Global Online/Virtual Fitness Market to Generate $2,04,359.4 Million by 2031, Due to Increased Introduction of Exergaming Platforms Among Individuals

Online or virtual fitness classes or regimes, as the name suggests, refer to such programs wherein one can enroll and attend workout and training sessions online without visiting an instruction in a gym. Thus, these programs allow the subscribers to take up workout sessions from their respective homes. Also, the subscribers of this program can opt for a flexible workout schedule and can choose the workout options as per their needs.

Forecast Analysis:

Introduction and increasing adoption of exergaming, the combination of exercising and gaming, among individuals across the world is expected to be the primary growth driver of the global online/virtual fitness market in the coming years. Along with this, an increase in demand for progressive fitness assemblies to acquire physical fitness is expected to push the market further. Also, new trends in the online fitness industry such as innovative on-demand and live fitness assessments are predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, the high cost associated with advanced virtual fitness programs may restrain the growth of the online/virtual fitness market in the forecast period.

Regionally, the online/virtual fitness market in the North America region is expected to be the most dominant by 2031. The growing prevalence of chronic disorders including asthma, diabetes, obesity, arthritis, etc., and rising popularity of innovative fitness solutions are anticipated to become the main growth driver of the market in this region.

According to the report published by Research Dive, the global online/virtual fitness market is expected to gather a revenue of $2,04,359.4 million by 2031 and grow at 34.6% CAGR in the 2022-2031 timeframe. Some prominent market players include ClassPass Inc., Navigate Wellbeing Solutions, Sworkit, Fitbit, Inc., Peloton, Viva Leisure, FitnessOnDemand, REH-FIT, Wellbeats, Inc., Les Mills International Ltd., and many others.

Covid-19 Impact on the Online/Virtual Fitness Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The online/virtual fitness market, however, faced a positive impact of the pandemic. As a majority of the fitness centers and gyms were closed due to the lockdowns and social distancing norms, people started opting for online fitness programs, which increased the growth rate of the market substantially during the pandemic period.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the online/virtual fitness market to flourish. For instance:

• In October 2021, Mindbody, a fitness provider booking platform, announced the acquisition of ClassPass, a fitness subscription service. This acquisition is expected to boost the growth of the acquiring company, i.e., Mindbody in the coming period and help it to cater to the demands of the market in a holistic manner.
   
• In February 2022, Asics, a sporting goods company, announced that it was partnering with Zwift, an online in-game training platform. This partnership is aimed at providing runners with an immersive experience and help them achieve their fitness goals. The partnership is anticipated to garner a huge market share in the near future.
   
• In January 2023, Appointy, an online scheduling software developer, announced the acquisition of Zyoga, an AI-powered healthcare startup. This acquisition is predicted to help Appointy to consolidate its lead in the online fitness market in the next few years.