Bike Trainer Market Outlook 2031
The bike trainer market size was valued at USD 777.98 million in 2022 and is projected to reach USD 1.80 billion by 2031, expanding at a CAGR of 9.8% during the forecast period, 2023 - 2031. Sales of indoor bikes and trainers jumped in 2020 due to mobility restrictions across the world. This had a positive effect on the sales of bike trainers or indoor cycles owing to growing consumer inclination towards home fitness equipment purchase.
Online sales of bike trainers also gained a height due to the restriction of lockdown and fear of Covid-19. Therefore, people purchase bike trainers mainly from online sales channels. The sudden hike in 2020 sales of bike trainers mainly seen from the developed countries such as North America, European countries.
Macroeconomic Factors
GDP
GDP across countries, globally, is expected to decline due to the outbreak of COVID-19. Manufacturing units of bike trainers are facing several challenges due to restrictions and limitations in the supply chain caused by the lockdown. These challenges are likely to slow down their production. However, the demand for bike trainers has increased due to growing awareness about health. These factors are driving the bike trainers market at a significant pace, even during the pandemic.
Disposable Income
Disposable income is increasing worldwide due to the growth of various businesses, rise in revenue, surge in population, and increase in literacy rate and employability. People are increasingly investing in heath-related and leisure products. These, in turn, are anticipated to increase the demand for bike trainers during the forecast period.
Bike Trainer Market Dynamics
Driver- Rise in Awareness about Health and Fitness
The growing prevalence of chronic diseases such as diabetes and obesity globally has increased the awareness about personal health and fitness in people. The number of fitness enthusiasts is growing among the young and adult populations of countries in North America and Europe in the last few years. Lack of spaces to ride a bike, such as in parks and empty roads in cities, is driving the demand for bike trainers.
Additionally, due to the impact of COVID-19 people unable to go outdoors to ride bikes, which in turn is increasing the demand for bike trainers.
Driver- Increase in Disposable Income of People
The rise in demand for bike trainers is attributed to the increasing disposable income of people worldwide. People who ride bicycles regularly opt for bike trainers to ride their bikes while staying indoor. The global economy is growing rapidly, due to the rising standard of living and exposure to modern technologies, and thus the number of people buying bike trainers is also rising.
More people are investing in bike trainers, as they enhance the indoor bike riding experience and are available with adjustable resistance and many other features. Moreover, bike trainer companies are engaged in developing their products to cater to the rising demand for novel bike trainers.
Restraint- Bike Trainers can Damage the Bike
The bike is clamped down tightly to the bike trainer to ensure its stability while riding. That causes two problems; firstly, the clamps can scratch and/or break the quick-release levers and possibly break the frame of the bicycle. The other issue is that the rear tire wears out faster than the front due to the applied pressure being.
The pressure on the rear tire occurs due to the resistance mechanism of the bike trainer. These factors are impeding the demand for bike trainers, which in turn, hinders the global bike trainers market.
Opportunity- Rising Trend of cycling e-sports
The rapidly rising trend of e-sports is creating opportunities in the bike trainers market. Bike trainers are essential equipment for e-cycling events. These trainers allow people to be part of such events while staying at home and to be connected via apps and software. Sports organizations and market players are organizing e-sports cycling championships.
- For instance, in 2020, Zwift and UCI hosted the first-ever cue cycling e-sports world championship. Many other companies are working toward establishing a completely new and advanced cycling discipline and e-sport platform.
Scope of the Bike Trainer Market Report:
The report on Bike trainer market includes an assessment of the market, size, share, trends, segments, and country markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Bike Trainer Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023–2031
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Segmentation
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By Product Type (Classic Bike Trainers, Smart Bike Trainers, Roller Bike Trainers/ Rollers), By Application (Training, Fitness), By Distribution Channel (Online, Offline), By Resistance Type (Magnetic, Fluid, Direct Drive, Others)
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Regional Scope
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North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Blackburn, ELITE, Garmin Ltd., Kurt Manufacturing Company, Peloton Interactive, Inc
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Bike Trainer Market Segment Insight
On basis of product type, the market is segmented into Classic Bike Trainers, Smart Bike Trainers, and Roller Bike Trainers/ Rollers. The classic bike trainers hold the highest market share in 2020. On the global level, this segment is expected to be dominant position owing to its low cost. Smart bike trainers are gaining traction in the market due to their connectivity features. This segment is expected to expand at the highest CAGR during the forecast period.
