Report : Middle East & Africa 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 8.9% CAGR, the Middle East & Africa Smart Bike Market is speculated to be worth US$ 101.12 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa smart bike market was valued at US$ 60.75 million in 2022 and is expected to reach US$ 101.12 million by 2028, registering a CAGR of 8.9% from 2022 to 2028. The rising health consciousness and technological advancement in smart bikes are the critical factors attributed to the Middle East & Africa smart bike market expansion.
Corporate wellness programs are employer-designed plans to improve employees' physical and mental health. The purpose of this program is to encourage employees to lead a healthy lifestyle and to help them improve the company's bottom line by lowering the impact of medical premiums and absenteeism. Implementing these programs can help increase productivity and improve employee well-being. This has also positively impacted various aspects of human healthcare, such as medical costs. It was seen that, in 2018, poor employee healthcare costs contributed to about US$ 530 billion in losses to employers. To solve this problem, these programs were implemented. Various smart bike market players develop innovative offers to help organizations or employers take care of their employees through corporate wellness programs. For instance, in June 2021, Peloton announced Peloton Corporate Wellness, a new way of bringing Peloton content or connected fitness products to businesses and organizations. Through this program, corporate enterprises can offer a subscription to Peloton’s smart bike apps at competitive rates. The success of such schemes can lead other companies to follow suit. Such programs can increase awareness of smart bikes and promote their uptake. This, in turn, can be expected to create several future growth opportunities for the Middle East & Africa smart bike market.
On the contrary, high initial investments hurdles the growth of Middle East & Africa smart bike market.
Based on connectivity, the Middle East & Africa smart bike market is sub segmented into Bluetooth and wi-fi. The Bluetooth segment held 64.1% share of Middle East & Africa smart bike market in 2022, amassing US$ 38.97 million. It is projected to garner US$ 62.80 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on handle type, the Middle East & Africa smart bike market is segmented into fixed handle type and moving handle type. With 84.3% share of the domain, the fixed handle type segment dominated the market in 2022. It accrued US$ 51.20 million in 2022 and is estimated to generate US$ 84.06 million by 2028 to grow at a CAGR of 8.6% over the forecast period.
Based on application, the Middle East & Africa smart bike market is segmented into residential and commercial. With 61.4% share of the domain, the residential segment dominated the market in 2022. It accrued US$ 37.28 million in 2022 and is estimated to generate US$ 62.86 million by 2028 to grow at a CAGR of 9.1% over the forecast period.
Based on country, the Middle East & Africa market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 29.7% share of Middle East & Africa smart bike market in 2022. It was assessed at US$ 18.04 million in 2022 and is likely to hit US$ 31.18 million by 2028, exhibiting a CAGR of 9.6% during the forecast period.
Key players dominating the Middle East & Africa smart bike market are 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 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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