Indoor Cycling Software Market Share and Growth (2021-2031)
The indoor cycling software market size is projected to reach US$ 386.49 million by 2031 from US$ 195.51 million in 2023. The market is expected to register a CAGR of 8.9% in 2023–2031. The rise in the importance of healthiness among people and growing disease due to unhealthy lifestyles are likely to remain key indoor cycling software market trends.
Indoor Cycling Software Market Analysis
The growing awareness about the importance of regular physical activity to maintain a healthy lifestyle and to reduce the risks of health issues caused due to physical inactivity fuels the indoor cycling software market growth. Also, increasing disposable income, constantly changing healthy lifestyles, growing tech-savvy population propels the market growth further. In addition, indoor cycling gained wide adoption during the pandemic period, which has bolstered the market growth.
Indoor Cycling Software Market Overview
Indoor cycling gained popularity as it offers enormous benefits for physical and mental health. It is considered one of the most effective ways to lose weight. The integration of indoor cycles with software solutions helps the user to track their performance on the basis of distance, speed, and calories burnt and helps them to achieve their fitness goals. It provides engaging and interactive workouts that stimulate the real-world cycling experience. Many indoor cycling sessions offer virtual sessions led by the instructors.
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Indoor Cycling Software Market: Strategic Insights
Market Size Value in US$ 142.1 million in 2019 Market Size Value by US$ 274.5 million by 2027 Growth rate CAGR of 8.6% from 2021-2027 Forecast Period 2021-2027 Base Year 2021
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Indoor Cycling Software Market: Strategic Insights
| Market Size Value in | US$ 142.1 million in 2019 |
| Market Size Value by | US$ 274.5 million by 2027 |
| Growth rate | CAGR of 8.6% from 2021-2027 |
| Forecast Period | 2021-2027 |
| Base Year | 2021 |
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Indoor Cycling Software Market Drivers and Opportunities
Rising Health Consciousness post-pandemic to Favor Market
The rising health consciousness among people post-pandemic period fuels the demand for indoor cycling worldwide. Exercising at home during the COVID-19 lockdown became mandatory for fitness enthusiasts, due to which the demand for indoor cycling has also increased. Regular exercise using indoor cycling helps people enhance their cardio-respiratory capacity, thus lowering the risk of cardiovascular disease. Indoor cycling also helps the individual to improve lungs and breathing capacity. People It helps to decrease asthma, the chronic lung disease, or chronic obstructive pulmonary disease (COPD). People are building a healthy lifestyle with a habit of working out on a regular basis. In addition, indoor cycling also helps to decraese stress and anxiety, lowers the risk of various diseases, has anti-depressive effects, and is highly efficient against bad cholesterol. Due to this, the demand for indoor cycling has increased, which further fosters the demand for indoor cycling software. The adoption of this software helps the user to track their daily goals based on the user’s needs and body type.
Demand from developing nations – An Opportunity in the Indoor Cycling Software Market
The awareness regarding the fitness is growing in the developing nations. In September 2019, the Centers for Disease Control and Prevention (CDC) reported that a lack of physical activity leads to heart disease, numerous malignancies, and type 2 diabetes. Health issues caused due to insufficient physical activity can cost US$ 117 billion yearly throughout the globe. Such information develops an awareness regarding the urgent need to be physically fit. The rise in internet penetration, rising urban population, and awareness about indoor cycling advantages are prominent factors that fuel the growth in developing nations and encourage them to adopt indoor cycling, which can further create opportunities for the indoor cycling software market.
Indoor Cycling Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the indoor cycling software market analysis are session type, application, and subscription type.
- Based on the session type, the market is segmented into solo and group. The solo segment held a larger market share in 2023.
- By application, the market is segmented into professional training and health & fitness. The professional training segment is expected to grow with the highest CAGR during the forecast period.
- By subscription type, the market is segmented into monthly subscription and annual subscription. The monthly subscription segment held a larger market share in 2023.
Indoor Cycling Software Market Share Analysis by Geography
The geographic scope of the indoor cycling software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, North America accounted for the largest indoor cycling software market share in 2023. Asia Pacific is expected to grow with the highest CAGR.
North America is an early adopter of technological solutions which leads to its soaring market share. The market growth in North America is attributed to the rising awareness regarding health issues. According to data published by the State of Child Obesity.Org in September 2020, adult obesity rates in the US exceed 35% in 12 states, 25% in 48 states, and 30% in 35 states. Thus, there is a rise in demand for activities that help in weight loss, fuelling the demand for indoor cycling, which has further fostered indoor cycling software.
Indoor Cycling Software Market Report Scope
Indoor Cycling Software Market News and Recent Developments
The Indoor Cycling Software Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In October 2023, Zwift, the global online fitness platform, launched Hub One, a new version of the original Zwift Hub Smart Trainer. The new Zwift Hub One makes it even easier to get on Zwift, works with almost any bike, and offers riders fast, smooth, and quiet virtual shifting that was previously only available on smart bikes. Zwift Hub One enables cyclists to take advantage of the many benefits of virtual shiftin. With virtual shifting, cyclists wilcanl enjoy shifting free of lag and chain skips, even when shifting under load. (Source: Zwift, Press Release, 2022)
- In January 2024, the Velocity indoor cycling platform selected to be the software solution for Purple Patch Fitness, a global leader in triathlon coaching. Purple Patch initially launched their virtual cycling product on Velocity in March 2023 and expanded their offerings on Velocity in the fall of 2023. (Source: Endurance Sportswire, Press Release, 2024)
- In September 2021, Wahoo launched a new training app, named SYSTM, as the popularity of indoor cycling and working out at home continues to grow. Through this platform, Wahoo offered its training platform, which had exercise sessions built-in but also the ability to plan and track progress through a calendar. (Source: Independent (newsdesk@independent.co.uk), Press Release, 2021)
Indoor Cycling Software Market Report Coverage and Deliverables
The “Indoor Cycling Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Session Type , Application , and Subscription Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global indoor cycling software market was estimated to be US$ 195.51 million in 2023 and is expected to grow at a CAGR of 8.9% during the forecast period 2023 - 2031.
The rise in air traffic and the launch of new airports are the major factors that propel the global indoor cycling software market.
The prevalence of obesity, diabetes, stress, and hypertension is anticipated to play a significant role in the global indoor cycling software market in the coming years.
The key players holding majority shares in the global indoor cycling software market are Bkool, S.L.; VirtualTraining s.r.o.; ROUVY; Wahoo Fitness; and Zwift Inc.
The global indoor cycling software market is expected to reach US$ 386.49 million by 2031.
The incremental growth expected to be recorded for the global indoor cycling software market during the forecast period is US$ 190.98 million.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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