Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Global Bike Trainers Market by Type, Application, Distribution Channel, and Region 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global bike trainers market is witnessing remarkable growth, with a valuation of $162 million in 2021, and it is projected to reach $362.6 million by 2031, experiencing a steady CAGR of 6.9% from 2022 to 2031.
The surge in demand for bike trainers can be attributed to the improving standard of living worldwide, the growing preference for health-conscious products, and the increasing number of health clubs and gyms. Additionally, the market for used bike trainers is flourishing due to budget constraints and the desire to reduce costs in new fitness facilities. This report analyzes the market's segmentation, key players, and significant growth trends, providing valuable insights into the bike trainers industry.
Growing Standard of Living and Demand for Bike Trainers
As economies worldwide continue to grow, there has been a notable improvement in the standard of living for many individuals. With higher disposable incomes, people are increasingly investing in products and services that enhance their lifestyle. Bike trainers have become a popular choice for fitness enthusiasts who prefer cycling indoors, especially during inclement weather or busy schedules. The convenience and flexibility they offer, along with features like adjustable resistance and virtual training programs, have contributed to the surge in demand for bike trainers.
Health Consciousness Driving Fitness Facility Expansion
The world is witnessing a significant shift towards health consciousness, with more individuals realizing the importance of maintaining a healthy and active lifestyle. This growing awareness has led to a surge in demand for fitness facilities such as health clubs and gyms. According to the International Health, Racquet, and Sports Club Association (IHRSA), there has been a substantial increase in the number of health clubs and gyms globally. Countries in Europe, Latin America, and North America have seen a notable rise in fitness facilities, with numbers reaching thousands. As more health clubs and gyms open their doors to cater to the increasing fitness demands, the demand for bike trainers is also expected to rise in tandem.
Segmentation Analysis
The bike trainers market is segmented based on type, application, distribution channel, and region.
By Type:
- Smart Bike Trainers
- Classic Bike Trainers
Among these segments, the classic bike trainers hold the largest market share. In 2021, the classic bike trainers segment accounted for the highest revenue of $94 million, and it is estimated to reach $190 million by 2031, with a steady CAGR of 5.8%. While smart bike trainers offer advanced features and connectivity options, classic bike trainers remain popular among cyclists due to their simplicity and affordability.
By Application:
- Training
- Fitness
- Others
The fitness segment is the highest revenue contributor to the market, with $85.6 million in 2021, and it is estimated to reach $185.7 million by 2031, growing at a CAGR of 6.5%. The increasing number of fitness enthusiasts and health-conscious individuals is driving the demand for bike trainers in fitness applications.
By Distribution Channel:
- Online
- Offline
The offline distribution channel dominates the market, with $106.6 million in revenue in 2021, and it is projected to reach $235 million by 2031, with a CAGR of 6.7%. Although online sales are gaining traction, consumers still prefer purchasing bike trainers from physical stores, where they can physically inspect the product before making a purchase.
Regional Insights
The global bike trainers market is divided into North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
North America: North America holds the highest revenue share in the market, accounting for $56.3 million in 2021. The region is expected to maintain its dominance, reaching $117.8 million by 2031, with a CAGR of 6.1%. The increasing adoption of indoor cycling and the presence of well-established fitness facilities contribute to the region's strong market position.
Europe: Europe is a significant market for bike trainers, with $43.8 million in revenue in 2021. It is estimated to reach $95.6 million by 2031, with a CAGR of 6.3%. The region's focus on fitness and healthy living, coupled with a rising number of health clubs, drives the market's growth.
Asia-Pacific: The Asia-Pacific region is witnessing rapid growth in the bike trainers market, with $46 million in revenue in 2021. It is projected to reach $106.7 million by 2031, with a CAGR of 7.1%. The region's increasing middle-class population and rising disposable income contribute to the expanding market.
LAMEA: Latin America, the Middle East, and Africa represent a growing market for bike trainers, with $16 million in revenue in 2021. It is estimated to reach $42.5 million by 2031, with a CAGR of 9.3%. The market's growth in this region is primarily driven by the rising health consciousness and a growing interest in fitness activities.
Key Players and Competitive Strategies
The bike trainers market is highly competitive, with numerous players vying for a significant market share. Key players in the global bike trainers industry include BKOOL, CA Global, Garmin Ltd., ELITE SRL, Kurt Manufacturing Company, Minoura Co. Ltd, Stages Cycling LLC, TECHNOGYM S.p.A, Wahoo Fitness LLC, Wattbike Ltd, Qingdao Magene Intelligence Technology Co., Ltd., Decathlon SA, JetBlack Cycling, Alpcour, and Feedback Sports LLC.
These players adopt various strategies to expand their market share, increase profitability, and maintain their competitiveness:
- Product Launch: Companies are continuously innovating and launching new bike trainer models with advanced features to attract customers and stay ahead in the market.
- Business Expansion: Key players are exploring opportunities in untapped markets by expanding their presence through partnerships, collaborations, and acquisitions.
- Mergers & Acquisitions: Inorganic growth strategies, such as mergers and acquisitions, enable companies to strengthen their product portfolios and expand their market reach.
The Rise of the Used Bike Trainers Market:
One of the challenges faced by the bike trainers market is the high price of smart bike trainers. This factor often hinders potential buyers, especially those in developing nations and new fitness facilities, from investing in brand-new trainers. As a result, the market for used bike trainers is gaining traction. Larger gyms and fitness centers often sell.
Recap of Market Dynamics
- Drivers
- Increase in obese population
- Rise in health awareness
- Increase in the number of gyms and fitness clubs
- Restraints
- High cost of smart bike trainers
- Opportunities
- Surge in government initiatives toward sports activities and events
- Robust growth of online retail platforms
Key Topics Covered
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Bike Trainers Market, by Type
Chapter 5: Bike Trainers Market, by Application
Chapter 6: Bike Trainers Market, by Distribution Channel
Chapter 7: Bike Trainers Market, by Region
Chapter 8: Competitive Landscape
Chapter 9: Company Profiles
- Feedback Sports LLC
- Garmin Ltd.
- BKOOL, S.L.
- Kurt Manufacturing Company
- MINOURA Co. Ltd.
- Alpcour
- CA Global
- Wahoo Fitness LLC
- Wattbike Limited
- Elite S.r.l.
- Qingdao Magene Intelligence Technology Co. Ltd.
- Decathlon S.A.
- JetBlack Cycling
- Stages Cycling LLC
- Technogym S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/5amm87
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