Fitness Equipment Market Size, Share, Revenue, Trends

The Online Or Virtual Fitness Global Market Report 2023 by The Business Research Company, provides online or virtual fitness market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Online Or Virtual Fitness Global Market Report 2023, the market size grew from $15.65 billion in 2022 to $21.82 billion in 2023 at a compound annual growth rate (CAGR) of 39.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the online/virtual fitness market is expected to grow to $76.57 billion in 2027 at a CAGR of 36.9%.

The rising penetration of smart devices is expected to propel the growth of the online/virtual fitness market. Smart devices are devices that are connected to other devices or networks via different wireless protocols such as Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G and help in keeping track of a person’s day-to-day activities. Smart devices enable users to access online fitness content.

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The online or virtual fitness market is segmented:

1) By Device Type: Smart TV, Smartphones, Laptops, Desktops, and Tablets

2) By End User: Professional Gyms, Sports Institutes, Defense Institutes, Educational Institutions, Corporate Institutions, Individuals

3) By Revenue Model: Subscription, Advertisement, Hybrid

The on-demand offering is a key trend gaining popularity in the online-virtual fitness market. On-demand online fitness services enable consumers to access fitness sessions at their convenience with their choice of workout programs, exercise difficulty levels, and trainers. For instance, in May 2022, Johnson Health Technology Company, a US-based online fitness services company, launched Matrix Connected solutions through which gyms and fitness owners can create digital experiences for their members and people can take on-demand exclusive training cycles.

The online or virtual fitness market report table of contents includes: