Online/Virtual Fitness Global Market Report 2024

The online/virtual fitness market size has grown exponentially in recent years. It will grow from $21.04 billion in 2023 to $28.89 billion in 2024 at a compound annual growth rate (CAGR) of 37.4%. The growth observed in the historic period can be attributed to strong economic growth in emerging markets, an increased prevalence of online fitness apps, a rise in digitalization, a growing interest in health insurance, and the outbreak of the COVID-19 disease (COVID-19).

The online/virtual fitness market size is expected to see exponential growth in the next few years. It will grow to $81.47 billion in 2028 at a compound annual growth rate (CAGR) of 29.6%. The anticipated growth in the forecast period can be attributed to increasing government support, a rising penetration of smart devices, and growing popularity of online fitness programs, particularly among the elderly population. Key trends projected for the forecast period include a focus on artificial intelligence for virtual fitness, the establishment of virtual fitness stations, emphasis on innovative fitness apps, and a focus on strategic partnerships and collaborations.

The anticipated growth of the online or virtual fitness market is expected to be driven by the increasing penetration of smart devices throughout the forecast period. These smart gadgets, which connect to various networks through wireless protocols such as Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G, enable individuals to monitor their daily activities. For instance, in 2022, policy advice revealed that 57% of US users of smart home devices reported daily time savings, indicating an average of around 30 minutes saved per day. This rising penetration of smart devices is projected to significantly boost the online or virtual fitness market during the forecast period.

The growth of the online or virtual fitness market is further propelled by the increasing adoption of online fitness programs among the elderly population. These programs, which have been shown to enhance mental health, prevent diseases, improve cognitive function, and strengthen social bonds, are gaining popularity among older individuals. For example, in 2022, as part of a Minnesota Area Agency on Aging initiative, at least 1,547 older citizens participated in an online exercise program offered by Juniper. This trend is expected to contribute significantly to the expansion of the online or virtual fitness market in the forecast period.

A prominent trend in the online virtual fitness market is the growing popularity of on-demand offerings. On-demand online fitness services provide consumers with the flexibility to access fitness sessions according to their convenience, allowing them to choose workout programs, exercise difficulty levels, and trainers based on their preferences. In May 2022, Johnson Health Technology Company, a US-based online fitness services company, introduced Matrix Connected solutions, enabling gyms and fitness owners to create digital experiences for their members, offering on-demand exclusive training cycles.

Companies operating in the online or virtual fitness sector are strategically incorporating artificial intelligence (AI) and developing new products to enhance their market position. The integration of AI in fitness apps offers users real-time information and expert exercise recommendations, enhancing the overall workout experience. For instance, in 2023, vSports by Impakt, a Canada-based company specializing in body tracking and computer vision software for body analysis, introduced a virtual exercise environment featuring AI trainers. These avatars replicate human actions in virtual environments while analyzing real-time workouts through Impakt's advanced motion-tracking software, using webcams or smartphones.

In October 2021, LifeSpeak Inc., a leading provider of mental health and total well-being platforms, completed the acquisition of LIFT Digital Inc., an online wellness company. Through this strategic acquisition, LifeSpeak aims to leverage LIFT's client base, which includes several prominent organizations, to accelerate its growth and expansion plans.

Major companies operating in the online/virtual fitness market report are Peloton, Les Mills International Ltd., Fitness First, ClassPass Inc., Core Health & Fitness, Econofitness, Sworkit Company, Daily Burn, Viva Leisure, Reh-Fit Centre, Cult.fit, StepSetGo, Move Technologies Group Ltd., MoveGB, VIXY BV, Wexer Virtual, ClassPass, Fitbit Inc., Planet Fitness Franchising LLC, GOLD'S GYM, Anytime Fitness LLC, OX Fitness Club, AYO Fitness Club, Academia Bio Ritmo, Bodytech Sports Medicine, Erada Center, Vogue Fitness, Dr. Amina Al Amiri Clinic, Sporter.com, Body and Soul Health Club, Lifeline Wellness, FitRepublik, Life Diagnostics, esadore international, Planet Fitness, Nutreats, Karien CSN Diet, Express Fitness, Matrix Fitness South Africa, MAKROSAFE Holdings (Pty) Ltd., IPS: Health and Wellness, Camelot Spa Group.

North America was the largest region in the online/virtual fitness market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the online/virtual fitness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the online/virtual fitness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary devices used to access these services include smart TVs, smartphones, laptops, desktops, tablets, and others. Smart TVs and smartphones allow users to access online fitness services through dedicated apps, facilitating activity tracking. On the other hand, laptops, desktops, and tablets provide access to online fitness services through both apps and websites. The revenue model for online/virtual fitness includes subscription, advertisement, and hybrid models. This type of fitness service is utilized by various end-users, including professional gyms, sports institutes, defense institutes, educational institutions, corporate entities, and individuals.

The online/virtual fitness market research report is one of a series of new reports that provides online/virtual fitness market statistics, including the line/virtual fitness industry global market size, regional shares, competitors with an online/virtual fitness market share, detailed online/virtual fitness market segments, market trends and opportunities, and any further data you may need to thrive in the online/virtual fitness industry. This online/virtual fitness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The online/virtual fitness market includes revenues earned by entities by providing services, which can be used for the online accessibility of health and wellness to fitness-conscious consumers or persons who might not be keen or able to visit a gym. Virtual or online fitness is a convenience-based fitness/wellness service to the users to access a trainer online/virtually rather than visiting the fitness facility. Usually, the fitness training videos are provided on the web dashboards or fitness apps that are managed by the fitness trainer. In addition, virtual fitness sensors in smartphones and wearable enable various virtual fitness applications such as sleep monitoring and running rhythm tracking to enhance users’ lifestyles and health. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.