Despite The Pandemic Global Fitness Services Market Is Set to Cross More Than $ 450 Bn in the Coming Five Years: Ken Research
Global Fitness Services Market which reached a value of more than USD 200 billion in the year 2022. The Fitness service industry is further expected to grow at a robust CAGR by 2027, says a report by Ken Research.
1. The Global Fitness App Market Is Projected to Reach Almost USD 15 Billion By 2027.
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The market has witnessed an increase in demand in the past few years owing to the growing penetration of smartphones and the emergence of advanced technologies in the healthcare sector. Instead of the typical brick-and-mortar gyms that provide long-term subscriptions, digital-focus gyms with a business strategy of retail locations and online applications appeared to seize this potential in 2022. Since there are no yearly membership costs, anybody may use the gym and the lessons whenever they choose, unlike typical gyms that charge a set upfront amount regardless of use. As a result, technology-enabled gyms that provide both online and offline alternatives are gradually replacing traditional gyms across the globe.
2. Almost 3% of the population globally are gym members: Developed Nations are at the Top.
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The internet has greatly increased the popularity of the fitness movement, especially among younger people. Fitness KOLs are developing and taking on a more important role in encouraging millennials towards a healthier lifestyle as a result of the trend of health and wellness being in line with rising affluence. 22.00% of the population of Sweden and Norway are gym members, the highest penetration rates globally. In a close third, there is the US, with around 21% of Americans are gym members.
3. Fitness Industry Revenue Declined by More Than 55% in 2020: How is The Global Fitness Industry Prospering after COVID-19?
The World Fitness Market expansion was hampered by the coronavirus epidemic, which also constrained the sector’s growth. Prior to the pandemic, the market for fitness services was growing, but because of the lockdown, it faced several difficulties. Roughly 30% of fitness club members are expecting to attend three to four days per week, down from approximately 40% pre-COVID-19. The industry is now prospering. The market’s expanding growth potential have increased the sector’s chances of expansion. The industry has been developing more quickly, and it will continue to expand across the globe.
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