Newark, NJ, Feb. 04, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global online fitness market is expected to grow from USD 5.5 billion in 2019 and to reach USD 49.17 billion by 2027, growing at a CAGR of 31.5% during the forecast period 2020-2027.
The global online fitness market is witnessing significant growth in recent years. This growth is attributed to the access to various workout classes available at the convenience, growing demand for healthy food, increasing demand for fitness based on AR or VR, and increased need for specialized fitness sessions to achieve physical fitness. Other factors influencing the market demand include the availability of robust internet connectivity across developed and developing economies.
Online Fitness is when a person receives fitness and nutrition coaching from a fitness or nutrition coach online. They provide coaching through a fitness app or online dashboard, which is managed by coaches. Online fitness benefits include more access to coaches, the convenience of training in their own space, saves time, and cost-effective. Online Fitness coaching allows a person to share goals and experience with exercise in the app, and the trainer formulates a plan. Online fitness is a convenient way of coaching according to consumer requirements. Online fitness can sometimes be more challenging to motivate during the session.
The global online fitness market is expected to witness significant growth, owing to the increase in need for advanced fitness sessions to achieve physical fitness and growing popularity of online fitness programs among the older adult age group due to growing focus on health and fitness. The factor restraining the market growth is interruptions in the class’s flow due to tech glitches and lack of real interactions with the instructors. The increasing popularity of online fitness programs among the elderly population will provide market growth opportunities.
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The key players operating in the global online fitness market are Econofitness, FitnessOnDemand, Peerfit Inc., ClassPass Inc., Viva Leisure, Zwift, Sworkit, Goodlife Fitness, Navigate Wellbeing Solutions, Wexer, Fitness First, Charter Fitness Inc., MoveGB, and Fittr. To gain a significant market share in the global eubiotics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in December 2019, Life Fitness launched Life Fitness on Demand. It is a library of digital classes that are readily available on the screens of Life Fitness premium cardio products.
Live online fitness segment dominated the market and held the largest market share of 56.2% in the year 2019
On the basis of streaming type, the global online fitness market is segmented into live and on-demand. Live online fitness segment dominated the market and held the largest market share of 56.2% in the year 2019. This growth was attributed to the popularity of routine-oriented exercises and people willing to be consistent and accountable regarding the fitness programming format and schedule. The on-demand streaming type segment is expected to witness significant growth, owing to access to various workout classes at their convenience.
Solo Fitness Type segment dominated the market and held the largest market share of 61.3% in the year 2019
On the basis of session type, the global online fitness market is segmented into solo and group. Solo Fitness Type segment dominated the market and held the largest market share of 61.3% in the year 2019. They provide the fitness of joining pre-recorded sessions as per the individual’s convenience. Solo online fitness sessions are highly preferred by athletes & sports players.
Smartphones segment dominated the market and held the largest share of 32.7% in the year 2019
On the basis of device type, the global online fitness market is segmented into smartphones, smart TVs, desktops, and others. Smartphones segment dominated the market and held the largest share of 32.7% in the year 2019. This growth was attributed to the growing smartphone penetration due to affordability, portability, and easy use. Smartphone users can easily download fitness apps that include various training programs designed to improve fitness.
Individuals segment dominated the market and held the largest share of 26.4% in the year 2019
On the basis of end-user, the global online fitness market is segmented into educational & sports institutes, individuals, professional gyms, corporate institutes, and others. Individuals segment dominated the market and held the largest share of 26.4% in the year 2019. This growth was attributed to the increasing obesity rates and related diseases, including cardiac problems and diabetes, and rising health concerns on account of sedentary lifestyle contributing to the expansion of the online fitness market.
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Regional Segment of Online Fitness Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global online fitness market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific region held a major share of 36.4% in the year 2019. This growth was attributed to the growing awareness of fitness & wellbeing in various countries like India, China, Malaysia, South Korea, Indonesia, and Japan. Other factors influencing the growth in the region are the rise in the adoption of online fitness solutions. North America region is anticipated to witness significant growth due to the significant presence of various health and wellness organizations in the region, focusing on precision medicine and personalized care, and increasing awareness among the adult age group.
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About the report:
The global online fitness market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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