Portland, OR, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bike trainers market generated $162.0 million in 2021, and is estimated to reach $362.6 million by 2031, witnessing a CAGR of 6.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $162.0 Million |
| Market Size in 2031 | $362.6 Million |
| CAGR | 6.9% |
| No. of Pages in Report | 250 |
| Segments Covered | Type, Application, Distribution Channel, and Region |
| Drivers | Increase in amateur riders, cycling clubs, and fitness influencers who are popularizing riding |
| Market players are integrating new technologies to enhance the features and functions of their products in response to the rising demand for smart fitness products and equipment | |
| Consumers' growing awareness of health and fitness, particularly in developed nations like North America and Europe | |
| Opportunities | Growing government initiatives towards sports activities and events |
| Restraints | High cost of smart bike trainers |
Covid-19 Scenario:
- The COVID-19 pandemic brought limitations in the supply chain due to shutdown causing several difficulties in bike trainer manufacturing facilities. Their output decreased because of these difficulties.
- However, with the growing awareness of health, the demand for bike trainers rose significantly during the pandemic, thereby contributing to the market growth.
- Moreover, as investments in leisure and health-related products are rising, it is projected that the demand for bike trainers will rise during the forecast period.
The report offers a detailed segmentation of the global bike trainers market based on type, application, distribution channel, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on type, the classic bike trainers segment held the largest share in 2021, accounting for nearly three-fifths of the global bike trainers market and would rule the roost through 2031. However, the smart bike trainers segment is estimated to witness the fastest CAGR of 8.2% during the forecast period.
Based on application, the fitness segment held the largest share in 2021, capturing more than half of the global bike trainers market, and would lead the trail through 2031. The training segment is estimated to witness the fastest CAGR of 7.7% during the forecast period. The report also discusses the others segment.
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In terms of distribution channel, the offline segment captured the largest market share of more than three-fifths of the global bike trainers market in 2021 and is expected to maintain its dominance during the forecast period. The online segment is likely to achieve the fastest CAGR of 7.2% through 2031.
Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global bike trainers market share and is likely to maintain its leadership status during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 8.3% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
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Leading players of the global bike trainers market analyzed in the research include Feedback Sports LLC, BKOOL, S.L., CA Global, Garmin Ltd., Kurt Manufacturing Company, MINOURA Co., Ltd., Alpcour, Elite S.r.l., Stages Cycling LLC, Technogym S.P.A., Wahoo Fitness LLC, Wattbike Limited, Qingdao Magene Intelligence Technology Co., Ltd., Decathlon SA, and JetBlack Cycling.
The report analyzes these key players of the global bike trainers market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
