Indoor Exercise Bike Market Size, Share, Growth, and Industry Analysis, By Type (Classic Exercise Bike, Smart Exercise Bike), By Application (Residential, Commercial) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

INDOOR EXERCISE BIKE MARKET REPORT OVERVIEW

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The global indoor exercise bike market size expanded rapidly in 2024 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

An indoor exercise bike is an exercise bike that can be used for aerobic exercise indoors. They are often found in gyms and fitness clubs, but can also be purchased for home use. Home trainers are stationary exercise equipment that improve and maintain cardiovascular health and reduce body fat. The home trainer is used for training at home, unlike its gym counterpart. It includes a saddle, handlebars, pedals and leg straps. The machine usually does not require training before use; however, some variations on this equipment may require technical expertise to operate properly. Health risks have increased due to sedentary lifestyles and changes in diet. Consequently, the growing awareness of regular exercise to maintain a healthy lifestyle has boosted the exercise bike sector and growth, especially the home equipment market.

Market growth is driven by increasing demand for fitness equipment, increasing awareness of health and fitness, and increasing number of fitness clubs and gyms. The classic type exercise bike segment is expected to lead the market during the forecast period due to its low cost and easy portability. But thanks to technological advancements, smart exercise bikes are gaining traction due to their advanced features like built-in sensors that monitor heart rate, calories burned, distance traveled, etc. In terms of applications, residential applications are expected to dominate the market during the forecast period, owing to the increasing home exercise among consumers.

COVID-19 Impact: Discontinuation Of Production, Marketing And Sale Of Products As A Market Disruptor

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has caused major disruption to both buyers and sellers, slowing the expansion of global industries. Markets and production facilities will be closed all over the world, stopping production and production, distribution and sales. In addition, it gave companies the opportunity to think about how to maintain connections with supply chains and their long-term business plans.

LATEST TRENDS

"Rising Disposable Income Will Boost Market Growth "

The growth of people and disposable income allows investment in sports equipment such as indoor training, which increases the sales of these products. One of the major reasons fueling the growth of the indoor fitness equipment market is the growing health awareness across the globe. Due to the lack of parks and open roads in large cities, the increase in the use of stationary bicycles as exercise equipment for adults and children and the increase in purchases of stationary bicycles are accelerating the development of the market. The growing popularity of bodybuilding, skin toning and strength training as a way to build an attractive personality and the expansion of gyms in tier 1 and 2 cities continues to influence the market.

INDOOR EXERCISE BIKE MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Classic Exercise Bike, Smart Exercise Bike. The exercise bike segment was the most profitable segment and accounted for a significant share in 2019. The growth of this segment is due to features such as easy availability, affordability and less stress on the lower back and spine. The bicycle segment will grow moderately during the forecast period.

• By Application

Based on application the global market can be categorized into Residential, Commercial. In the residential market, indoor trainers are mostly used by individuals for personal training in the comfort of their own homes.

DRIVING FACTORS

"Increasing Health Awareness Is Accelerating The Growth Of The Market "

Growing health awareness and demand for active and healthy lifestyles across the globe has fueled the growth of the home exercise equipment industry. One of the main drivers of the market is the growing population. Increased health risks are the result of changes in sitting and diet. In connection with the temporary closure of gyms and training centers around the world, the sale of exercise machines has increased. As working hours change and eating habits change, consumers rely more on fast food and convenience foods that are low in nutritional value and high in harmful fats. Because of this, obesity and other chronic diseases have increased. The increased health awareness of the world and population has increased the demand for bicycles that provide isotonic exercise to the body and help increase endurance, stimulate heart rate and burn body fat. Other factors driving the market and growth are increasing purchasing power, improved lifestyles, growing youth population and prevalence of diabetes and heart disease.

"Integration With Virtual And Augmented Reality And Advances In Bike Technology And Features Augment Market Growth "

The constant development of indoor exercise bike technology and the addition of advanced features is attracting new consumers to the market. Companies are integrating stationary bikes with touchscreen consoles, a virtual platform, and customized training programs, real-time performance monitoring and other technological features. For example, top brands like Peloton and NordicTrack offer bikes with large HD touchscreens so you can watch immersive spin sessions. Such technical advances improve the user experience and make training more interesting. This trend is expected to drive indoor exercise bike market growth during the forecast period. A notable trend in the vertical exercise market is the increasing integration of virtual reality (VR) and augmented reality (AR) technologies to create an immersive riding experience. Leading companies like NordicTrack and Peloton offer smart bikes with virtual reality displays and interactive workouts. Riders can simulate driving on different tracks, terrains and locations using VR and AR technology. This increases levels of engagement and motivation. The trend of combining VR/AR with bicycles to create an engaging workout is expected to grow.

RESTRAINING FACTOR

"Costly Initial Investments To Challenge Market Growth "

Markets and growth are expected to slow due to expensive initial investments. The indoor exercise bike market will face challenges during the forecast period due to intense competition from manufacturers.

INDOOR EXERCISE BIKE MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due To People's Increasing Health Awareness"

Asia Pacific dominated the global indoor exercise bike market share and is expected to continue its dominant position during the forecast period. Asia Pacific has emerged as the dominant regional market in terms of revenue share in 2022. Countries such as China, Japan, and Singapore are emphasizing the deployment of infrastructure to promote and support cycling. Some Asian cities, such as Tokyo, are known for having the lowest number of accidents and are therefore considered ideal cities for urban cycling. Additionally, Chinese bicycle companies are aggressively targeting countries like India and Australia to expand their operations. Hence, the demand for bicycles is expected to increase in the coming years. Europe followed  Asia Pacific in terms of market share as consumers prefer home exercise equipment at work or at home due to lack of space and growing health awareness related to cardiovascular disease and obesity.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The indoor exercise bike market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in indoor exercise bikes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Saris (Netherlands)
• Wahoo Fitness (U.S.)
• Tacx (Netherlands)
• Elite (France)
• Minoura (Japan)
• Kurt Manufacturing (U.S.)
• Sunlite (U.S.)
• RAD Cycle (U.S.)
• BKOOL (China)
• Technogym (Italy)
• Conquer (U.S.)
• Blackburn Design (U.S.)

INDUSTRIAL DEVELOPMENT

September 2022: Echelon Fitness has announced the release of its new EX-Prime Smart Connected bike. The bike has magnetic resistance, Bluetooth connectivity and a tablet holder. It offers on-demand classes and personal performance tracking for home workouts.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.