The home exercise bike is a stationary apparatus or device which is used during physical activity to enhance strength or cut down the excess fat in the body. The growth in the market could be attributed due to the rise in the number of obese people and the obesity rate. In a report published by WHO, in 2019 an estimated 38.2 million children under the age of 5 years were overweight or obese. The other factor driving the market growth is the constantly increasing population and people becoming more and more health-conscious, due to the change in food habits, people have excess calorie intake in their diet which can lead to cardiovascular diseases or may impact their health thus, this pursues them to maintain an ideal body mass ratio and the most efficient way to do that is through bike exercise. In addition, the rise in the number of fitness clubs worldwide is supporting the market growth. Several fitness equipment manufacturers have instigated progressive home fitness equipment in the market, facilitating them to build up their product portfolio and extend market dominance. For instance, Life Fitness introduced its Life Fitness on Demand in December 2019, a library of digital classes, for its cardio products, wherein the classes were commanded by instructors based in Chicago and New York. In December 2019, Schwinn, a fitness equipment brand, magnified its indoor cardio line with a digital cycling bike and treadmill. The products highlighted workout options for a range of fitness levels. However, the lack of space indoors and the high cost of the equipment can serve as the restraining factors of the market, hampering the growth of the home exercise bike market.
Global Home Exercise Bike Market is valued approximately at USD 1.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.7 % over the forecast period 2020-2027 and is estimated to reach USD 2.34 billion by 2027.
The regional analysis of the global Fitness Equipment market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing number of obese people, who have switched to a healthier lifestyle. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rapidly increasing awareness about the benefits of leading a healthy lifestyle would create lucrative growth prospects for the Fitness Equipment market across the Asia-Pacific region.
Major market players included in this report are Beyond Meat, Reach Air Bikes, Kobo, Healthex, Dolphy, Kamachi, Schwinn, Leikefitness, ADVENOR, Peloton Bike, and NordicTrack.
The detailed segments and sub-segment of the market are explained below:
By Type: Recumbent Bike, Upright Bike, Dual Action Bike, Interactive Bike
By End-Use: Home, Health Clubs
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