Exercise bikes: Key market research findings
- Emergence of smart exercise bikes
- Growing dominance of recumbent exercise bike
- Leading vendors are Brunswick, ICON Health & Fitness, Nautilus, Precor, and Technogym
Technavio’s market research analysts predict the global exercise bike market to grow at a steady CAGR of around 3% between 2016 and 2020. Exercise bikes have gained popularity as a fitness equipment to perform cardiovascular exercises, which are help control chronic diseases like hypertension and diabetes. The increasing number of obesity-related and heart diseases across the world has shifted people’s inclination towards healthier diet and start exercising. Such growing focus on health and wellness prospects is propelling the demand for fitness equipment like exercise bikes. North America is the dominating region in the global exercise bike market and accounted for more than 44% of the overall market share in 2015. Much of the region’s growth can be attributed to the increasing instances of obesity-related diseases and growing health awareness among the population.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the exercise bike manufacturers are focusing to develop more functions in exercise bike with the help of advanced technologies. For instance, Peloton has introduced a connected exercise bike, which is a smart bike and allows the user to bike in their home. The smart bike is installed with live and on-demand training classes on its screen. Also, the user can also take virtual cycling trips through iconic landscapes and tracks around the world through IoT applications,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
The recumbent exercise bike segment dominates the market and accounted for more than 54% of the market share during 2015. People with lower back pain and balance issues prefer recumbent exercise bikes as they are more comfortable and puts less stress on the back and knees than the upright exercise bikes. Factors such as the growing older population will contribute to the growth of this market segment in the next four years.
The global exercise bike market is moderately fragmented; however, market penetration is growing due to the consolidation of some key players. The vendors in this market compete in terms of price, quality, product differentiation, distribution, and promotion to gain maximum market prominence during the forecast period. The competitive environment is likely to intensify with an increase in product or service extensions, product innovations, and M&A activities.
A more detailed analysis is available in the Technavio report, Global Exercise Bike Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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