According to the latest report by IMARC Group, titled “Exercise Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global exercise bike market reached a value of US$ 476 Million in 2017. An exercise bike, also known as exercycle, is a stationary equipment which is similar to a regular bicycle. Exercise bike generally consists of various components such as a saddle, paddles and handlebars. It offers myriad benefits some of which include managing body weight, enhance immunity system and measure heart rate, speed, mileage and calories burned. Apart from this, exercise bike also provides low-impact and gentle workout, and helps in avoiding the stress which is being continuously put on the spine.
Exercise bikes are extensively being used for fighting numerous lifestyle diseases such as stress, diabetes and hypertension. This is one of the primary factors which is catalysing the growth of the exercise bike market. Besides this, over the past few years, there has been a worldwide rise in the prevalence of obesity due to which consumers have become health conscious. This has, in turn, proliferated the demand for exercise bikes across the globe. Some of the other factors which have further propelled the growth of the market include surging disposable incomes, improving living standards of the consumers and product innovations by manufacturers. However, there has been a significant rise in the costs of fitness equipment which acts as a major hindrance for the growth of the global exercise bike market. Looking forward, the market value is anticipated to reach more than US$ 585 Million by 2023, expanding at a CAGR of around 3% during 2018-2023.
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- The exercise bike market has been segregated on the basis of product type which include recumbent exercise bike and upright exercise bike along with others such as indoor bikes and dual action stationary bikes. Amongst these, recumbent exercise bikes are the most popular type of exercise bike as they are less stressful for the back and knees of the consumers.
- Based on application, the market has been segmented into home consumers and gyms/health clubs. Currently, home consumers represent the largest segment owing to the rising need of convenience among consumers.
- On a geographical front, North America enjoys a leading position in the global exercise bike market. This can be highly attributed to the increasing health awareness and rising cases of obesity-related diseases across the region. North America is followed by Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Brunswick Corporation, Icon Health & Fitness, Inc., Nautilus, Precor and Technogym.
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