Report : Asia Pacific 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 12.2% CAGR, the Asia Pacific Smart Bike Market is speculated to be worth US$ 576.60 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific smart bike market was valued at US$ 289.16 million in 2022 and is expected to reach US$ 576.60 million by 2028, registering a CAGR of 12.2% from 2022 to 2028. The rising health consciousness and technological advancement in smart bikes are the critical factors attributed to the market expansion.
The growing consumer demand for the technologically advanced smart bike is influencing manufacturers to expand their business. Consumers' rising interest in smart bikes is likely to bring lucrative opportunities for startups to develop more advanced bikes in the coming years. Furthermore, various companies are adopting the inorganic development strategy of mergers and acquisitions for business growth. For instance, In June 2021, Cult.fit announced that they acquired TREAD, a Bengaluru-based connected fitness startup. The acquisition will help Cult.fit launch its hardware-at-home business vertical. With this acquisition, the company has taken its first step toward launching smart fitness hardware products. Thus, through mergers and acquisitions, companies are trying to penetrate deep into the market and expand their customer base, creating lucrative opportunities for market expansion, in developing nations, in the years to come.
On the contrary, high initial investments hurdles the growth of Asia Pacific smart bike market.
Based on connectivity, the market is sub segmented into Bluetooth and wi-fi. The Bluetooth segment held 55.1% market share in 2022, amassing US$ 159.39 million. It is projected to garner US$ 312.26 million by 2028 to expand at 11.9% CAGR during 2022–2028.
Based on handle type, the market is segmented into fixed handle type and moving handle type. With 80.2% share of the domain, the fixed handle type segment dominated the market in 2022. It accrued US$ 236.98 million in 2022 and is estimated to generate US$ 465.46 million by 2028 to grow at a CAGR of 11.9% over the forecast period.
Based on application, the market is segmented into residential and commercial. With 67.1% share of the domain, the residential segment dominated the market in 2022. It accrued US$ 193.98 million in 2022 and is estimated to generate US$ 400.86 million by 2028 to grow at a CAGR of 12.9% over the forecast period.
Our regional analysis states that China captured 29.6% market share in 2022. It was assessed at US$ 85.71 million in 2022 and is likely to hit US$ 182.09 million by 2028, exhibiting a CAGR of 13.4% during the forecast period.
Key players dominating the Asia Pacific 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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