Global Digital Fitness Market: Overview
Digital fitness follows along the principles of digital health, which involves use of information and communication technologies to help address the health problems and fitness challenges faced by people. The digital fitness market is marked by technological innovations which allow an individual to monitor their fitness levels. This market has witnessed a marked growth due to an increased emphasis to health among the millennial population.
This, as per Transparency Market Research, is set to drive the market on to a stellar growth curve over the forecast period of its upcoming report – 2024 to 2030. This is set to drive the market towards increase in growth opportunities.
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Global Digital Fitness Market: Notable Development
The global digital fitness market is marked by presence of proactive players, hugely reliant on technological advancement. And, in order to tap into a larger customer base, they are heavily invested in marketing initiatives. This has led to notable developments in the vendor landscape.
- Adidas is currently beefing up both its home workout apps. It is also focused on improving its nutrition guides, which are in 15 languages. This is of great help to customers who are facing the brunt of the socially distanced world. Its significant to note here that its Fit from Home Challenge has about 500,000 participants in across 192 nations across the globe. Additionally, it is worth noting here that the brand acquired Runtastic, a player in the digital fitness app sphere, for 240 million dollars in the year 2015SSS
The global digital fitness market is consolidated owing to the presence of a small number of manufacturers of these devices. These manufacturers are listed as follows-
- Fitbit
- Garmin
- Apple
- Samsung Electronics
- Adidas
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Global Digital Fitness Market: Key Trends and Drivers
The global digital fitness market is majorly driven by an increasing awareness about fitness and health among individuals. A number of trends and drivers are also pushing the market forwar. A glimpse into these is provided below:
- Growing demand for technologically developed products with innovative features is also expected to drive market forward. Players are highly focused on technological advancement. Ease of availability of advanced products in e-commerce channels is also leading to growth. The manufacturers are already leveraging the potential of e-commerce channels to augment sales.
- A major boost to the digital fitness market among the global financial slump has come during the COVID-19 pandemic. As outdoor exercise avenues such as gyms and fitness centers have closed or are offering restricted access, indoor exercise options are becoming the new normal. This is leading customers who are fitness oriented towards at-home alternatives for a healthy and active lifestyle. A result of this is an increase in spending – 30 to 35% from pre-pandemic levels.
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Global Digital Fitness Market: Regional Analysis
North America is expected to remain the largest market due to an increasing obesity rate and a growing awareness about physical fitness, coupled with the availability of more sophisticated digital devices. Roughly two out of three U.S. adults are overweight (69 percent) and one out of three is obese (36 percent). Thus, this population is expected to pick up more on digital fitness in the current global scenario of mandatory social distancing.
The Asia Pacific region figures low currently in the digital fitness scenario, but is expected to pick up pace in light of increasing awareness about health and well being among its populace and an increasing availability of these products via global e-commerce to an increasingly affluent population. This region is expected to be the next hub for the digital fitness market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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