USD 1.1 billion
Report ID: SQSG45E2006 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 116 | Figures: 77
Interactive Fitness Market size was valued at USD 1.1 billion in 2021 and is poised to grow from USD 1.3 billion in 2022 to USD 4.8 billion by 2030, growing at a CAGR of 17.6% in the forecast period (2023-2030).
Fast food consumption, hectic work schedules, and an increasing number of people living sedentary lifestyles are key factors contributing to the focus on raising awareness about fitness and health, which is anticipated to continue to fuel revenue growth in the global interactive fitness market over the forecast period.
Another important element boosting the market's revenue growth is technological developments in the interactive fitness sector and the steady uptake of wearable technology to monitor health and fitness metrics. A growing consumer base of tech-savvy consumers with rising disposable income and the adoption of more technologically advanced gadgets, equipment, and solutions with more new and unique features are key drivers boosting market revenue growth. In order to narrow down the demand-supply gap, the market participants are heavily investing in and concentrating on the development of more inventive, user-friendly, interactive, and original solutions.
Customers that use interactive fitness items benefit from increased flexibility, which helps them avoid severe injuries, aches, and pains. Additionally, the social media usage and vendor promotional activities aid in raising awareness of a healthy lifestyle through various exercise and training regimens. During the projected period, this will have a substantial impact on the expansion of the worldwide interactive fitness market.
Due to the rapid innovation in fitness equipment, the segment's revenue share in 2022 was much higher. Additionally, it is anticipated that increasing consumer awareness and the simple availability of fitness equipment on numerous platforms will fuel segment revenue development.
US Interactive Fitness Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.1 billion
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The segmental analysis of the market is based on product, end-user, application, and region. Based on product the market is categorized into fitness equipment software system. Based on application the market is categorized into (Gym, Household). Based on End-user, the market is categorized into Residential and Non-residential. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Interactive Fitness Market Analysis by Product
The market is segmented into Fitness Equipment and Software System Based on Product. The highest CAGR is estimated for fitness equipment. The fitness equipment segment is estimated to register 8.9% CAGR by the forecast year. This rapid growth is estimated due to increased health awareness among individuals and demand for fitness equipment, sales growth of fitness equipment grew by 170% during the lockdown phases.
Interactive Fitness Market Analysis by Application
The market is segmented into households and Gym Based on application. The highest revenue is accounted for the household segment in 2020. This is attributed to the lockdown and shutdown of gyms during Covid 19 imposed lockdown. Global Home Fitness Equipment Market’s growth rate is 11.6%, with an estimated value of $19.8 Billion by 2027. Many people are directed towards health and fitness from the comfort of their homes which prospects increasing demand for interactive fitness devices.
Interactive Fitness Market Analysis by End-User
The market is segmented into Non-residential and Residential. The residential segment is expected to generate higher revenues. Increasing risk of cardiovascular diseases, obesity, hectic work schedules and stress incline people towards interactive physical activities and recreation. The growing fitness awareness among the urban population is one of the contributing factors. Additionally, Internet accessibility along with the growth of the Internet of Things (IoT) will enhance the Global Interactive Fitness Market in the residential segment rapidly.
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The Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA based on region. The region that accounted for the largest revenue in the forecasted period is North America.
This is attributed to the increasing obesity rate and growing awareness about physical fitness and health. 51.5 % of global market revenue was recorded in North America in 2022. According to IBIS World obesity rate among adults has increased an annualized 1.8% to 33.0 people per 100 individuals in America. To cater to the problem large numbers of people are looking for fitness activities and ways to lead a healthy lifestyle. The availability of more sophisticated digital devices is also an enhancing factor that drives the Global Interactive Fitness Market in the North American region.
Asia-Pacific is the largest regional market for physical activity, at $250 billion in 2022. Asia pacific Market is also expected to generate high demand pertaining to increasing awareness about healthy lifestyle thereby leading to increased revenue and surge in the Global Interactive Fitness Market by forecast period.
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Interactive Fitness Market Driver
Digitization to Drive a Huge Market Demand for Fitness Applications
Interactive Fitness Market Opportunities
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The Global Interactive Fitness Market is fragmented from small-sized to medium-sized accounting for major market revenues. These organizations are deploying strategic ways and insights to generate revenue and indulge in research in development activities to foster the Global Interactive Fitness Market with rapid growth. Several initiatives are taken to combine smart technologies such as artificial intelligence, Machine Learning, Internet of things (IoT) with fitness and exercise equipment. Some top players in the Global Interactive Fitness Market are:
Top Global Interactive Fitness Market Players Company Profiles
Recent Developments in Global Interactive Fitness Industry
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According to the global interactive fitness market report analysis, the by-product fitness equipment market segment is expected to maintain its dominance throughout the forecast period. To get a free trial access to our platform which is a one-stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and megatrends that are influencing the dynamics in the market. Also, get access to a detailed SkyQuest exclusive matrix.
|Market size value in 2021||USD 1.1 billion|
|Market size value in 2030||USD 1.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Interactive Fitness Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Interactive Fitness Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Interactive Fitness Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Interactive Fitness Market for additional countries.
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