The global home exercise bike market size was valued at USD 1,412 million in 2021, expected to reach USD 2,814 million and grow at a CAGR of 9% during the forecast period. Home exercise bikes are stationary fitness equipment to enhance and maintain cardiovascular health and reduce body fat. The home exercise bike, unlike its gym counterpart, is utilized for workouts at home. It includes the saddle, handlebars, pedals, and foot straps. The machine does not typically call for any training before it can be used; however, some variations of this equipment might call for some level of technical expertise to function correctly. Health risks have increased due to a sedentary lifestyle and dietary changes. Therefore, increasing awareness toward regularly engaging in physical activities to maintain a healthy lifestyle has boosted the exercise bike sector's growth, particularly the in-house equipment market.
The expansion of the market for home exercise bikes can be attributed to the worldwide increase in health consciousness. The exercise equipment market is primarily driven by the global rise in health consciousness and demand for an active, healthy lifestyle. In addition, most geriatrics in developed and developing nations use specialized fitness equipment to enhance their cardiovascular health. This trend drives the fitness equipment market significantly. However, counterfeit exercise equipment's high cost and availability is the major restraint for the global market. However, a rise in disposable income and body image concerns are anticipated to create growth opportunities for the global market.
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The Growing Health Concerns and Obese Population
The growing health consciousness of consumers and the rising demand for lifestyles that involve more physical activity and nutritious food are the primary forces behind expanding the market for exercise bikes that can be used at home. A sedentary lifestyle and diet changes have contributed to an increase in people's health risks. As a result, an increased awareness toward habitually engaging in physical activities to maintain a healthy lifestyle is one of the primary drivers behind the growth in the market. In addition, most elderly people in developed and developing nations use specialized fitness equipment to improve their cardiovascular health. Thus, increasing demand for home exercise bikes.
The alarming rise in global obesity, particularly in urban areas, contributes to expanding the home exercise bike market growth. The World Health Organization reported that there had been a startling rise in the number of obese people all over the world. In 2016, 39% of adults aged 18 and older worldwide were overweight, while 13% were obese. During the same period, 41 million children under 5 were overweight or obese. Additionally, over 340 million children and adolescents aged 5–19 were overweight or obese. There are some health problems and disorders that have been linked to obesity. These include diabetes, hypertension, hypotension, and sudden cardiac arrest. To be healthy, reduce stress, and improve blood circulation, obese individuals tend to utilize fitness equipment more frequently, increasing the demand for these products, and boosting the market for home exercise bikes market.
Expensive Fitness Equipment
The high cost of exercise equipment is a significant factor restraining the fitness equipment market. As a consequence of this factor, there has been an increase in the demand for used exercise equipment. Because of their lower prices, resale products are favored by newly established start-up gyms, fitness centers, and in-house gyms. Online retailers like eBay are seeing a rise in business from customers interested in purchasing used goods in developing nations. This results in equipment failure relatively short time, discouraging people who might become members. In addition to this, it impedes the sale of new fitness equipment, which, in turn, slows down the expansion of the global market for home exercise bikes.
Growing Body Image Concerns
The widespread adoption of extreme lifestyles, which have been inspired by the entertainment industry and social media platforms, has led to a surge in the practice of body shaming. This trend has been on the rise since the early 2010s. Consequently, people in today's society place a great deal of emphasis on their appearance. They have started following various diet and exercise plans to improve their perception of their bodies. In addition, they have started spending money on gym memberships and multiple exercise equipment for their homes, such as treadmills, jump ropes, and exercise bikes. It is anticipated that all of these factors will combine to raise the global demand for home exercise equipment and create growth opportunities.
The global home exercise bike market is classified based on type, sales channel, and region.
Segmentation based on type includes recumbent, upright, dual-action, and interactive bikes.
