Wilmington, Delaware, United States, April 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Surge in adoption of smart indoor bike trainers, especially those integrated with ANT+/Bluetooth, is expected to offer lucrative business opportunities to companies in the market.
Rise in demand for indoor sports and fitness machines among amateur riders and fitness enthusiasts alike in developed countries is expected to augment market value. The global indoor bike trainers market was valued at US$ 408.2 Mn in 2022 and is projected to expand at a CAGR of 4.3% from 2023 to 2031 and reach US$ 594.5 Mn by the end of 2031.
High rate of adoption of virtual workouts at homes is likely to bolster global indoor bike trainers market growth. Rise in demand for smart fitness accessories is expected to positively influence the global indoor bike trainer’s industry.
However, consumers, especially in cost-sensitive markets, in spite of surging awareness about indoor fitness products, are dissuaded by high pricing of several of these products. Rise in demand for a range of high-quality and interactive bike trainers is likely to offer lucrative opportunities to manufacturers of training equipment in sports.
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Key Findings of Study
- Surge in Demand for Smart Indoor Sports & Fitness Equipment: Rapid pace of adoption of technologically advanced indoor sports & fitness products, such as equipment and apps, is anticipated to propel the global indoor bike trainers market. Rise in introduction of indoor bike trainers with smart features, including software-enabled control mechanism and speed and cadence sensors, is likely to attract consumers.
- Recent market trends indicate rapid increase in incorporation of next-generation human-machine interaction technologies, with AI being a prominent example. Features such as custom workout builder functionality are likely to attract athletes and fitness enthusiasts.
- Rapidly Increasing Usage of Indoor Cycling Apps to Augment Market Size: Rise in demand for indoor sports and fitness apps is likely to accelerate market development. A number of companies in the indoor bike trainers market are shifting focus toward developing interactive indoor cycling apps. For instance, these companies are striving to gamify indoor training by unveiling cycling augmented reality apps. Surge in popularity of indoor cycling & running virtual training apps is likely to broaden market outlook in the next few years.
Key Drivers
- Increase in inclination toward sports fitness & training indoor is a key driver of the global indoor bike trainers market. Rise in awareness about health benefits of indoor cycling among fitness enthusiasts as well as the common populace in the past few years has accelerated market growth.
- Continuous advancements in cycling technologies, which include apps, are likely to drive market evolution. For instance, popularity of indoor bike trainers that are equipped with innovative features to promote neuromuscular coordination in cyclists has increased in the past few years.
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Regional Growth Dynamics
North America accounted for the leading share of the global indoor bike trainers market in 2022. The trend is anticipated to continue from 2023 to 2031. Rise in commercialization of smart indoor sports & fitness equipment and rapid increase in awareness about health benefits of indoor cycling among the population of the region are likely to propel the market. The market is intensely competitive in North America, with presence of several key manufacturers.
Asia Pacific is also anticipated to record significant growth from 2023 to 2031. Rise in adoption of equipment for indoor sports and fitness training among consumers in the region is likely to fuel the indoor bike trainers market in the next few years. High burden of chronic diseases such as diabetes and obesity in the region is anticipated to spur demand for indoor sports & fitness equipment.
Competition Landscape
Collaboration & acquisitions and product innovation are the key competitive strategies adopted by players in the indoor bike trainers market. Leading companies are keen on business expansion in new geographies to consolidate their market positions.
Key companies in the indoor bike trainers industry are Feedback Sports LLC, Kurt Manufacturing Company, Garmin International, MINOURA Co., Ltd., Nautilus International, Stages Cycling LLC, Tacx B.V., Wahoo Fitness, Wattbike Ltd, and The Schwinn Bicycle Company.
Key Points from TOC:
1. Preface
1.1. Market Definitions and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions
3. Research Methodology
4. Executive Summary
5. Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.3. Key Trends Analysis
5.3.1. Supply Side
5.3.2. Demand Side
5.4. Key Market Indicators
5.4.1. Overall Indoor Bike Trainers Market Overview
5.5. Porter’s Five Forces Analysis
5.6. Value Chain Analysis
5.7. Industry SWOT Analysis
5.8. Technological Overview
5.9. Regulatory Framework & Guidelines
5.10. Covid-19 Impact Analysis
5.11. Global Indoor Bike Trainers Market Analysis and Forecast, 2017 - 2031
5.11.1. Market Value Projections (US$ Mn)
5.11.2. Market Volume Projections (Thousand Units)
6. Global Indoor Bike Trainers Market Analysis and Forecast, by Category
6.1. Indoor Bike Trainers Market (US$ Mn and Thousand Units), by Category, 2017 - 2031
6.1.1. Smart Bike Trainers
6.1.2. Classic Bike Trainers
6.2. Incremental Opportunity, by Category
7. Global Indoor Bike Trainers Market Analysis and Forecast, by Type
7.1. Indoor Bike Trainers Market (US$ Mn and Thousand Units), by Type, 2017 - 2031
7.1.1. Direct Drive Trainers
7.1.2. Friction Trainers
7.1.3. Magnetic Trainers
7.1.4. Rollers
7.2. Incremental Opportunity, by Type
TOC Continued……
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Indoor Bike Trainers Market Segmentation
Category
- Smart Bike Trainers
- Classic Bike Trainers
Type
- Direct Drive Trainers
- Friction Trainers
- Magnetic trainers
- Rollers
Consumer Group
- Adults
- Kids
Distribution
- Online
- Offline
- Direct Sales
- Indirect Sales
Region
- North America
- South America
- Middle East & Africa
- Asia Pacific
- Europe
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