Virtual Fitness Market

Market Overview

The global virtual fitness market size was valued at USD 20.6 billion in 2023 and is projected to reach USD 173.4 billion by 2032, registering a CAGR of 30.5% during the forecast period (2024-2032). The rise is propelled by factors such as the swift transition of consumers from in-person gym activities to online fitness solutions.

Virtual/online fitness is a growing area in the fitness business that uses digital platforms to provide people with convenient and flexible ways to engage in physical exercise and wellness programs. Through this fitness modality, individuals can use the Internet to participate in exercise routines, instructional sessions, and training programs from a distance, providing a convenient substitute for conventional gym visits. Virtual/online fitness is a form of exercise where people may follow workout routines from their homes, usually through live or on-demand video content. This feature removes the limitations of physical training centers and appeals to a wide range of people who desire the freedom to work out on their terms. 

Online solutions are increasingly popular among critical demographic groups, including millennials. Furthermore, the virtual fitness market growth is expected to be enhanced by heightened stress levels, heightened health consciousness, and the greater flexibility and accessibility provided by remote workouts. 

Highlights

• On-demand generates the highest revenue share based on type.
• Group accounts for the largest market share by session type.
• Smartphones account for the largest market share by device type.

Market Dynamics

Global Virtual Fitness Market Drivers

Increase in Need for Advanced Fitness Sessions to Achieve Physical Fitness

Consumers' inclination towards a healthier lifestyle is rapidly rising with the ever-increasing popularity of adaptable exercise routines, well-balanced diets, and enhanced healthcare. The significant need for advanced fitness programs worldwide to attain a healthy lifestyle prompts virtual fitness service providers to employ various tactics and fulfill client needs. One example is My Virtual Mission, a prominent company in virtual fitness technology, which has recently launched its Race Host platform. The Race Host platform is engineered explicitly with cutting-edge functionalities to cater to the needs of entrepreneurs, businesses, and charities. It empowers them to organize virtual fitness events, effectively connect with their desired audiences, earn income, and extend their market presence worldwide.

Growing Popularity of Online or Virtual Fitness Programs among Older Age Group 

Virtual or online fitness programs promote regular physical activity among older persons to maintain fitness and prevent age-related health issues. Elderly individuals are increasingly prioritizing a healthy lifestyle and seeking guidance from experienced fitness professionals who can provide them with direction on achieving wellness through exercise and dietary recommendations. According to the India Ageing Report 2023 by the United Nations Population Fund, the population of those aged 60 and above will double from 10.5% or 14.9 crore (as of July 1, 2022) to 20.8% or 34.7 crore by 2050.

Additionally, as the proportion of elderly citizens is projected to reach one in five, there will be significant consequences for health, economy, and society. Monaco had the most important proportion of its entire population aged 65 and above in 2023, with a percentage of 36. Japan ranked second with a rate of 29, while Portugal and Bulgaria came in third with a percentage of 24. Virtual fitness is becoming increasingly popular among this demographic as they are engaging the services of personal virtual trainers to ensure the accurate implementation of their fitness training programs.

Global Virtual Fitness Market Restraints

High Cost 

The exorbitant price of online training sessions undeniably poses a substantial obstacle to expanding the virtual fitness business. Although virtual exercise provides convenience and flexibility, the costs related to subscription fees, individual class charges, and specialized equipment can discourage potential users, particularly those with limited financial resources.
The allure of virtual fitness for many people stems from its convenient accessibility and cost-effectiveness compared to conventional gym subscriptions or personal training sessions.

Furthermore, the subjective assessment of the worth of virtual fitness services may sometimes differ from the cost. Users may inquire about the rationale of paying higher fees for online sessions than in-person options, particularly if they do not perceive any concrete advantages or outcomes.

Global Virtual Fitness Market Opportunity

Availability Of High-Speed Internet 

The industry has experienced steady growth due to the increasing adoption of smartphones and advancements in high-speed internet. With the growing use of smartphones and other smart devices, it has become easier to participate in a diverse array of online events. The internet's widespread availability has allowed many individuals to partake in virtual online fitness lessons.

Furthermore, the availability of high-speed internet expands the accessibility of virtual fitness services, allowing them to reach a broader demographic. This includes those residing in distant or underserved regions who may lack convenient access to conventional fitness facilities or personal fitness instructors. Individuals with a dependable internet connection can use various online workout alternatives, including yoga, pilates, and more vigorous cardio and strength-training programs.

Additionally, the virtual fitness market primarily depends on the interactivity and connectivity facilitated by high-speed internet. Features like instantaneous feedback, interpersonal engagement with fellow users, and live consultations with fitness instructors augment the user experience and bolster motivation. With the increasing accessibility of high-speed internet, the customer base for virtual fitness providers is growing, leading to the expansion of the business.

Moreover, the ample data processing capability facilitated by high-speed connections enables the incorporation of cutting-edge technologies like virtual reality, aVR augmented reality and iARo fitness programs, providing more immersive and tailored training experiences. Therefore, fast internet not only aids current online fitness platforms but also fosters creativity within the virtual fitness industry.

Regional Analysis

The global virtual fitness market share is bifurcated into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global virtual fitness market shareholder and is estimated to grow at a CAGR of 30.2% over the forecast period. In 2023, North America had the highest market share, accounting for 40.3% of the total revenue. Various causes, such as the exponential expansion of smartphone usage, the aging population, and the increasing prevalence of chronic illnesses, fuel the acceptance of virtual fitness in North America. One of the primary factors for the market's growth is the extensive use of health in North America. A mid-year poll conducted by OnePoll found that 74% of Americans utilized a minimum of one fitness application during the quarantine period.

