The exercise bike market size is expected to reach over US$ 800.0 million by 2028. The growing awareness for a healthy lifestyle along with increasing concern over obesity & hypertension are the major factors for exercise bike market growth. Alchemy Research and Analytics LLP provided this information in a recently published report, titled, “Exercise Bike Market Size, Share & COVID-19 Impact Analysis, By Type (Recumbent Exercise Bike and Upright Exercise Bike), By Distribution Channel (Offline and Online) By End User (Home Consumers, Gyms/Health Clubs, and Others), and By Region (Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa), and Regional forecast, 2020-2028.” The exercise bike report further mentions that the market size stood at US$ 512.8 million in 2019, and it is likely to exhibit a CAGR of 5.9% during the forecast period between 2020 to 2028.
The growing consumer awareness towards fitness
The growing prevalence among people towards a healthy lifestyle along with the rising obesity concerns are the key factors for the global exercise bike market growth. As per a recent article by World Health Organization (WHO) published in October 2017, obesity has reached epidemic proportions globally, with at least 2.8 million people dying each year as a result of being overweight or obese. The growing disposable income and rising living standards are some other key factors for the global exercise bike market growth over the upcoming years.
Increased inclination towards Healthy Lifestyle
The hectic work-life schedule and bad eating habits have increased consumer inclination towards fitness which is anticipated to enhance the global exercise bike market in the years to come. The growing consumer prevalence towards home workout and numerous benefits of exercise bike such as boosts cardio fitness, burns body fat, strengthens legs & lower body workouts, and others are further anticipated to enhance the global exercise bike market during the forecast period.
Alchemy Research and Analytics LLP, had taken the impact of the ongoing COVID-19 pandemic on the exercise bike market for the year 2020 and 2021. As per our extensive secondary and primary research, the demand for exercise bike has increased in the COVID-19 period owing to sudden lockdown and consumer inclination towards home workout. However, the severe impact of the COVID-19 pandemic on the manufacturing industry across the globe had reduced the supply of raw material and exercise bike worldwide owing to which the growth of the exercise bike market in the year 2020 and 2021 impacted severely.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the exercise bike market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The exercise bike market is highly fragmented.
Alchemy Market Research lists out the names of key market players in the exercise bike market. They are as follows:
- Brunswick Corporation
- Icon Health & Fitness Inc.
- Nautilus Inc.
- Precor Incorporated
- ICON Health & Fitness
- Bladez Fitness
- Johnson Health Tech. Co., Ltd.
A Significant Industry Development
August 2020: Nautilus Inc. the innovation leader in home fitness introduced the new Bowflex VeloCore – the industry’s first stationary, a dual-mode bike that combines leaning technology with digital connectivity for a dynamic full-body workout and an immersive digital experience. For the first time, consumers can choose their riding style – leaning or stationary mode. By engaging the lean mode feature, Bowflex VeloCore riders can push and pull the bike from side-to-side, replicating the movement of outdoor cycling. The high-intensity workout helps strengthen and tone the arms and core. For added versatility, the VeloCore bike comes equipped with a proprietary, patent-pending lock-out feature that keeps the bike in stationary mode, so users can opt for a traditional cycling workout. The bike features an integrated high-definition touch screen console, which provides JRNY members access to the JRNY library of motivating and engaging digital content.
Further Report Findings
- In 2019, North America accounted for the largest share in the global exercise bike market due to rising cases of obesity and increased prevalence of healthy lifestyle.
- Asia Pacific is presumed to witness fastest growth in the years to come owing to rising consumer inclination towards a healthy lifestyle and increasing prevalence of home workout. The growing cases of overweight among youngsters in the region is another key factor for the regional fastest growth.
- Based on distribution channel, the offline category had its dominance in the global exercise bike market and was estimated to account for over 80% of the market revenue share in the same year. Besides, the online category is anticipated to witness the fastest growth in the global exercise bike market due to the growing consumer inclination towards online shopping worldwide.
The global market can be segmented in the following way:
|Unit||Value (US$ billion)|
· Recumbent Exercise Bike
· Upright Exercise Bike
|By Distribution Channel
|By End Use
· Home Consumers
· Gyms/Health Clubs