Smart Bike Market Size Worth $2,640.10 Million, Globally, by 2028 at 10.7% CAGR - Exclusive Research Report by The Insight Partners

NEW YORK, Oct. 3, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Smart Bike Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Connectivity (Bluetooth and Wi-Fi), Handle Type (Fixed Handle Type and Moving Handle Type), and Application (Residential and Commercial)," the global smart bike market size is projected to reach $2,640.10 million by 2028 from $1,431.77 million in 2022; it is expected to grow at a CAGR of 10.7% during 2022–2028.

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Smart Bike Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 163 pages with 88 list of tables & 78 list of figures from the report, "Smart Bike Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Connectivity (Bluetooth and Wi-Fi), Handle Type (Fixed Handle Type and Moving Handle Type), and Application (Residential and Commercial)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/smart-bike-market

Global Smart Bike Market: Competitive Landscape and Key Developments

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 are among the key smart bike market players profiled during this study. In addition, several other important smart bike market players were studied and analyzed during the course of this market study to get a holistic view of the market and its ecosystem.

In April 2022, Blue Goji announced that they had acquired the assets and intellectual property of Interactive Fitness Holdings (IFH). Through the acquisition, Blue Goji will manage Expresso and CyberCycle exercise bikes. The company will pair Expresso Bikes with GojiPlay and CyberCycle Bikes with GojiCare, which will help the company attract more customers in the market.

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In April 2021, Peloton Interactive, Inc. acquired Precor, Inc., a global commercial fitness equipment provider. With this acquisition, Peloton established its US manufacturing capacity and development capabilities, accelerating Peloton's penetration of the commercial market.

North America accounted for the largest market share in terms of revenue. This technologically advanced region includes key economies, such as the US, Canada, and Mexico. The North American retail & e-commerce market is one of the largest markets in the world. Amazon, Walmart, Costco, Kroger, eBay, The Home Depot, and Target originated in the region. The presence of such players provides smart bike market players to showcase and sell their products to a wider customer base, driving the smart bike market.

Another key factor driving the market is the rising awareness regarding health issues among North American offices. To help improve employees' health, employers have implemented corporate wellness programs in their organizations. These organizations are providing subscriptions to smart bike apps to their employees which is providing awareness about the smart bikes in the market, making it one of the primary factors driving the growth of the smart bike market in North America. According to Rand Corp. and the US Department of Health and Human Services, 80% of businesses with more than 50 employees are benefited from corporate wellness programs. All such factors collectively promote North America's smart bike market growth.

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The smart bike market is broadly segmented into 5 major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. Europe is pioneering digital transformation. The consumers present in the region have high health awareness and are fast adopters of technology. Such trends are driving the smart bike market. Also, several key technology-based startups are developing technologically advanced smart bikes, which are providing great growth opportunities for the smart bike market in the region.

Smart Bike Market Analysis: Industry Overview

Based on connectivity, the smart bike market is segmented into Bluetooth and Wi-Fi. The Bluetooth segment dominated the global smart bike market. Also, the segment is expected to retain its dominance, by a slight margin, during the forecast period. The widespread presence of Bluetooth-enabled devices made it one of the primary technologies to be integrated into these smart bikes. Bluetooth 4.0 connectivity in smart bikes enables clubgoers to document their workouts using their smartphone app, much as they do with fitness trackers, heart rate monitors, or bicycle sensors.

The Wi-Fi segment is expected to witness the fastest growing CAGR over the forecast period in the global smart bike market. Smart bikes with Wi-Fi are available in various weight classifications and track lengths. Additional features include illumination settings, calorie and heart rate trackers, audio, and video. Smart bikes with Wi-Fi help the user get in shape, but they can also help in maintaining fitness and health by allowing them to get the essential number of daily footsteps even when the user is too busy to venture outside. Some Wi-Fi smart bikes even include screens and audio for a smooth, active experience that allows one to multitask.

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