Industry Background:
The next generation fitness revolution is a virtual or online workout. The various forms of online or virtual fitness offerings make health and wellness accessible to everyone, from shift workers to housewives, and to anyone who isn't interested or able to visit the gym. Schedule flexibility, a wide variety of fitness formats such as yoga or meditation, and professional guidance at home/office are all advantages of virtual on-demand and live streaming fitness offerings.This growth is primarily driven by Virtual fitness offerings have only grown in popularity during the COVID pandemic. From large gym chains to boutique studios, facility owners have noticed a surge in interest in online classes that members can take from the comfort of their own homes..
Globally, a noticeable market trend is evident Fitness Trends for Yoga, Pilates, Breathing Work, Mindfulness, Meditation, and General Mental Health Training Have Increased During the Pandemic. Major Players, such as Wellbeats (United States), Daily Burn (United States), Virgin Active (United Kingdom), Titan Fitness (United States), Crunch Fitness (United States), Gold’s Gym (United States), Classpass Inc (United States), Reh-Fit Centre (Canada), Viva Leisure (Australia) and Peleton (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In December 2020 Peloton had announced the acquisition of Precor. Peloton plans to establish manufacturing capacity in the United States, expand R&D capabilities with Precor's highly skilled team, and accelerate Peloton's commercial market penetration. By the end of 2021, Peloton plans to launch connected fitness products in the United States.
In May 2021 Wellbeats announced that that it has been named Best Overall Fitness Technology Company in the fifth annual MedTech Breakthrough Awards. Additionally, Wellbeats won the award in part because, in the previous year, more than 1.3 million users recorded more than 29 million activity minutes using Wellbeats' content.
Market Drivers
- Virtual fitness offerings have only grown in popularity during the COVID pandemic. From large gym chains to boutique studios, facility owners have noticed a surge in interest in online classes that members can take from the comfort of their own homes.
Market Trend
- Fitness Trends for Yoga, Pilates, Breathing Work, Mindfulness, Meditation, and General Mental Health Training Have Increased During the Pandemic
Restraints
- While Fitness Professionals and Personal Trainers are aware of much of the Inaccurate Information that Circulates on the Internet and Social Media
Opportunities
Fitness App Downloads Increased by Nearly 50% in the First Half of 2020, According to the World Economic Forum and Online Fitness Services are Frequently Provided at a Lower Cost +
Challenges
Customers are Increasingly Frustrated with Dealing with Inconsistent, Buggy Tools and Online Fitness could really be Perceived like a Lower-Energy Version of an In-Person Class
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Online Fitness Study Sheds Light on
The Online Fitness Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Online Fitness industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Online Fitness industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.