The recumbent bike segment is estimated to hold the most significant market proportion during the forecast period while growing at a CAGR of 9.4%. This stationary exercise bike is not intended to resemble or function as a standard bicycle. It has a relaxed style and a seat positioned behind the pedals. Because of its design and shape, handlebars are not required. The recumbent bike provides a great workout regardless of the user's fitness level. A recumbent bicycle is distinguished by its structure, large and comfortable seat, and usability. These stationary bikes are incredibly comfortable, take up minimal space, and are highly stable and secure. Even with its reclined position, the design of a stationary recumbent bike allows for a great lower-body workout. This design is suitable for overweight, elderly, or simple exercise programs. These bikes can also be used to recover from injuries by starting at low speeds and gradually increasing them, to strengthen the entire lower body, lose weight, and enhance cardiovascular health.
The upright bike segment will hold the second-largest market share. The seats on suitable bicycles are typically more compact, and riders frequently have to lean slightly forward to get comfortable behind the handlebars. In recent years, there is witnessed an increment in the sophistication of upright stationary bikes. These bikes have added various brand-new and improved features, such as adjustable handlebars, seat positions, and odometers, amongst other upgrades. The functionality of the upright bikes may vary from model to model. Still, just like regular bicycles, these suitable stationary bicycles give riders the option to sit or stand while using them. When not in use, the numerous upright stationary bikes offered by various manufacturers can be folded up and put away relatively quickly.
Segmentation based on sales channels includes online and physical stores.
The physical store channel is expected to hold the largest share during the forecast period and grow at a CAGR of 8.7%. The physical store segment consists of all physical retail stores selling sports and exercise equipment to consumers. Physical stores offer various products, from merchandise and free weights to high-end exercise equipment, all under one roof. Customers can view and try out the products before making a purchase, making them the consumers' first choice for purchasing specialty items. The growth of the physical store segment of the home exercise bike market can be attributed to the growing adoption of physical store retail formats like the supermarket and hypermarkets in both mature and emerging markets. In addition, the one-stop solution provided by these retail formats makes them a popular shopping option among consumers. In addition, these retail formats offer customers a vast selection of products at competitive prices and are typically situated in easily accessible areas, contributing to the segment's overall attractiveness.
The online segment will hold the second-largest segment. In the most recent years, the online channel has experienced growth on an exponential scale. This can be attributed to the rise in popularity of the internet and the availability of various products at reduced prices. In addition, the increase in mobile banking and the proliferation of smartphones have helped pave the way for the development of the online market segment. In the sports and exercise equipment industry, the online channel is a rapidly developing sales channel. Owing to the convenience and availability of online platforms, consumers prefer them. To attract more customers, this platform provides a variety of online purchase discounts. The emergence of advanced technology facilitates the global expansion of online channel businesses. In addition, online sales have contributed significantly to the revenue of market-active companies. Increasingly, market leaders are partnering with online channel sites to enhance their market presence and expand their consumer base.
The region-wise segmentation of the global home exercise bike market includes North America, Europe, Asia Pacific, and LAMEA.
North America And Europe Will Dominate The Regional Market
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North America will command the market with the largest market share and grow at a CAGR of 8.6% during the forecast period. Since North America is an advanced region with highly developed distribution channels, it has a high consumer product sales per capita rate. The home exercise bike market in North America has seen a significant increase in demand for home exercise bikes due to the growing demand for the home exercise bike market. The key market players are expanding their operations in North America to gain a stronger foothold in the home exercise bike market due to the lucrative growth opportunities available in this region.
In addition, the fact that consumers are becoming more interested in working out inside due to the ongoing pandemic is helping to boost the introduction of new exercise bikes onto the market. In addition, the younger generation of wealthy consumers in the region strongly prefers physical fitness and maintaining a healthy weight and body composition. This drives the market's growth in the area as people frequently look for home exercise equipment to achieve their desired body composition.
Europe will hold a share of USD 819 million while growing at a CAGR of 7.9% during the forecast period. Europe is regarded as the mature market for consumer goods from a global standpoint. The expansion of the home exercise bike market share in the region is fueled, in part, by an increase in the amount of money spent on research and development by the various engaged stakeholders. In the European market, there is a high demand for home exercise bikes because there has been a surge in the population of people using home exercise bikes for workouts done at home. In addition, a number of the most notable market participants have relied on the development of innovative products as well as advancements in technology to secure a sizeable portion of the market in this particular geographic region. In addition, the growing number of women who are active members of the fitness community is a significant factor in expanding this market in Europe.
List of key home exercise bike market manufacturers profiled