Smart Bike Market Size and Competitive Analysis by 2028

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

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)

  • Report Date : Sep 2022
  • Report Code : TIPRE00029748
  • Category : Electronics and Semiconductor
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 163

The smart bike market is valued US$ 1,431.77 million in 2022, it is expected to grow at a CAGR of 10.7% during 2022–2028

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.

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Smart Bike Market: Strategic Insights

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  • Get Top Key Market Trends of this report.
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Impact of COVID-19 Pandemic on Smart Bike Market Growth

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.

Market Insights – Smart Bike Market

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.

Application-Based Insights

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.

Smart Bikes

Smart Bike Market Regional Insights

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.

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  • Get the Regional Specific Data for Smart Bike Market

Smart Bike Market Report Scope

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
  • Bluetooth and Wi-Fi
By Handle Type
  • Fixed Handle Type and Moving Handle Type
By Application
  • Residential and Commercial
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Echelon Fitness Multimedia, LLC.
  • Garmin Ltd.
  • Keiser Corporation
  • Life Fitness
  • Nautilus, Inc.
  • Peloton Interactive, Inc.
  • Wahoo Fitness
  • Johnson Health Tech
  • MAD DOGG ATHLETICS

  • Smart Bike Market Players Density: Understanding Its Impact on Business Dynamics

    The Smart Bike 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:

    1. Echelon Fitness Multimedia, LLC.
    2. Garmin Ltd.
    3. Keiser Corporation
    4. Life Fitness
    5. Nautilus, Inc.

    Disclaimer: The companies listed above are not ranked in any particular order.


    smart-bike-market-cagr

    • Get the Smart Bike Market top key players overview

    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.

    • In April 2022, Blue Goji announced that they had acquired the assets and intellectual property of Interactive Fitness Holdings (IFH). Through the acquisition, Blue Goji will manage Expresso and CyberCycle exercise bikes. The company will pair Expresso Bikes with GojiPlay and CyberCycle Bikes with GojiCare, which will help the company attract more customers in the market.
    • In April 2021, Peloton Interactive, Inc. acquired Precor, Inc., a global commercial fitness equipment provider. With this acquisition, Peloton established its US manufacturing capacity and development capabilities, accelerating Peloton's penetration of the commercial market.

    Frequently Asked Questions

    What will be the global market size of the smart bike market by 2028?

    The global market size of the smart bike market by 2028 will be around US$ 2,640.10 million

    Which is the leading smart bike connectivity segment in the smart bike market?

    Bluetooth segment holds a major market share of the smart bike market in 2022

    Which country is holding the major market share of the smart bike market?

    The US is expected to hold a major market share of the smart bike market in 2022

    Which countries are registering a high growth rate during the forecast period?

    India, China, Australia, Germany, and the US are expected to register high growth rates during the forecast period

    Which is the fastest growing regional market?

    Asia Pacific is expected to register the highest CAGR in the smart bike market during the forecast period (2022-2028)

    Which are the key players holding the major market share of the smart bike market?

    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

    What are the driving factors impacting the smart bike market?

    1. Rising health consciousness
    2. Technological advancement in smart bikes

    What is the estimated global market size for the smart bike market in 2022?

    The estimated global market size for the smart bike market in 2022 is expected to be around US$ 1,431.77 million

    What is the incremental growth of the smart bike market during the forecast period?

    The smart bike market is expected to register an incremental growth value of US$ 1,208.33 million during the forecast period

    Naveen Chittaragi
    Naveen Chittaragi
    Associate Vice President,
    Market Research & Consulting

    Naveen is an experienced market research and consulting professional with over 9 years of expertise across custom, syndicated, and consulting projects. Currently serving as Associate Vice President, he has successfully managed stakeholders across the project value chain and has authored over 100 research reports and 30+ consulting assignments. His work spans across industrial and government projects, contributing significantly to client success and data-driven decision-making.

    Naveen holds an Engineering degree in Electronics & Communication from VTU, Karnataka, and an MBA in Marketing & Operations from Manipal University. He has been an active IEEE member for 9 years, participating in conferences, technical symposiums, and volunteering at both section and regional levels. Prior to his current role, he worked as an Associate Strategic Consultant at IndustryARC and as an Industrial Server Consultant at Hewlett Packard (HP Global).

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    • Excel Dataset

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    The List of Companies - Smart Bike Market

    1. Echelon Fitness Multimedia, LLC.
    2. Garmin Ltd.
    3. Keiser Corporation
    4. Life Fitness
    5. Nautilus, Inc.
    6. Peloton Interactive, Inc.
    7. Wahoo Fitness
    8. Johnson Health Tech
    9. MAD DOGG ATHLETICS
    10. SOLE FITNESS
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