Fitness Industry
A unique set of circumstances during the pandemic completely altered how individuals exercised. Nick Campbell, a coworker of mine, encapsulated our viewpoint at the time when he questioned how the exercise scene would alter. The Value Engineers: How technology is transforming the way we move and how exercise is evolving.
When one of the few things people could still enjoy was exercise, traditional gyms and sports facilities shut their doors, forcing change. changed how people exercised and how they connected with various brands and products. Personal fitness devices, tracking applications, and at-home workouts were already popular before the epidemic, but their use skyrocketed.
We've observed folks using the gym at a level that is basically pre-pandemic two years later. Â While wearable technology and fitness tracking applications are still widely used, gym attendees increasingly workout differently and have modified their expectations of the gym. Consumers' expectations of value have shifted when they realised that traditional lessons can be replaced by free YouTube videos and that a gym subscription can be replaced with at-home activities.
Millions of people who were suddenly denied access to their beloved gyms as a result of the outbreak were compelled to adopt home fitness more quickly. People started to realise the advantages of home workouts, including improved flexibility, privacy, and the convenience of being able to work out at home, which had previously been unimaginable. Additionally, many misconceptions about the efficacy of bodyweight exercises were dispelled, enabling users to exert themselves through challenging workouts.
In the second quarter of 2020, fitness app downloads are anticipated to have grown by 46% globally, with India leading the pack with a 156% increase and an additional 58 million active users. Traditional studios became adaptable during the pandemic by focusing on at-home workouts, establishing capacities to serve at-home customers, and shifting all personal training to video apps for almost a year. Similar to this, several coaches started providing online group classes to keep clients and make ends meet.
Businesses and trainers are continuing to offer hybrid programming to help clients maintain consistency now that gyms and studios are open once again. The COVID-19 epidemic caused widespread lockdowns and social segregation rules, which aided in the shift from conventional studios and gyms to virtual fitness. As a result, there have been more downloads and subscriptions to fitness apps. Fitness apps were placed number 13 in terms of 2019 fitness trends, according to research released by the American College of Sports Medicine (ACSM).
There has been fierce competition between in-app fitness and brick-and-mortar gyms. The fitness business has undergone a radical change because to information technology. The World Economic Forum reported in a September 2020 article that the rising popularity of online fitness led to a global 46.0% increase in the number of fitness and health app downloads. The industry is also being driven by the rising awareness of physical fitness and mental health.
These apps provide their users with personalised workout plans by utilising machine learning, artificial intelligence, and other technologies. They also provide customised health and fitness trainers, no-equipment workout regimens, step tracking, food monitoring, and personalised diet charts. The market is anticipated to have greater growth potential as a result of these services and advantages over brick and mortar stores.
Manufacturing locally to cut operational costs is one of the main business methods Fitness app manufacturers use to benefit customers and grow the market sector. The fitness app sector has recently given medicine some of the most important advantages.
The Fitness apps market major player such as Google LLC (US), Samsung Electronics Co., Ltd (South Korea), Nike Inc. (US), TomTom International BV (The Netherlands), and others are working to drive the market growth via investing heavily in research and development activities.
The leading producer of electrical items is South Korean company Samsung Electronics Co., Ltd. Samsung specialises in manufacturing consumer and industrial electronics, including integrated systems, digital media devices, semiconductors, memory chips, and appliances. Samsung Electronics Co., Ltd. announced in April 2020 that starting this month, users of Samsung Smart TVs will have access to six new health and wellness applications developed in association with leading fitness companies, including barre3, Calm, Echelon, Fitplan, Jillian Michaels Fitness, and obé Fitness. Additionally, Google LLC (US) offers an adaptable ecology. Developers can access consumers' health and wellness data from multiple devices and apps by uploading it to a common repository.
In 2021, the market for fitness apps was estimated to be worth $22.2 billion. During the projection period (2022 - 2030), the fitness apps market industry is anticipated to increase from USD 28.3716 billion in 2022 to USD 157.9791617 billion. This represents a compound yearly growth rate (CAGR) of 27.80%.
