This research report titled ‘Global Exercise Bike Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
According to Abhay Sinha, a lead analyst at Technavio for health and wellness, “The market is growing at a promising rate. Exercise bikes have gained popularity as a fitness equipment to perform cardiovascular exercises, which help control chronic diseases like hypertension and diabetes. Also, with increasing life expectancy, the older population is growing across the world, which will lead to a consequent increase in cases of chronic diseases. Many governments are concerned about the high healthcare expenditure due to chronic diseases. This expenditure can be brought under control by investments in fitness equipment such as exercise bikes.”
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The report categorizes the global exercise bike market into three major end-user segments. They are:
- Home fitness
- Health clubs
Home fitness: largest and fastest-growing segment
The home-fitness segment is the largest and fastest-growing segment, which is primarily driven by treadmills, followed by exercise bikes. The market is growing due to product innovation and increased personal disposable income. With the increase in disposable income, consumers are increasing their discretionary expenditure on fitness equipment for private use. Consumers prefer user-friendly equipment with commercial quality, and are ready to pay a premium price. Commercial-grade products are different from residential products in terms of material used, size and power of motors, features, and overall durability.
Health clubs: increase in urbanization to boost growth of this segment
A large number of people have registered in health clubs over the past four years. Consequently, the demand for exercise bikes is also on the rise. In addition, the increase in urbanization and sedentary work profiles are driving the health clubs segment. With 54% of the world population living in urban areas, Technavio expects a rise in the popularity of health clubs over the forecast period. This will lead to the establishment of more health clubs across the world. This segment includes independent stores as well as multiple chains.
Smaller health clubs tend to buy exercise bikes from local vendors, whereas leading clubs tend to buy directly from the manufacturers. The life span of an exercise bike depends on how it is maintained. On an average, health clubs use and maintain an exercise bike for seven years.
Other: establishment of fitness facilities at airports, shopping malls, and super markets
This segment includes consumers like apartments, corporations, hotels, hospitals, and universities. The increasing consumer interest in health and fitness has led to the establishment of fitness facilities at airports, shopping malls, and super markets. Like health clubs, these markets also install commercial-grade exercise bikes.
Hotels represent the largest segment in this category. More and more consumers are considering fitness centers as a criterion for selecting a hotel. Hotels are capitalizing on this trend by improving the infrastructure of their fitness facilities. “With the increasing number of markets other than health clubs, exercise bike vendors have a significant business opportunity to increase the sales of their products,” says Abhay.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ICON Health & Fitness
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