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
During the COVID-19 pandemic, the smart bike market witnessed a surge in demand as fitness enthusiasts increasingly turned to at-home workouts. To cater to the demand, market players upgraded their products with added features. One such product is Muoverti's TiltBike, which provides riders with a realistic outdoor riding experience. Other notable smart bikes in the market are Wattbike, Flexbike, PowerMax BS-130, and Joroto Indoor Cycle. The Joroto Indoor Cycle, for example, features a fully adjustable handlebar and seat, and an easy-to-read digital monitor that displays key workout metrics such as workout time, RPM, distance, speed, and calories burned.
Market players have also introduced new software applications to enhance the user experience. For instance, Zwift offers group rides where riders can compare their performance with other users and message them. Similarly, Bowflex offers popular streaming services like Netflix, Disney Plus, and HBOMax, allowing riders to stay engaged during their workout sessions. These technological advancements and added features are expected to fuel the demand for smart bikes and drive the growth of the smart bike market in the forecast period.
Impact of COVID-19 Pandemic on Smart Bike Market Growth
The lifestyle of many consumers was disrupted by the COVID-19 outbreak, with governments implementing strict restrictions to curb the spread of the virus. This led to a rise in demand for smart bikes and associated apps, as people were forced to stay indoors and look for ways to maintain their fitness and health. The trend of remote work is expected to continue in the future, providing further opportunities for smart bike market players. However, the market experienced a decline in the first quarter of 2022 due to the reopening of offices and gyms. Nevertheless, the outlook for the smart bike market post-COVID-19 remains favorable for most market players.
The smart bike market in Asia Pacific is dominated by China, followed by Japan and Australia. China is one of the world's leading manufacturers of smart bikes and has the fastest-growing smart bike market. Although the penetration rate of smart bikes in China is relatively low, it is rapidly increasing due to favorable economic conditions and rising spending capacity of Chinese consumers. Similarly, in Australia, the government's 'Move It AUS' campaign launched in 2018 has played a significant role in promoting physical activity, resulting in a surge in demand for smart bikes for residential use. Across all age groups, the penetration rates have risen considerably in various settings, including gyms, fitness clubs, and sports clubs, leading to the growth of the smart bike market in Australia.
The smart bike market is categorized into two applications, namely residential and commercial. The increasing incidence of chronic lifestyle diseases and growing health awareness among individuals worldwide are the major driving forces behind the expansion of the smart bike market in residential applications. Moreover, the subscription-based nature of associated apps, which often require personal data, has propelled the growth of this segment at a faster rate than commercial applications. The COVID-19 pandemic further accelerated the growth of the residential segment as more people spent time indoors during lockdowns.
Noteworthy 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 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.