Additionally, 60% of respondents expressed such satisfaction with their home exercises that they want to terminate their gym membership permanently. Furthermore, the region's expansion can mainly be attributed to the rising incidence of chronic illnesses like diabetes, obesity, cardiovascular diseases, and other similar conditions. According to research released in September 2023 by the TFAH, 41.9% of adults in the United States are classified as obese. The occurrence of obesity differs depending on the age category, with 39.8% of adults between the ages of 20 and 39, 44.3% of adults between the ages of 40 and 59, and 41.5% of individuals aged 60 and above being classified as obese. Furthermore, the prominence of severe obesity rose from 4.7% to 9.2% during the same time frame.

Asia-Pacific is anticipated to exhibit a CAGR of 30.5% over the forecast period. The rising fitness awareness and health consciousness levels in several countries, such as Japan, South Korea, Indonesia, Malaysia, and China, will lead to a higher demand for workout videos. Recent data from the Asia Development Bank Institute (ADB) indicates that the region has experienced the highest prevalence of obesity in recent years. Furthermore, there is a growing prevalence of diabetes among the population in China. In 2023, the country with the largest population will have the highest number of individuals with diabetes worldwide, totaling approximately 141 million. An increasing recognition of the consequences of obesity, including cardiovascular disease and diabetes, has motivated numerous individuals to enroll in daily virtual exercise sessions.

Europe's Virtual Fitness industry is expected to grow at a substantial CAGR. An influential component contributing to the expansion of the local market is the heightened inclination towards physical fitness. Furthermore, the presence of significant firms and increasing public consciousness regarding the need to maintain a robust lifestyle are driving the market's expansion. Moreover, the UK ViUKual Fitness market dominated the market share, while the Germany Virtual Fitness industry experienced the highest growth rate in this area.

Segmental Analysis

The global virtual fitness market is segmented based on type, session type, and device type.

By session type, the market is divided into group and solo.  

The group segment dominated the market in 2023. This can be related to the growing utilization of group sessions that prioritize improving functional fitness and postural alignment. Based on a poll performed by OnePoll for Zhou Nutrition, 56% of participants expressed a preference for engaging in group exercises. In comparison, 27% indicated a preference for exercising in the company of others. Group classes encompass a diverse range of activities, from yoga to Zumba. Many individuals participate in group fitness classes because they appreciate the energy and enthusiasm of a communal training setting.

Consequently, companies like NOUFLEX LLC, located in Boston, are expanding their range of products and services to attract more customers. In December 2023, NOUFLEX LLC debuted the NouFlex Training System products, online personal training sessions, and online group exercise programs. NouFlex provides a range of fitness items and personal and virtual group training options that allow individuals to select programs and trainers that align with their specific aesthetic and health goals.

The solo segment is projected to grow at the highest CAGR. Individual sessions allow the trainer to focus on a particular user and offer tailored instruction according to their requirements. Individualized training can be tailored to suit each user's specific needs and objectives, facilitating the attainment of their distinct goals faster. Moreover, the expected increase in the category is attributed to introducing new software, mergers, and partnerships among leading companies to provide cutting-edge individual programs to their clients.

By streaming type, the market is segmented into live and on-demand.

The on-demand segment accounted for the largest market share in 2023. One-on-one sessions allow the trainer to concentrate on a specific user and provide customized teaching based on their needs. Customized training can be adapted to meet each user's requirements and aims, enabling them to achieve their unique goals more quickly. Furthermore, the projected growth in this category can be related to implementing novel software and forming mergers and alliances among prominent organizations aiming to offer their customers state-of-the-art customized programs.

The live segment is projected to grow at the fastest CAGR during the forecast period due to the significant demand for fitness studios in health clubs that enable real-time remote training with trainers. Multiple esteemed gym franchises and prominent manufacturers in the fitness equipment industry are venturing into the live online fitness market to provide advanced training regimens.

The market has been further bifurcated based on device type into smartphones, laptops and desktops, smart TVs, and tablets.

The smartphone devices segment accounted for the largest market share in 2023. Intelligent devices monitor an individual's daily activities by connecting with other devices or networks using wireless protocols like Bluetooth, Zigbee, Wi-Fi, LiFi, NFC, and 5G. Smart gadgets enable users to access online fitness content. A survey conducted by OMD Worldwide, a media marketing organization based in the United States, across multiple countries, including Australia, Belgium, China, Greece, Ireland, Italy, KSA, Netherlands, Spain, Sweden, the UK, and the U.S. USaled that 61% of individuals possess an intelligent smartphone. Consequently, the virtual fitness industry is growing due to the rising usage of smart devices. Therefore, this aspect is propelling the market's CAGR.

The laptops, desktops, and tablets segment is expected to experience a substantial increase during the forecast period. A surge in the popularity of indoor exercise drives this expansion. In addition, the laptops and desktops category provides fitness fanatics with additional essential characteristics such as extended battery life, improved display quality, high-speed performance, and enhanced usability.

Recent Developments

• December 2023- Mindbody, the dominant technology platform for the wellness industry, announced a range of substantial enhancements to its products to assist better the numerous fitness, beauty, and wellness businesses it caters to. The company's objective is to provide "zero-cost software" to all users by generating revenue through the Mindbody Marketplace, which can fully cover the cost of the product.
• February 2024- Fitness on Demand recently introduced a thrilling new feature to their platform, Power Music. Power Music is globally recognized for its high-quality exercise music and dynamic fitness videos. Elevate your fitness journey to thrilling new levels with SPARK, the exciting kickboxing series that will ignite your workouts!