The global smart bike market size is expected to reach US$ 2,640.10 million by 2028, registering a CAGR of 10.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Rising Health Consciousness to Drive Smart Bike Market During 2022–2028
The rising health consciousness among people is fueling the demand for smart bikes globally. Regular exercise using smart bikes helps people improve their cardio-respiratory capacity, thus, reducing the risk of cardiovascular diseases. Cycling also helps in improving lungs and breathing capacity. People with chronic lung disease, asthma, or chronic obstructive pulmonary disease (COPD) can improve their lungs and breathing capacity through physical activities. Due to this, the demand for smart bikes has increased. Smart bikes also give the feel of an actual ride with health benefits. When opting for different modes, riders feel like riding on a road or hills. The movement of the handle and seat make it more realistic for a rider when riding the bike in the above-mentioned mode. Advanced smart bike technologies help attract more customers and make the rider work more enthusiastically, thus helping them fight the above health issues. Thus, these advantages are fueling the smart bike market growth
The APAC smart bike market is spread across Australia, China, India, Japan, South Korea, and the Rest of APAC. APAC is expected to grow at the fastest rate during the forecast period. Almost the entire smart bike manufacturing occurs in Asia Pacific. Despite the same, the penetration rate of these bikes has been quite low in this region. It can be primarily attributed to the high prices of these bikes and the prevalence of price-sensitive consumers in the region. However, the scenario is changing fast, and consumer preference for smart hardware is rising quickly. The surge in internet penetration, rise in urban population, and increase in awareness about the advantages of smart bikes are prominent factors promoting smart bike market growth. The demand for fitness programs or the need for viewing infotainment content while working out has risen leaps and bounds in APAC. With a smart bike, such requirements can be met easily, increasing the product's attractiveness to consumers in this region. Such factors are likely to drive APAC’s smart bike market during the forecast period.
Smart Bike Market Share - by Geography, 2022
Smart Bike Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Connectivity (Bluetooth and Wi-Fi), Handle Type (Fixed Handle Type and Moving Handle Type), and Application (Residential and Commercial)
Smart Bikes Market Size, Share, Industry Growth by 2028
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Source: The Insight Partners Analysis
The ecosystem of the global smart bike market comprises the following stakeholders: contract manufacturers, technology providers, other suppliers, logistic partners, retail partners, smart bike market players, and end users. Smart bike manufacturing is mostly contracted to contract manufacturers. Most such manufacturers are based in China and other Asia Pacific countries. Contract manufacturers form an integral part of this ecosystem, offering better profitability. Technology providers can include several suppliers, from artificial intelligence (AI) powered back-end software providers to ride scenario developers. Other suppliers include providers of music content for smart bike apps, packaging materials, and labels. Logistic partners aid the smart bike market players in both pre-and post-sale scenarios. The major end users of the smart bike market include commercial establishments and individuals.
The smart bike market is analyzed based on connectivity, handle type, and application. Based on connectivity, the market is bifurcated into Bluetooth and Wi-Fi. In terms of handle type, the market is segmented into fixed handle type and moving handle type. Based on application, the market is bifurcated into residential and commercial.
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 profiled during this study. In addition, several other important smart bike market players were studied and analyzed during this market study to get a holistic view of the global smart bike market and its ecosystem.
The COVID-19 pandemic was an unprecedented event that disrupted several industry verticals globally. While some received a positive impact, most were negatively impacted. Implementation of containment measures, such as trade bans, travel restrictions, and workforce limitations, impacted various businesses' manufacturing, supply, sales, and promotional activities. People had to opt for indoor fitness activities as they stayed indoors due to lockdown and isolation measures. Therefore, there was a sharp increase in demand for smart bikes worldwide. Hence, the COVID-19 pandemic positively impacted the smart bike market.
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