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 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)

The smart bike market is projected to reach US$ 26,295.33 million by 2028, growing at a CAGR of 21.5% from 2022 to 2028.

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 market 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. Joroto Indoor Cycle is a fully adjustable bike with a 2-way adjustable handlebar and 4-way adjustable seat. It also has an easy-read digital monitor to track workout data, such as workout time, RPM, distance, speed, and calories burned.

In addition, market players have launched various new software applications to enhance user experience. For instance, Zwift allows indoor cyclists to join group rides where they can measure and compare their track records with other users. Also, it has a feature of messaging others, thus helping interact with other users. Moreover, Bowflex offers Netflix, Disney Plus, and HBOMax, among other things, keeping the rider engaged while doing the workout. Thus, the rising demand for technologically advanced smart bikes is expected to boost the smart bike market growth during the forecast period.

Impact of COVID-19 Pandemic on Smart Bike Market Growth

The limitations imposed by governments to control the spread of COVID-19 during the initial time frame of the outbreak in most countries affected the lifestyle of most consumers. Stringent restrictions and supply chain disruptions put most consumers in jeopardy. Similar situations were witnessed across most countries across all regions. Due to travel restrictions and business shutdowns in the wake of COVID-19 crisis, people were compelled to stay indoors. There is speculation that the work-at-home modality is expected to become the new normal for many people in the near future. Such factors strongly promoted the usage of smart bikes, as people used the same to remain fit and maintain their health. This led to a sudden demand for smart bikes and associated apps. Such factors provided great opportunities for smart bike market players to grow. However, the market witnessed a steep decline in the first quarter of 2022, owing to the reopening of offices and gyms. Despite the same, the outlook for the smart bike market in the post-COVID-19 scenario seems favorable for most market players.

China accounts for the largest share in the smart bike market in Asia Pacific, followed by Japan and Australia. China's smart bike market is one of the fastest in the world and among the leading manufacturers of smart bikes in the world. Far outpacing other economies, China is the world’s fastest-growing consumer of goods and services. Despite the positive outlook, the penetration rate of smart bikes is relatively low. However, it is changing fast. The Chinese economy maintains high-speed growth which has been stimulated by the consecutive increases in smart bike output, imports & exports, consumer consumption and capital investment for over decades in the smart bike market. The healthy economic conditions have been promoting the spending capacity of Chinese consumers, which is again aiding the smart bike market growth. In Australia, penetration rates across all age groups in the gym, fitness clubs, sports clubs, and others increased significantly, thereby aiding the smart bike market. Further, the Government of Australia launched a new campaign ‘Move It AUS,’ in 2018 to encourage Australians of all backgrounds, ages, and abilities to become physically active. The campaign engages Australian adults to find at least 30 minutes of physical activity per day. This campaign resulted in the increasing demand for smart bikes for residential applications.

The smart bike market, by application, is segmented into residential and commerical. Nowadays, an increase in the frequency of chronic lifestyle illnesses, combined with rising health consciousness among individuals worldwide, is regarded as one of the primary reasons driving the smart bike market expansion in residential. Additionally, since features of a smart bike can be best enjoyed through a subscription to associated apps, residential application of smart bikes is rising faster. Subscription includes entering personal data, which is often not possible inside a commercial establishment. Such factors strongly promoted the growth of this segment. The pandemic boosted the growth of this segment by unprecedented levels, as people spent more time indoors during temporary lockdowns.

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 a few key smart bike market players.

The overall growth size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the smart bike market size with respect to all market segments. Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights. Participants in this process include VPs, business development managers, market intelligence managers, national sales managers, external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the smart bike market.

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