Smart Bikes Market Size, Share, Industry Growth by 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)

Publication Month : Sep 2022

  • Report Code : TIPRE00029748
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 163
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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

smart-bike-market
Market Size Value inUS$ 1,431.77 Million in 2022
Market Size Value byUS$ 2,640.10 Million by 2028
Growth rateCAGR of 10.7% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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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.

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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.

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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Connectivity, Handle Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US

Frequently Asked Questions


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 are the driving factors impacting the smart bike market?

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

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

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 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 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 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

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

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

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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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