- The Indian Health and Fitness Industry
- the rapidly growing connected fitness market
- New trends in the Fitness Industry: The future of connected health and wellness is here
The total number of app downloads in the Health & Fitness segment is projected to cross 293million in 2022. Besides this projection, one of the most critical industries which are experiencing the biggest changes in consumer behavior is the health and fitness industry. Gym owners and fitness trainers saw the decline in the consumer base drastically during the pandemic phase while home fitness equipment players gained booming traction.
However, despite the disruption due to Covid-19, the industry recorded a rapid increase in the number of gym subscribers and fitness enthusiasts. The remote workout solutions and home fitness equipment allowed fitness enthusiasts to follow their fitness routines virtually and also attracted a big number of new users to join the community.
The connected fitness market is experiencing a complete paradigm shift when it comes to consumer preferences and buying behavior. Connected fitness equipment and gears have disrupted the health and fitness industry bringing in new technologies and ways for staying fit.
The Indian Health and Fitness Industry
In 2022 the total revenue of the Health & Fitness App segment is projected to reach US$46.62m and is expected to grow at a CAGR(2022-2026) of 6.14% to reach
According to research by Gympyk, in 2020, nearly 84% of fitness enthusiasts tried live-streaming fitness classes thrice and more during the lockdown, which marked a significant increase over the corresponding numbers in 2019, which stood at 29%. The survey also found that out of 50,000 fitness enthusiasts in India, only 20% of respondents were ready to go back to physical gyms. Almost 93% of that surveyed audience were still skeptical about sanitization measures and hygiene aspects in the shared public gym setup.
As per research conducted in 2021, it was found that an average Indian millennial currently spends less than Rs 4000 on an average which is expected to rise in terms of volume and ticket size. The total revenue in the Health & Fitness App segment reached US$41.78m in 2021.
US$59.17m by 2026. As per a 2022 fitness survey by ACSM’s Health & Fitness Journal, the top 5 trends that are going to dominate the global health and fitness market are:
- Wearable technology
- Home exercise gyms
- Outdoor exercise
- Strength training with free weights
- Exercise for weight loss
The rapidly growing connected fitness market
The connected fitness market is on the rise across the globe. According to a recent research report by the Insight partners, the valuation of the connected gym equipment market stood at $510.55 Mn in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 28.1% from 2021 to 2028 to reach $3.47 Bn by 2028.
As per Statista, the total number of app downloads in the Health & Fitness segment is projected to reach 293.4m downloads in 2022.
In India, brands like Cult. Fit and Flexnest are leading the connected fitness equipment market from the forefront whereas brands like Noise, Firebolt, Boat, Apple, Samsung, and Firebolt are competing in the connected fitness gears space using technology to develop smart wearable devices with features beyond fundamental functionalities like more insights on health, better battery life, improved aesthetics, and calling features at affordable pricing.
Owing to the increased consciousness towards holistic wellness consumers have adopted new ways of keeping them fit at home such as taking online yoga sessions, setting up a mini gym at home, and buying connected running and cycling equipment. Parallelly, consumers have also been seeking new technologies in their gadgets that help them with intelligence on their physical health and workout routines.
Fitness gadgets like smartwatches, smart weighing machines, and equipment are experiencing high demand as consumers have found them essential gadgets for constant health monitoring.
New trends in the Fitness Industry: The future of connected health and wellness is here
As a huge consumer base shows an incline towards digital fitness tools, ranging from at-home connected fitness equipment to online fitness training to tech-smart wearable devices the demand for on-demand workouts backed by real-time performance data is growing exponentially.
These tech-enabled solutions are designed to provide flexibility, customization, and convenience to consumers as compared to a typical gym membership. As the world is moving towards normal lives post-pandemic, users are looking forward to incorporating such innovative options into their fitness regimes.
Out of the $5 trillion wellness market, India is expected to contribute around 3-4 % by 2025. This would be a huge jump from the total contribution of less than 0.25% of the total global market currently.
According to the consultants from the health and fitness sector, companies that can innovate to leverage technology to create fitness products and services as per the latest consumer trends will gain share and become highly valuable fitness brands. Companies that stay behind in creating connected fitness solutions and follow the traditional approach may miss the wave of disruption.
In the coming years, the health and fitness industry is likely to record a lot of technology innovations in the connected fitness space as well as a great deal of capital coming into the industry to boost the growth of the booming fitness market.
The fitness brands operating both inside and outside the home fitness solutions will need to reassess their value propositions, articulate their offering in consumers’ fitness routines, and commit to an approach that will win bring in new users to become loyal customers.
A number of D2C and established brands are partnering with consumer research firms to understand the dynamics of their consumers, offer a new range of services and products, assess the competition, and tap into new high potential markets. If you are looking for a trusted consumer research firm, get in touch with us today and schedule a virtual meeting with our consultant.
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