Fitness App Market will Showcase Positive Impact during 2020-2024 | Increasing Demand for Wearable Devices to Boost the Market Growth
Technavio has been monitoring the fitness app market and it is poised to grow by USD 1.68 bn during 2020-2024, progressing at a CAGR of almost 12% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Fitness App Market 2020-2024 (Graphic: Business Wire)
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. adidas AG, ASICS Digital Inc., Azumio Inc., BetterME., FitNow Inc., Google LLC, Nike Inc., Samsung Electronics Co. Ltd., Under Armour Inc., and YAZIO GmbH are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Increasing demand for wearable devices has been instrumental in driving the growth of the market.
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Fitness App Market 2020-2024: Segmentation
Fitness App Market is
- The COVID-19 pandemic has thrown the previously-booming boutique fitness industry into crisis, with studios struggling to pay rent as classes remain closed or at limited capacity.
- Consumers are increasingly pivoting to digital and at-home fitness as companies like Peloton and Mirror, already successful pre-pandemic, have been booming.
- Experts say the coronavirus exposed existing vulnerabilities in the boutique fitness industry, but the market for premium in-person fitness experiences will likely adapt and survive through the pandemic.
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When Flywheel Sports, the revolutionary spin class with a cult following, announced it was permanently closing its doors in September, other studios saw an ominous sign in the world of boutique fitness.
“When it’s as big as Flywheel, that’s when it really gets noticed. That’s exemplifying what’s going to happen over the next 6 months,” said Amanda Freeman, founder of SLT NYC, a pilates studio with locations in several states, including New York and New Jersey.
Flywheel was once widely lauded as a paragon of success, expanding to 42 studios since its founding in 2014. In March, the company laid off 98% of its staff. Flywheel declared bankruptcy September 15, joining the ranks of fitness corporations like Gold’s Gym and New York Sports Club parent company Town International Sports, which have had to permanently shutter locations and liquidate assets in response to pandemic-induced closures.
Six months into the pandemic, the boutique fitness industry is now facing a crisis.
The business of small, often exclusive or luxury spaces, group exercise classes, and typically a specialization (such as high-intensity interval training, or HIIT, barre, spin, or pilates), has boomed in the past decade.
“The big success was built on that idea that you could have an experience with an individual rockstar trainer or the brand identity and community,” said Jared