Virtual Fitness Market Expected To Fuel Industry Growth With $106.4 Billion By 2030: Grand View Research Inc.

 

San Francisco, 18 June 2024: The Report Virtual Fitness Market Size, Share & Trends Analysis Report By Streaming Type (Live, On-demand), By Session Type (Group, Solo), By Device Type, By Region, And Segment Forecasts, 2023 - 2030

The global virtual fitness market size is expected to reach USD 106.4 billion by 2030 and is expected to expand at 26.72% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising demand for personalized workout sessions, increased adoption of virtual reality, and growing demand for live and on-demand streaming videos are primary factors driving the market growth.

In addition, the increasing trend of home workouts and fitness influencers on social media platforms are increasing the demand for workout videos. According to Mindbody, 70% of its users were using pre-recorded videos during COVID, which was just 17% in 2023. Similarly, 75% of its users were using live-streaming videos during COVID, up from 7% before COVID.

Virtual fitness trainers encourage people of all ages, including the elderly, to exercise regularly to stay healthy and prevent various health problems. The millennial generation is increasingly turning to healthier lifestyles and various exercise and nutrition regimes, by seeking advice from qualified professionals.

The adoption of online physical activity training is gaining more importance among millennials due to the myriad of benefits it offers. It provides flexibility to choose time, location, and trainers; making it the preferred option for consumers with hectic schedules. According to Health Club Industry Data & Consumer Trends from the IHRSA report in 2021, 35% of millennial gym members were also paying for online services.

On-demand fitness and activity trackers are some of the popular market trends. Additionally, prerecorded workout sessions are expected to become more popular as many corporations include fitness services in their wellness programs. Based on the second-quarter earnings release of Peloton in 2020, the streaming fitness models of Peloton have experienced huge growth. Its subscribers grew by 96% yearly to 712,000 and subscription revenue grew by 107%. Moreover, many large gym brands, such as Crunch, are now extending on-demand exercises, and most of them are taking the hybrid model to a new level.

The pandemic had a significant impact on the fitness industry. The imposition of lockdowns led to the closure of many fitness centers and gyms. As a result, in-person workouts were replaced by digital at-home exercises. Owing to increasing demand for online classes, many gyms and health club providers adopted online services. In the coming years, health club providers will be required to adopt a hybrid or multichannel approach which will include both in-person and remote exercise sessions for the customers.

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The growth is driven by factors such as the rapid shift of consumers to online fitness solutions from in-person workouts in gyms. Online solutions continue to rise in popularity among key demographic groups such as millennials. In addition, increased stress levels, increased health consciousness, and higher flexibility and accessibility offered by remote workouts are likely to boost the market growth.

Virtual Fitness Market Report Highlights

• Based on session type, the group segment dominated the market in 2022. However, the solo type segment is expected to register the fastest CAGR during the forecast period
• The on-demand segment dominated the market in 2022, owing to its popularity among customers as it offers access to a variety of workout classes at their convenience
• Based on device type, the smartphone segment dominated the market in 2022. The rising number of smartphone users, easy access, and increasing focus on health and wellness are factors responsible for the prominent share of the segment
• North America dominated the global market in 2022 owing to a growing number of health clubs and gym memberships. According to IHRSA, there were 64.3 million health club members in the U.S. in 2023
• ClassPass, is among the largest distributors of remote class options to health clubs. They presently have around 30,000 club associates in the U.S., with a presence in over 27 other countries
• In March 2020, International Ltd. and TVNZ partnered to provide virtual exercise classes during the COVID-19 lockdown in New Zealand. These online workouts include HIIT workouts, meditation, and many other types of exercises

Increasing focus on healthy lifestyle coupled with the continuously rising popularity of balanced diets, flexible workouts, and mental health are favoring the market. Due to the increasing demand for online instructors and sessions, service providers are implementing various business models to meet client needs. For instance, in April 2020, My Virtual Mission launched the ‘Race Host’ platform. With the help of this platform, entrepreneurs, companies, and nonprofit organizations can host virtual fitness competitions for engaging the potential audience, increase revenue and expand their geographical footprints.

There is a growing consensus among fitness executives that virtual training is emerging as a permanent feature rather than a passing trend. Furthermore, new techniques of fitness training, such as home workouts and live video classes, are becoming more popular. According to a survey published in ACSMs Health & Fitness Journal, online training was ranked as the #1 fitness trend in 2021, up from #26 in 2020, mainly due to the COVID-19 pandemic. According to Health Club Industry Data & Consumer Trends report 2021, nearly 38% of the consumers in the U.S. started using online workout services during COVID and plan to continue using them in the future.

Virtual Fitness Market Report Scope

Report Attribute	Details
The market size value in 2023	USD 20.3 billion
The revenue forecast in 2030	USD 106.4 billion
Growth Rate	CAGR of 26.72 % from 2023 to 2030
The base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

During the pandemic, many gyms were closed and social distancing guidelines were imposed. This drove consumers to adopt virtual fitness solutions from gyms and yoga centers. As per a survey conducted by ClubIntel in 2020, around 54% of 2,000 surveyed individuals either stopped their gym memberships or canceled them entirely. Furthermore, 72% of the health club owners started offering livestream group and on-demand workouts, higher than 25% in 2023 to cope with the declining gym memberships.

Key players also employed certain successful techniques, such as introducing informative workout sessions, strategic collaborations, and free subscriptions during the pandemic. For instance, in March 2020, Peloton, an American manufacturer of physical exercise equipment, and media platform extended its subscription-free trial duration from 30 to 90 days. This was to aid and support consumers in maintaining physical and mental well-being during the COVID-19 pandemic.

List of Key Players in the Virtual Fitness Market

• MINDBODY, Inc.
• ClassPass
• Fitness On Demand
• Unscreen
• Navigate Wellbeing Solutions
• Sworkit
• Les Mills International Ltd.
• VIXY BV
• Wellbeats.
• Move Technologies Group Ltd
• Wexer