PORTLAND, Ore., Jan. 12, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Home Exercise Bikes Market Type (Upright Exercise Bike, Recumbent Exercise Bike, Folding Exercise Bike, Dual-Action Stationary Bike) End User (Male, Female) : Global Opportunity Analysis and Industry Forecast, 2021-2027" According to the report, the global home exercise bikes industry generated $1.21 billion in 2019, and is estimated to reach $2.33 billion in 2027, witnessing a CAGR of 8.7% from 2021 to 2027.
Drivers, restraints, and opportunities
Rise in awareness among people regarding physical health, growth in concern for obesity and hypertension, and trend of muscular body building drive the growth of the global home exercise bikes market. However, high-cost of the exercise bikes hinders the market growth. On the other hand, innovations in the features of home exercise bikes create new opportunities in the coming years.
The covid-19 outbreak led to a sharp decline in the production of the home exercise bikes, which affected the growth of the market.
The prolonged lockdown across the globe also led to shutdown of retail stores, which further hampered the sales of home exercise bikes.
However, the adoption of healthy lifestyle has been increased during lockdown. At the same time the awareness regarding health concerns further increased the popularity of home exercise bikes. This factor has grown the demand for the product and this drift would continue to grow post pandemic as well.
The recumbent bike segment to maintain its dominant position throughout the forecast period
Based on type, the recumbent bike segment held the largest market share in 2019, accounting for around two-fifths of the global home exercise bikes market, and is projected to maintain its dominant position throughout the forecast period. Moreover, this segment is expected to grow at the fastest CAGR of 9.2% from 2020 to 2027. This is due to its features such as having low impact on the back of users and being easy to use in general.
The physical store segment to maintain its leadership status by 2027
Based on sales channel, the physical store segment contributed to the highest market share in 2019, holding more than two-thirds of the global home exercise bikes market, and is estimated to maintain its leadership status by 2027. The increase in adoption of physical store retail formats such as the supermarket and hypermarket in both the mature and emerging markets drive the growth of the segment. However, online segment is expected to grow at the largest CAGR of 9.2% during the forecast period. This is attributed to rise in popularity of internet and availability of a wide range of products at a discounted price.
North America to continue its lead position during the forecast period
Based on region, North America held the highest share in terms of revenue of the global home exercise bikes market, accounting for nearly two-fifths of the total share in 2019, and will continue its lead position during the forecast period. This is due to the presence of a large number of domestic players in the region. Also, high disposable income and exercise culture further induce the market growth. However, Asia-Pacific is estimated to manifest the highest CAGR of 10.9% from 2020 to 2027. Improvement in the infrastructure and convenience in setting up new businesses, and increase in disposable income and easy availability of home exercise equipment due to the adoption of e-commerce drive the growth of the market in this province.
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