The global smart bike market size was USD XX Mn in 2022 and is likely to reach USD XX Mn by 2031, expanding at a CAGR of XX% during 2023–2031. Increasing demand for smart bikes is fueling the market in the coming years.
Smart bike is an enhanced type of normal bike used in daily life. These bikes can help maintain fitness concerns in daily life. The smart bikes have a built-in screen to display the information. Moreover, smart bikes can be connected using Wi-Fi or Bluetooth to smartphones, smartwatches, and tablets to set the timing for exercising.
Smart bikes are costly bikes. VanMoof is a renowned smart bike company. Its products cost nearly EUR 2000. However, the features of this smart bike are growing rapidly with time. Some of the smart bikes include PowerMax BS-130, Wattbike, and Joroto Indoor Cycle.
The requirements for smart bikes during the COVID-19 pandemic rose considerably, as sports persons and people interested in fitness adopted fitness regimes at home. Several fitness centers closed down owing to lockdowns imposed globally during the pandemic, which propelled the demand for smart bikes. Sports and fitness enthusiasts ended up purchasing cycles, dumbbells, and treadmills.
Smart Bike Market Dynamics
Major Drivers
Rising demand for technologically advanced smart bikes is expected to drive the market. Increasing adoption of e-commerce, rising youth population, and growing lifestyle health issues are expected to drive the smart bike market.
Existing Restraints
The battery life of smart bikes is less and these vehicles require long charging time, which is expected to hamper the market in the forecast period. Moreover, smart bikes are expensive, and indoor smart bikes can be repetitive and monotonous. The maintenance of the smart bike can be complicated, the LCD and sensors in the smart bikes are sensitive hence, the cost of dying sensor or replacement of the LCD screen can be costly. Thus, hampering the market during the forecast period.
Emerging Opportunities
The ability to receive commands and information is remote, which is expected to create lucrative opportunities for the market players. Key players are developing different solutions and integration for smart bikes. Specialized Bicycle Components Inc., the US-based company, has integrated novel features into its products.
Scope of the Smart Bike Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also 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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Smart Bike Market - Global Industry Analysis, Growth, Share, Size, 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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Connectivity (Wi-Fi and Bluetooth), Handle Type (Moving and Fixed), Application (Commercial and Residential)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Echelon Fitness Multimedia LLC.; Keiser.; Johnson Health Tech.; MAD DOGG ATHLETICS; Wahoo Fitness.; Nautilus, Inc.; and Life Fitness.
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Market Segment Insights
Based on connectivity, the smart bike market is divided into wi-fi and Bluetooth. The Bluetooth segment is expected to expand at a significant pace during the projection period. Many security features have been embedded in smart bikes and electric vehicles, including alarm functions to protect them from thieves. Additionally, these bikes come with different applications for protection purposes such as users can lock their smart bike with the help of LINKA smart bike lock and can control it through the smartphone application.
On the basis of handle type, the global market is segregated into moving and fixed. The moving segment is projected to register a considerable CAGR during the forecast period. These handles help in developing arm strength and helping building cardio capacity. The use of smart bikes affects joints more than cardio.
In terms of application, the smart bike market is bifurcated into commercial and residential. The residential segment is expected to expand at a robust pace during the forecast period. Rising urbanization, busy schedules of working people, and inactive lifestyle are anticipated to boost the adoption of smart bikes during the forecast period. Moreover, growing demand for smart bikes to treat health-related problems is boosting the segment.
Based on region, the global smart bike market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period owing to the eco-friendly transportation mode, and appropriately connected roads in the region. According to an estimation, in 2013 nearly 40 million smart bikes were sold worldwide.
Segments
The smart bike market has been segmented on the basis of
Connectivity
Handle Type
- Moving Handle Type
- Fixed Handle Type
Application
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global smart bike market are Echelon Fitness Multimedia LLC.; Keiser.; Johnson Health Tech.; MAD DOGG ATHLETICS; Wahoo Fitness.; Nautilus, Inc.; and Life Fitness.
These companies adopt strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to increase their consumer base. For instance,
- In April 2022, A fitness company, Blue goji, acquired the intellectual property and assets of Interactive Fitness Holdings (IFH). Blue goji is likely to maintain the CyberCycle exercise and Expresso bikes during the acquisition. The aim of the acquisition is to pair CyberCycle Bikes with GojiCare and Expresso Bikes with GojiPlay to engage customers.
- In April 2019, Garmin Ltd. declared the acquisition of the Tacx Onroerend en Roerend Goed B.V (Tacx), a company that makes tools and accessories, indoor bikes, and applications for indoor training.
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