The global fitness industry has been devastated by the coronavirus pandemic, with thousands of gyms and studios closed during the first half of the year. Although many of them were allowed to reopen in the second half of 2020, the COVID-19 outbreak halved their memberships and caused severe financial problems.
While the fitness industry is trying to lure gym members back, people all are more than ever turning to fitness apps, online and at-home workout. According to data presented by StockApps, the global eServices fitness industry revenue is expected to surge by 30.9% year-on-year and hit $22.5bn in 2020.
The eServices fitness market includes two main product categories; portable fitness devices or wearables, like fitness wristwear or smart clothes, and fitness and nutrition apps.
In 2017, the global eServices fitness industry generated $14.8bn in revenue, revealed Statista Digital Market Outlook. In the next twelve months, this figure touched $16bn and continued rising. By the end of 2019, revenues hit $17.2bn, a 15% jump in two years. Statistics indicate the global eServices fitness industry surged by 51.5% since 2017.
Wearables represent the market’s largest segment, with a projected volume of nearly $19bn in 2020, a 30.6% increase compared to 2019 figures. The fitness apps segment is expected to grow by almost 32% to over $3.5bn in revenue this year.
Statista Digital Market Outlook data also showed the number of users in the global eServices fitness market is forecast to jump by 25% year-over-year to over 1.2 billion in 2020. Statistics indicate the number of people using fitness, and nutrition apps is set to rise to 825.7 million in 2020, a 26% increase in a year. The number of users in the wearables segment is forecast to grow 24% year-on-year to 441.5 million.
According to a Statista survey, Millennials (people between 25 to 34) and Gen X (between 40 and 55) represent the major user groups, with 35% and 41% share. The average revenue per user in the apps segment is projected to amount to $4.30 in 2020, compared to $4.17 last year. Statistics show the average revenue per user in the wearables segment will rise to $43 this year, up from $41.47 in 2019.
In global comparison, China represents the world’s largest eServices fitness market, expected to generate over $6.6bn in revenue this year. With a $5.3bn in revenue, the United States ranked as the second-largest market globally. India, the United Kingdom, and Germany follow, with $2.2bn, $753 million, and $631 million, respectively.
Jastra has written for many other sites including BuyShares.co.uk, The Business Mogul, Inside Business, Business Today, Startups Magazine, and TradingPlatforms.com.
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