The COVID-19 pandemic led to consumer transition with the adoption of virtual fitness avenues over traditional gyms. After HealthifyMe, the GOQii app is being used the most. For instance, HealthifyMe touched USD 1.35 million in 2019, and the Fitter app has seen a 30.0% growth in its revenue, with more than 650,000 downloads. The market is estimated to witness a y-o-y growth of 17.0% to 17.6% in the next 5 yearsĬOVID-19 has had a significant impact on the fitness app market as many startups have observed high growth in the past 7 months. The fitness app market increased by 48.8% from 2019 to 2020.
COVID-19 fitness app market impact: an increase of 48.8% between 20 For instance, revenue generated by Peloton, a U.S.-based exercise equipment company, has been estimated to double in 2020. Owing to this, several consumers are significantly investing in in-home fitness equipment, thus boosting revenue growth. Moreover, the expanding network of fitness studios and gyms through online platforms is further aiding the adoption of these apps. As per a World Economic Forum article published in September 2020, the Daily Active Users (DAUs) of fitness apps have increased by 24.0% in quarter 2 over quarter 1 in 2020. In addition, the COVID-19 pandemic has led to an increase in awareness concerning health and hygiene. The growing awareness regarding fitness and mental well-being is also driving the market. According to an article published by World Economic Forum in September 2020, it is stated that downloads of fitness and health apps increased globally by 46.0% due to the growing trend of online fitness training, which is driving the market globally. Information technology has transformed the way the fitness industry works. Tough competition has been witnessed between brick-and-mortar gyms against in-app fitness. As per a report published by the American College of Sports Medicine (ACSM), it has been stated that fitness apps were ranked at number 13 in accordance with the 2019 fitness trends. It, in turn, has led to increased downloads and subscriptions of fitness apps.
The global fitness app market size was valued at USD 1.3 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2023 to 2030. The spreading COVID-19 pandemic led to nationwide lockdowns followed by social distancing norms, thereby aiding the transition from traditional studios and gyms to virtual fitness.
0 kommentar(er)
