Online Or Virtual Fitness Global Market Opportunities and Strategies to 2033

This report describes and explains the online or virtual fitness market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global online or virtual fitness market reached a value of nearly $20.96 billion in 2023, having grown at a compound annual growth rate (CAGR) of 36.89% since 2018. The market is expected to grow from $20.96 billion in 2023 to $93.77 billion in 2028 at a rate of 34.93%. The market is then expected to grow at a CAGR of 18.01% from 2028 and reach $214.63 billion in 2033.

Growth in the historic period resulted from emerging markets growth, the increased adoption of online fitness apps, the growing interest in health insurance and the rise in digitalization. Factors that negatively affected growth in the historic period included complex technology associated with online fitness services.

Going forward the increase in government support, the rising penetration of smart devices and the increasing growth of smartphones will drive the market. Factors that could hinder the growth of the online or virtual fitness market in the future include the increasing subscription costs.

The online or virtual fitness market is segmented by device type into smart TV, smartphones, laptops, desktops and tablets and other device types. The smartphones market was the largest segment of the online or virtual fitness market segmented by device type, accounting for 38.90% or $8.15 billion of the total in 2023. Going forward, the smartphones segment is expected to be the fastest growing segment in the online or virtual fitness market segmented by device type, at a CAGR of 37.01% during 2023-2028.

The online or virtual fitness market is segmented by revenue model into subscription, advertisement and hybrid. The subscription market was the largest segment of the online or virtual fitness market segmented by revenue model, accounting for 50.92% or $10.67 billion of the total in 2023. Going forward, the hybrid segment is expected to be the fastest growing segment in the online or virtual fitness market segmented by revenue model, at a CAGR of 37.09% during 2023-2028.

The online or virtual fitness market is segmented by end user into professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions and individuals. The professional gyms market was the largest segment of the online or virtual fitness market segmented by end user, accounting for 27.28% or $5.71 billion of the total in 2023. Going forward, the individuals segment is expected to be the fastest growing segment in the online or virtual fitness market segmented by end user, at a CAGR of 38.38% during 2023-2028.

North America was the largest region in the online or virtual fitness market, accounting for 41.71% or $8.74 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the online or virtual fitness market will be Asia-Pacific and the Middle East, where growth will be at CAGRs of 37.07% and 35.26% respectively. These will be followed by Eastern Europe and South America, where the markets are expected to grow at CAGRs of 34.82% and 34.80% respectively.

The global online or virtual fitness market is fairly fragmented, with a few large players operating in the market. The top ten competitors in the market made up to 17.84% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Peloton was the largest competitor with a 8.75% share of the market, followed by Goodlife Fitness with 3.88%, Les Mills International Ltd. with 1.02%, ClassPass Inc. with 0.81%, Fitness First with 0.80%, Whoop with 0.76%, Hinge Health with 0.55%, Tonal with 0.48%, Core Health & Fitness with 0.42% and Oura with 0.37%.

The top opportunities in the online or virtual fitness market segmented by device type will arise in the smartphones segment, which will gain $31.21 billion of global annual sales by 2028. The top opportunities in the online or virtual fitness market segmented by revenue model will arise in the subscription segment, which will gain $38.65 billion of global annual sales by 2028. The top opportunities in the online or virtual fitness market segmented by end user will arise in the professional gyms segment, which will gain $20.02 billion of global annual sales by 2028. The online or virtual fitness market size will gain the most in the USA at $20.52 billion.

Market-trend-based strategies for the online or virtual fitness market include innovations in artificial intelligence powered virtual fitness, virtual fitness stations, focus on innovative fitness apps to revolutionize personalized health and wellness and strategic partnerships and collaborations to drive innovation in the market.

Player-adopted strategies in the online or virtual fitness market include focus on enhancing business operations through the launch of new solutions, focus on expansion on-demand options with new classes launch, providing premium hybrid fitness solutions through strategic collaborations and partnerships and focus on partnerships with studios to provide fitness content on social media platforms.

To take advantage of the opportunities, the analyst recommends the online or virtual fitness companies to focus on AI integration for enhanced virtual fitness experiences, focus on virtual fitness stations for enhanced flexibility, focus on innovative fitness apps for personalized wellness journeys, focus on expanding presence in smartphones and smart tv segments, focus on subscription and hybrid segments for optimal growth, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, focus on targeted promotion strategies, focus on digital engagement for online fitness market promotion and focus on user-centric approach.