Technology and COVID-19 to Boost Demand for Home Fitness Apps
The demand for wellness, mindfulness, and fitness-related applications and products has increased at a staggering pace over the past decade. Modern-day consumers are increasingly swaying toward adopting a healthier lifestyle due to which, the adoption of home fitness applications has witnessed considerable growth. In the current digital era, technological advancements in fitness have gained noteworthy momentum over the past few years. These advancements in technology are projected to spur the interest levels of consumers’ in-home fitness and the trend is set to continue to post the COVID-19 era.
As participants within the current home fitness app market continue to invest resources to enhance user experience and attract new consumers, the fitness industry is set to enter a new era of digital fitness. Several companies operating in the current market for home fitness apps are leveraging advancements in novel technologies such as artificial intelligence to develop engaging and user-centric fitness applications. The rise of social media marketing over the past decade wherein fitness influencers are promoting different home fitness applications is another factor that is expected to aid the expansion of the home fitness app market during the forecast period. Due to these factors, the global home fitness app market is expected to attain a market value of ~US$ 26 Bn by the end of 2030.
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Evolving Consumer Trends and Growing Number of Startups to Drive Market
Evolving consumer trends and growing affinity toward adopting a healthier lifestyle have played an imperative role in boosting the prospects of the global home fitness app market. At present, a number of startups are mushrooming to capitalize on the lucrative opportunities presented by the intersection of technology and fitness. The number of home fitness apps has increased over the past few years and the trend is most likely to continue as revenues generated by these applications continue to move in the upward trajectory. Technological advancements are transforming the current state of affairs within the fitness sector.
As per the American College of Sports Medicine, fitness applications are gaining fast-paced popularity and is currently one of the most buzzing trends within the fitness sector. Brick and mortar gyms are likely to face increasing competition from home fitness apps, as the market share of these apps are witnessing a steady year-on-year growth. The number of fitness app users and revenues generated by the same continue to grow at an impressive rate worldwide. At present, participants involved in the current home fitness app market are primarily focusing on addressing the rising consumer concerns regarding data security and protection.
The introduction of a range of online fitness programs that allow consumers to exercise as per their convenience is another factor that is projected to augment the home fitness app market in the upcoming years. In addition, subscription models of home fitness apps are cost-effective in comparison with standard gym memberships due to which, a number of fitness enthusiasts are swaying toward using home fitness applications.
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Preference for Home Fitness Apps amidst COVID-19 Pandemic
As the COVID-19 pandemic continues to wreak havoc across a host of industrial sectors, the mounting uncertainty has negatively impacted the shares of the global market. While industries, including automobiles, airlines, oil, and tourism remain on the back foot, the home fitness app market is witnessing an unprecedented growth during the COVID-19 pandemic. As exercising in gyms and out-of-home fitness centers are likely to grow out of fashion particularly in 2020 due to the growing concerns pertaining to the transmission of the COVID-19 infection, the demand for home fitness apps is anticipated to grow at an exponential pace in the upcoming months.
As more number of gyms and fitness centers continue to collaborate with app developers and roll out advanced, engaging, and fitness-motivating apps, the home fitness app market is set to grow at an impressive pace particularly in 2020 and 2021. While the adoption of home fitness apps was on the rise even during the pre-COVID-19 era, restrictions on social interactions and out-of-home fitness imposed by governments during the lockdowns have played a huge role in skyrocketing the demand for home fitness apps.
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The global home fitness app market is expected to grow at a staggering CAGR of ~21% during the forecast period. The market growth can be primarily attributed to a surge in the number of fitness-conscious consumers, growing adoption of healthier lifestyle choices, high Internet & social media penetration, advancements in technology, and integration of AI and machine learning models to track fitness parameters. As the COVID-19 pandemic continues to spread across the world, lockdowns imposed by government authorities have played a key role in usage of home fitness apps.
Home Fitness App Market: Overview
- The global home fitness app market is expected to reach ~US$ 26 Bn by 2030 from ~US$ 4 Bn in 2020, expanding at a CAGR of ~21% from 2020 to 2030
- The global home fitness app market is currently driven by growing demand from users to reduce healthcare expenses on calorie count, heart rate monitoring, activity tracking, lifestyle management, etc.
- The home fitness app market in Asia Pacific is projected to expand at a high CAGR during the forecast period. Adoption of smartphones and other wearable devices by end users has propelled the demand for home fitness apps in the region.
- China is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for China, as it accounts for a dominant share in the home fitness app market in the region.
- The home fitness app market report provides analysis of the global home fitness app market for the period 2018 – 2030, wherein 2019 is the base year, 2020 is the estimated year, and 2021 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- A home fitness app is similar to a personal coach, trainer, and dietician, and helps users stay on track, and remain healthy and fit. Home fitness apps are an ideal way of doing workouts, running, and yoga at home when users are unable to go to a gym. Home fitness apps also provide a wide range of workout ideas, and monitors the user’s progress.
- In this report, we analyze the challenges end users face in acquiring the right home fitness app that can cope with the rapidly changing world. The report also highlights the total revenue generated through the sale of home fitness apps across various key regions worldwide.
North America Home Fitness App Market: Snapshot
- The home fitness app market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for home fitness apps, with revenues in 2020 estimated at US$ 1,545.3 Mn.
- Strong presence of home fitness app vendors, along with high spending in R&D in North America is a crucial factor driving the market. Nowadays, social distancing is in full force across the globe as well in the U.S. According to the TMR analysis, significant rise in use of home fitness apps is noticed during the COVID-19 pandemic in the U.S. Thus, the home fitness app market is expected to grow during the forecast period.
Home Fitness App Market: Key Growth Drivers
- Growing Adoption of Smart Devices – Technology plays a critical role in the fitness sector. Rise in adoption of smart devices such as smartphones, smart watches, and wearable fitness trackers in developing as well as developed countries is expected to fuel the home fitness app market during the forecast period.
- Increase in Mobile Internet Penetration – Internet has revolutionized the world, benefiting enterprises, industries, and end users. In particular, the increasing use of mobile Internet is the reason for the rapid growth of the home fitness app market across all regions and creating huge demand for fitness apps.
Key Challenges Faced by Home Fitness App Market Players
- Availability of cheap alternatives of home fitness apps with similar functionality is expected to challenge the market growth in the near future
- Challenges in measuring outcome and effectiveness of home fitness apps are expected to hamper the growth of the global home fitness app market during the forecast period
Home Fitness App Market: Competition Landscape
- In April 2020, Samsung Electronics Co. Ltd. collaborated with fitness brand Calm, barre3, Echelon, obé Fitness, Fitplan, and Jillian Michaels Fitness to launch wellness apps on its smart TV platform
- In November 2019, Google LLC acquired Fitbit, Inc., a wearable device and fitness tracker company for US$ 2.1 Bn
Home Fitness App Market: Company Profile Snapshot
- Under Armour, Inc.: Incorporated in 1938, Under Armour, Inc. is a U.S.-based sports, and casual apparel and accessories company. The company develops, designs, and sells a broad range of footwear, sports, and casual apparel and accessories. The company operates under four business segments: apparel, footwear, accessories, and connected fitness.
- Fitbit Inc.: Fitbit, Inc. is a manufacturer of wearable fitness and wireless-enabled devices. The company designs products that measure data such as calories burned, the quality of sleep, number of steps walked, and other personalized metrics.
- Other major players operating in the global home fitness app market and profiled in the report include
- Adidas AG
- ASICS Corporation
- Azumio, Inc.
- Google, LLC
- Nike Inc.
- Noom, Inc.
- Polar Electro Oy
- Samsung Electronics Co., Ltd.
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