Global virtual fitness expands during pandemic, expected to reach $44.7B by 2026: report
Virtual fitness is having a moment, according to a new report.
A recent analysis by market research firm Report Ocean has found that the online fitness market is expected to reach $44.7 billion globally by 2026, compared to $6 billion globally last year.
Before the coronavirus, online workouts were already gaining in popularity as a way to accommodate busy lifestyles among a growing number of “fitness-conscious people,” a press release about the report said.
However, even more people turned to online fitness classes when brick-and-mortar gyms were forced to temporarily close during the pandemic.
AMAZON DENIES WORKING WITH ECHELON ON ‘PRIME BIKE,’ ECHELON CEO CALLS IT ‘MISCOMMUNICATION’
According to the report, it is likely that even after life gets back to normal, people will stick with virtual workouts because “they offer flexibility of time and place.”
NEW YORK SPORTS CLUB OWNER SEALS POTENTIAL LENDER TAKEOVER DEAL
According to Report Ocean, on-demand streaming classes made up a majority of the global online fitness market last year and is expected to stay that way, because those classes “offer access to a variety of workout classes at clients’ suitability.”
However, live streaming is also becoming more popular “among regular fitness enthusiasts” and people who want “reliable” workouts, the report said.
FLYWHEEL, SOULCYCLE COMPETITOR, FILES FOR BANKRUPTCY
Report Ocean also found that subscription models for virtual fitness classes saw the highest growth compared to advertisement and hybrid-based revenue models.
“The client acceptance is primarily driven by its cost efficiency similar to signing up with a coach in-person,” the press release said.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
In order for the global online fitness market to continue to grow, the report said, programs should be progressive and adopt various “fitness strategies” and should help older adults, as well. The market is expected to continue to grow because online fitness has become popular among elderly people, who get “more personalized attention,” the report said.
“Elderly individuals are increasingly focusing on a healthier lifestyle, and they follow advice from qualified fitness specialists,” the report said.
“The adoption of virtual fitness is gaining momentum among this age group as they hire personal virtual trainers for the correct implementation of fitness training procedures,” it added.
CLICK HERE TO READ MORE ON FOX BUSINESS