Based on application, the market is categorized into training & fitness. The training market holds the highest market value in 2020 owing to the growing use of bike trainers by professionals. However, due to Covid-19, the fitness segment is anticipated to grow at the highest CAGR during the forecast.
In terms of distribution channels, the market is divided into online and offline sales. Offline sales account for the major market share in 2020 and are also expected to be the dominant market segment throughout the forecast period. Online sales have skyrocketed in 2020 due to the lockdown of countries, mobility restrictions, and fear of going outside due to the Covid-19 pandemic. Online sales are anticipated to expand at the highest CAGR during the forecast.
On basis of resistance type, the market is segmented into Magnetic, Fluid, Direct Drive, and Others. The magnetic resistance types are used mostly in bike trainers, thus, holds the highest market share. It is also a less expensive type as compared to direct dive and fluid. The direct dive and fluid types are mostly used for smart bike trainers.
Based on regions the global bike trainer market is segmented into five regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America holds the highest market in 2020, followed by Europe and Asia Pacific. The Asia Pacific region is expected to expand at highest CAGR 13.0% during the forecast,
Technological Innovations
Smart Bike Trainer Apps
With the ever-evolving smart bike trainers technology, manufacturers of bike trainers are opting to either acquire or partner up with a cycling technology company. Acquisitions and partnerships are offering huge potential growth opportunities to the manufacturers of smart bike trainers. Smart bike trainers are in the early stages of their growth which is driven by huge consumer demand for these trainers, as they provide flexibility to the rider in when and how they want to train.
Bike trainer apps are used to achieve connectivity with the smart bike trainers. These apps help the rider to get a full interactive experience of riding. The app allows rider interaction with the bike trainer in two different ways. Firstly, the app live streams the rider’s performance to the coach, who can be anywhere in the world. This way the rider can get proper guidance while riding indoors and the changes in riding course can be monitored by a supervisor.
Secondly, the app creates virtual experience of riding alongside someone who maybe far away in real life. Being able to ride with others while staying indoors is a major factor attracting people to smart bike trainer apps. Many of these apps are compatible various brands of smart bike trainers and multiple operating systems such as iOS and Android.
Moreover, these apps are compatible with various devices including smartphones and tablets. Some bike training apps are available for free, while some charge a fee for a more refined experience. The average cost for these apps ranges between USD 10 to USD 40 for a monthly service subscription, which is lesser than the price of spin classes at health clubs.
Furthermore, these apps provide hundreds of options in routs, terrains, and workouts to choose from at a very low price. Additional services such as directly streaming on a TV might cost extra in some applications.
Zwift: This app offers a diverse range of rides based on a actual or imaginary locations such as London, Austria, Richmond, and an imaginary island called Watopia. Riders can ride the routes with or against the people they have never met. Moreover, groups of riders can join together and create a virtual cycling event with this app.
Peloton: In this app, riding is directly streamed to the instructors so that they can monitor the riding or in some cases instructors give inputs of needed guidance. The leaderboard feature in an app that allows riders to compare their progress with other riders. Interactive classes are available at any hour of the day. The less expensive option of the app allows riders to stream the classes without any interaction.
Tacx: Tacx is a hardware agnostic app-based system, which means that riders can use any number of bike setups with it. This system is compatible with the Tacx trainers and other 3rd party trainers. Tacx app has a simple interface and offers multiple options to rides and tracks from around the globe. One can create virtual expertise of a location or terrain for riding based on the GPS co-ordinates of that reason with this app.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Bike Trainer Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Bike Trainer Market Performance
Segments
By Product Type
- Classic Bike Trainers
- Smart Bike Trainers
- Roller Bike Trainers/ Rollers
By Application
By Distribution Channel
By Resistance Type
- Magnetic
- Fluid
- Direct Drive
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Blackburn
- ELITE
- Garmin Ltd.
- Kurt Manufacturing Company
- Peloton Interactive, Inc.
- Saris
- Stages Cycling, LLC
- TECHNOGYM S.p.A
- Wahoo Fitness
- Wattbike
Competitive Landscape
Players in the market include Blackburn, ELITE, Garmin Ltd., Kurt Manufacturing Company, Peloton Interactive, Inc., Saris, Stages Cycling, LLC, TECHNOGYM S.p.A, Wahoo Fitness and Wattbike. These companies are considered as key manufacturers of global bike trainer based on their revenue, product offerings and supply chain management system.
The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where there is potential opportunity for the global bike trainer market.
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