Smart Bike Market Research Report and Outlook by 2028

The smart bike industry was valued at approximately US$ 1,431.77 million in 2022 and is projected to experience a compound annual growth rate (CAGR) of 10.7% from 2022 to 2028.

Throughout the COVID-19 pandemic, the smart bike sector saw a significant increase in demand as fitness enthusiasts shifted towards home workouts. In response to this surge, manufacturers enhanced their offerings with innovative features. A prime example is Muoverti's TiltBike, which simulates an authentic outdoor cycling experience. Other prominent smart bikes available include Wattbike, Flexbike, PowerMax BS-130, and the Joroto Indoor Cycle. The Joroto model, for instance, boasts a fully adjustable handlebar and seat, along with a user-friendly digital display that tracks essential workout metrics such as duration, RPM, distance, speed, and calories burned.

Additionally, companies have rolled out new software applications to improve user engagement. For example, Zwift provides group riding experiences where users can benchmark their performance against others and communicate with fellow riders. Likewise, Bowflex integrates popular streaming platforms like Netflix, Disney Plus, and HBOMax, ensuring that users remain entertained during their exercise routines. These technological innovations and enhanced features are anticipated to boost the demand for smart bikes, propelling the market's growth in the coming years.

Effects of the COVID-19 Pandemic on Smart Bike Market Expansion

The COVID-19 pandemic significantly altered consumer lifestyles, with governments enforcing strict measures to limit virus transmission. This situation led to an increased interest in smart bikes and related applications, as individuals sought ways to stay fit while confined indoors. The trend of remote work is likely to persist, creating additional opportunities for smart bike manufacturers. However, the market did see a downturn in the first quarter of 2022 as offices and gyms reopened. Despite this, the long-term outlook for the smart bike market remains positive for most industry players.

In the Asia Pacific region, China leads the smart bike market, followed by Japan and Australia. As one of the top global producers of smart bikes, China is experiencing rapid market growth. Although the adoption rate of smart bikes in China is still relatively low, it is on the rise due to favorable economic conditions and increasing consumer spending power. In Australia, the government?s 'Move It AUS' initiative, launched in 2018, has significantly encouraged physical activity, resulting in heightened demand for smart bikes for home use. Across various demographics, the adoption rates have surged in multiple environments, including gyms, fitness centers, and sports clubs, contributing to the expansion of the smart bike market in Australia.

The smart bike market is divided into two primary segments: residential and commercial applications. The rising prevalence of chronic lifestyle-related diseases and heightened health consciousness among individuals globally are key factors driving the growth of the residential smart bike segment. Furthermore, the subscription-based model of associated applications, which often necessitate personal data, has accelerated the growth of this segment more rapidly than that of commercial applications. The COVID-19 pandemic further intensified the expansion of the residential segment as more individuals were confined indoors during lockdowns.

Key players in the smart bike market include 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.

The overall market growth figures have been derived from both primary and secondary research sources. The research process commenced with extensive secondary research utilizing both internal and external resources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide an overview and forecast of the smart bike market size across all segments. Additionally, numerous primary interviews with industry participants and experts have been conducted to validate the data and gain deeper analytical insights. Participants in this research 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 sector.