Report : Europe Smart Bike Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Connectivity (Bluetooth and Wi-Fi), Handle Type (Fixed Handle Type and Moving Handle Type), and Application (Residential and Commercial)
At 10.1% CAGR, the Europe Smart Bike Market is speculated to be worth US$ 746.62 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe smart bike market was valued at US$ 420.27 million in 2022 and is expected to reach US$ 746.62 million by 2028, registering a CAGR of 10.1% from 2022 to 2028. The rising health consciousness and technological advancement in smart bikes are the critical factors attributed to the market expansion.
The rising health consciousness among people is fueling the demand for smart bikes. Regular exercise using smart bikes helps people improve their cardio-respiratory capacity, thus, reducing the risk of cardiovascular disease. Cycling also helps in improving lungs and breathing capacity. People with chronic lung disease, asthma, or chronic obstructive pulmonary diseases (COPD) can improve their symptoms through physical activities, which smart bikes help increase. Now people are building a habit of working out regularly as it helps them to feel more confident, decreases stress and anxiety, reduces the risk of various diseases, has anti-depressive effects, and is highly efficient against bad cholesterol. Due to this, the demand for smart bikes has increased. Regular exercise on a smart bike is good for toning legs, thighs, buttocks, arms, and abdominal and back muscles. It also helps burn a lot of calories, thus, making it very effective for weight loss. For instance, 1 hour of exercise on a smart bike helps to burn 413 to 738 kcal, so to lose 1 kg weight, a person should exercise for 1 hour 3 times a week. Not just this, regular exercise using a smart bike also reduces the risk of type 2 diabetes as it helps lower blood glucose levels in diabetic people. Physical activities, such as cycling, increase hormone secretion, 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 to reduce the risks and delay the symptoms of degenerative diseases, such as Parkinson's or Alzheimer's. The growing awareness regarding such benefits and different technological advantages of smart bikes has been promoting the market. 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 issue. Thus, these advantages are fueling the demand for smart bikes, aiding the market growth.
On the contrary, high initial investment hurdles the growth of Europe smart bike market.
Based on connectivity, the market is sub segmented into Bluetooth and wi-fi. The Bluetooth segment held 52.2% market share in 2022, amassing US$ 219.34 million. It is projected to garner US$ 363.89 million by 2028 to expand at 8.8% CAGR during 2022–2028.
Based on handle type, the market is segmented into fixed handle type and moving handle type. With 80.4% share of the domain, the fixed handle type segment dominated the market in 2022. It accrued US$ 337.75 million in 2022 and is estimated to generate US$ 590.98 million by 2028 to grow at a CAGR of 9.8% over the forecast period.
Based on application, the market is segmented into residential and commercial. With 69.9% share of the domain, the residential segment dominated the market in 2022. It accrued US$ 293.67 million in 2022 and is estimated to generate US$ 529.54 million by 2028 to grow at a CAGR of 10.3% over the forecast period.
Our regional analysis states that Germany captured 25.1% market share in 2022. It was assessed at US$ 105.42 million in 2022 and is likely to hit US$ 199.12 million by 2028, exhibiting a CAGR of 11.2% during the forecast period.
Key players dominating the Europe smart bike market are Echelon Fitness Multimedia, LLC.; Garmin Ltd.; Johnson Health Tech; Keiser Corporation; Life Fitness; MAD DOGG ATHLETICS; Nautilus, Inc.; Peloton Interactive, Inc.; and Wahoo Fitness, among others.
A few key market developments by top market players are:
- In 2021, Life Fitness unveiled a new mobile app, Life Fitness Connect. It is a mobile app for Apple and Android devices. It consists of advanced workout tracking capabilities and provides on-demand classes to help exercisers stay motivated. There is also a premium subscription with a wide array of Life Fitness on Demand studio-style classes and adaptive audio coaching classes by the top trainers.
- In 2022, Wahoo Fitness announced the acquisition of the RGT Cycling app. They also announced their new Wahoo X Subscription Service, which combines the membership for both apps under one umbrella.
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