fitness activities are prominently & rampantly accepted by the people of these developed countries due to high purchasing capacity & high standards of living witnessed in these countries. This, in turn, will minimize the impact of the hindrances on the market surge.
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Group to dominate the session type segment over the forecast period
The dominance of the segment during the forecast timeline is attributed to the ability of the group training programs offering support for both subjects as well as the trainer. The group training also assists the subjects to fulfill their health & fitness objectives.
North America to contribute massive market revenue share by 2027
The growth of the regional market over the forecast period is due to the huge availability of new fitness services and the high acceptance of new virtual fitness technologies along with the massive need for tailored fitness modules. Moreover, preference for physical fitness, rise in the work stress, and inactive lifestyles will further boost the regional market growth over the forecast timeline.
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This report segments the Virtual Fitness market as follows:
Virtual Fitness Market: By Session Type Segment Analysis
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