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Rising Health Consciousness to Drive Smart Bike Market During 2022–2028
The global smart bike market size is expected to reach US$ 2,640.10 million by 2028, registering a CAGR of 10.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
The rising health consciousness among people is fueling the demand for smart bikes globally. Regular exercise using smart bikes helps people improve their cardio-respiratory capacity, thus, reducing the risk of cardiovascular diseases. Cycling also helps in improving lungs and breathing capacity. People with chronic lung disease, asthma, or chronic obstructive pulmonary disease (COPD) can improve their lungs and breathing capacity through physical activities. Due to this, the demand for smart bikes has increased. Smart bikes also give the feel of an actual ride with health benefits. When opting for different modes, riders feel like riding on a road or hills. The movement of the handle and seat make it more realistic for a rider when riding the bike in the above-mentioned mode. Advanced smart bike technologies help attract more customers and make the rider work more enthusiastically, thus helping them fight the above health issues. Thus, these advantages are fueling the smart bike market growth
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The APAC smart bike market is spread across Australia, China, India, Japan, South Korea, and the Rest of APAC. APAC is expected to grow at the fastest rate during the forecast period. Almost the entire smart bike manufacturing occurs in Asia Pacific. Despite the same, the penetration rate of these bikes has been quite low in this region. It can be primarily attributed to the high prices of these bikes and the prevalence of price-sensitive consumers in the region. However, the scenario is changing fast, and consumer preference for smart hardware is rising quickly. The surge in internet penetration, rise in urban population, and increase in awareness about the advantages of smart bikes are prominent factors promoting smart bike market growth. The demand for fitness programs or the need for viewing infotainment content while working out has risen leaps and bounds in APAC. With a smart bike, such requirements can be met easily, increasing the product’s attractiveness to consumers in this region. Such factors are likely to drive APAC’s smart bike market during the forecast period.
The List of Companies – Smart Bike Market
- Echelon Fitness Multimedia, LLC.
- Garmin Ltd.
- Keiser Corporation
- Life Fitness
- Nautilus, Inc.
- Peloton Interactive, Inc.
- Wahoo Fitness
- Johnson Health Tech
- MAD DOGG ATHLETICS
- SOLE FITNESS
The ecosystem of the global smart bike market comprises the following stakeholders: contract manufacturers, technology providers, other suppliers, logistic partners, retail partners, smart bike market players, and end users. Smart bike manufacturing is mostly contracted to contract manufacturers. Most such manufacturers are based in China and other Asia Pacific countries. Contract manufacturers form an integral part of this ecosystem, offering better profitability. Technology providers can include several suppliers, from artificial intelligence (AI) powered back-end software providers to ride scenario developers. Other suppliers include providers of music content for smart bike apps, packaging materials, and labels. Logistic partners aid the smart bike market players in both pre-and post-sale scenarios. The major end users of the smart bike market include commercial establishments and individuals.
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.
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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.
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