Home Exercise Bike Market Size Is Projected To Reach $2,335.2 Million By 2027, And Leading Players Updates By Forecast To 2021-2027, Report
The global home exercise bike market size was valued at $1,213.5 million in 2019, and is projected to reach $2,335.2 million by 2027, registering a CAGR of 8.7% from 2021 to 2027. The recumbent segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. North America held a leading position in the global market in 2019, and is expected to maintain its dominance in the future.
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The growth of the home exercise bike market can be attributed to growing population all around the world. Increase in health awareness and rise in need for active, healthy lifestyle across the world are the key drivers of the fitness equipment market. Sedentary lifestyle and changes in eating habits have led to increased health risks. Therefore, increase in awareness toward regular physical activities to maintain healthy lifestyle has boosted the growth of the fitness equipment market, in-house equipment in particular.
In addition, majority of the geriatric population in developed and developing countries use unique fitness equipment to improve their cardiovascular conditions. This trend is significantly driving the market for fitness equipment. However, high cost and availability of counterfeit exercise equipment act as the major restraint for the global market. On the contrary, rising disposable income of people and growing concerns about body image among people is expected to provide opportunities for the global home exercise bike market growth.
Based on the home exercise bike market analysis by sales channel, the physical store segment generated maximum revenue in 2019. The dominance of this segment can be attributed to the consumers being able to try before purchase. Furthermore, consumer get immediate gratification when they purchase through physical outlets which further drives the market growth.
Based on home exercise bike market forecast by type, the recumbent bike segment was the highest revenue-generating segment, accounting for a major share in 2019. The growth in this segment can be attributed to features such as easily available, affordability and low stress on the lower back and spine. The upright bike segment is expected to witness modest growth rate of during the forecast period.
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The Global Home Exercise Bike market is segmented into type, sales channel and region. The type segment includes recumbent bike, upright bike, dual action bike, and interactive bike. On the basis of sales channel, the market is classified into online, and physical store. Region wise, it is analyzed across North America (the U.S., Mexico, and Canada), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
Key Market Players Profiled In The Report:
• KPS Capital Partners
• Icon Health & Fitness Inc.
• Sunny Health and Fitness
• Body Solid
• Jhonson Health Tech
• Paradigm Health & Fitness.
Key Findings Of The Study
○ On the basis of type, the recumbent segment is projected to witness the growth rate, during the forecast period.
○ On the basis of sales channel, the physical store segment is expected to dominate the market from 2021 to 2027.
○ The online segment is expected to grow at a significant CAGR during the forecast period.
○ U.S. was the largest country, in terms of revenue generation for home exercise bike in 2019.
○ Asia-Pacific is anticipated to witness highest growth rate, from 2021 to 2027.
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