Report : North America 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 10.8% CAGR, the North America Smart Bike Market is speculated to be worth US$ 1,148.44 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America smart bike market was valued at US$ 619.57 million in 2022 and is expected to reach US$ 1,148.44 million by 2028, registering a CAGR of 10.8% from 2022 to 2028. The rising health consciousness and technological advancements in smart bikes are the critical factors attributed to the market expansion.
Exercising at home during the COVID-19 lockdown has become mandatory for fitness enthusiasts, due to which the demand for smart bikes in the market has also increased. To provide comfort to people, smart bike manufacturers have upgraded their products. For instance, in November 2022, Muoverti launched a TiltBike, enabling riders to balance and steer, accelerate and brake, and fully engage their body to simulate the riding experience. Similarly, other manufacturers have developed smart bikes to provide riders with a significant outdoor riding experience while actually being indoors. Some of these bikes are Wattbike, Flexbike, PowerMax BS -130, Joroto Indoor Cycle, and others. Wattbike provides accurate data, polar view, real ride feel technology, Handlebar Height, etc., thus giving the sensation of riding on the road. Flexbike is a Bluetooth-enabled smart bike. The Flexnest's app provides 3 types of bike workouts: Quick, virtual, and class ride. The PowerMax BS -130 has adjustable handlebars and high-density padded seats, which offers users a customizable experience. Also, Joroto Indoor Cycle is a fully adjustable bike with a 2-way adjustable handlebar and 4-way adjustable seat. It also has an easy-read digital monitor to track workout data, such as workout time, RPM, distance, speed, and calories burned. In addition, market players have launched various new software applications to enhance the user experience. For instance, Zwift allows indoor cyclists to join group rides where they can measure themselves against others worldwide. Also, it has the feature of messaging others, thus helping interact with other users. Moreover, Bowflex offers Netflix, Disney Plus, and HBOMax, among other things, thus keeping the rider engaged while doing the workout. Thus, the rising demand for technologically advanced smart bikes is boosting the market.
On the contrary, high initial investment hurdles the growth of North America smart bike market.
Based on connectivity, the market is sub segmented into Bluetooth and wi-fi. The Bluetooth segment held 53.3% market share in 2022, amassing US$ 330.08 million. It is projected to garner US$ 560.81 million by 2028 to expand at 9.2% CAGR during 2022–2028.
Based on handle type, the market is segmented into fixed handle type and moving handle type. With 79.8% share of the domain, the fixed handle type segment dominated the market in 2022. It accrued US$ 494.21 million in 2022 and is estimated to generate US$ 901.95 million by 2028 to grow at a CAGR of 10.5% over the forecast period.
Based on application, the market is segmented into residential and commercial. With 70.9% share of the domain, the residential segment dominated the market in 2022. It accrued US$ 439.08 million in 2022 and is estimated to generate US$ 823.40 million by 2028 to grow at a CAGR of 11.0% over the forecast period.
Our regional analysis states that the US captured 86.1% market share in 2022. It was assessed at US$ 533.36 million in 2022 and is likely to hit US$ 998.40 million by 2028, exhibiting a CAGR of 11.0% during the forecast period.
Key players dominating the North America 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.; SOLE FITNESS; 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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