Incorporating smart bike riding into the daily exercise regimen can help lose body fat while improving cardiovascular health. The smart bikes have an inbuilt screen to show activity information. Also, the bike can be paired with smartwatches, smartphones, and tablets to monitor exercise goals set beforehand, track calories burnt, and watch infotainment content. Apart from being positively impacted by the COVID-19 pandemic, the global smart bike market growth is also driven by constantly changing lifestyles, growing e-commerce adoption, and rising youth population, as well as growing lifestyle-related health issues. For instance, adult obesity rates in the US exceeded 35% in 12 states, 25% in 48 states, and 30% in 35 states according to data published by the State of Child Obesity.Org in September 2020.
The demand for smart bikes in the market significantly increased during the COVID-19 crisis as fitness enthusiasts resorted to exercising at home. To provide convenience, smart bike industry players upgraded their products. For instance, in November 2021, Muoverti launched a TiltBike, enabling riders to balance and steer, accelerate and brake, and fully engage their body to simulate the riding experience. Similarly, other manufacturers have developed smart bikes to provide riders with a significant outdoor riding experience while being indoors. A few of these bikes are Wattbike, Flexbike, PowerMax BS-130, and Joroto Indoor Cycle. Wattbike provides accurate data, polar view, real ride feel technology, handlebar height, etc., thus giving the sensation of riding on the road. Flexbike is a Bluetooth-enabled smart bike. The Flexnest's app provides 3 types of bike workouts: quick, virtual, and class ride. Such advancements led to increased attractiveness of smart bikes to consumers, thereby promoting its purchase. Thus the smart bike market growth ensued.
The continuous growth in COVID-19 patient pool size compelled government authorities to impose stringent travel bans across several countries in the first three quarters of 2020, which led to significant disruptions in the normal functioning of various industries. Implementing containment measures such as trade bans, travel restrictions, and workplace workforce limitations impacted lifestyle of most people. Hence, compelled to be indoors for a longer time, people searched for ideal indoor fitness equipment to maintain fitness. This provided huge growth opportunities for the market players globally.
Key smart bike market players witnessed a sharp increase in demand in 2020 since consumers were increasingly turning to advanced smart bikes to increase the attractiveness of indoor fitness. Hence, the pandemic positively impacted the smart bike market growth.
Physical activities (e.g., cycling) increase secretion of hormones such as endorphins and serotonin, which improve individuals' health and help regulate mood, stress, and anxiety. Regular cycling promotes good cholesterol and lowers bad cholesterol. It helps reduce risks and delay the symptoms of degenerative diseases, such as Parkinson's or Alzheimer's disease. Regular exercise on a smart bike is good for toning legs, thighs, buttocks, and arms, as well as abdominal and back muscles. It also helps burn a lot of calories, thus making it effective for weight loss. The growing awareness regarding such benefits and different technological advantages of smart bikes has been promoting the smart bike market growth.
The smart bike market, by application, is bifurcated into residential and commercial. The residential segment held a larger market share in 2021 and is expected to retain its dominance during the forecast period. Moreover, the segment is expected to be the fastest-growing segment during the forecast period. Due to various circumstances, including rising urbanization, sedentary lives, and demanding schedules of working professionals, there is increasing adoption of smart bikes for exercise that can be utilized in the comfort of one's own home to maintain a healthy lifestyle. Simultaneously, the growing desire for this equipment to treat numerous lifestyle diseases such as arthritis, diabetes, stroke, and cardiovascular problems is boosting segment and smart bike market growth.
The smart bike industry is segmented into connectivity, handle type, and application. Based on connectivity, the market is bifurcated into Bluetooth and Wi-Fi. By handle type, the smart bike market is categorized into fixed handle type and moving handle type. In terms of application, the market is bifurcated into residential and commercial.
The regional trends and factors influencing the Smart Bike Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Bike Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.43 Billion |
| Market Size by 2028 | US$ 2.64 Billion |
| Global CAGR (2022 - 2028) | 10.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Connectivity
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Smart Bike Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Smart Bike Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Based on geography, the smart bike market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Echelon Fitness Multimedia, LLC; Garmin Ltd.; Keiser Corporation; Life Fitness; Nautilus, Inc.; Peloton Interactive, Inc.; Wahoo Fitness; Johnson Health Tech; Mad Dogg Athletics; and Sole Fitness are key smart bike market players.
Smart bike market players are utilizing acquisition strategies to focus on growth.
The global market size of the smart bike market by 2028 will be around US$ 2,640.10 million
Bluetooth segment holds a major market share of the smart bike market in 2022
The US is expected to hold a major market share of the smart bike market in 2022
India, China, Australia, Germany, and the US are expected to register high growth rates during the forecast period
Asia Pacific is expected to register the highest CAGR in the smart bike market during the forecast period (2022-2028)
Corporate wellness programs
Peloton Interactive, Inc.; Nautilus, Inc.; Johnson Health Tech. Co., Ltd.; Wahoo Fitness LLC; and Echelon Fitness Multimedia LLC are the key market players expected to hold a major market share of the smart bike market in 2022
1. Rising health consciousness 2. Technological advancement in smart bikes
The estimated global market size for the smart bike market in 2022 is expected to be around US$ 1,431.77 million
The smart bike market is expected to register an incremental growth value of US$ 1,208.33 million during the forecast period