With more and more people wanting to get fit even without leaving their homes, exercise bikes are being more popular. From the best upright exercise bikes to the best folding exercise bikes, there has been an increasing demand. With gym memberships getting more expensive these days, a lot would rather workout at home. That said, read on and we’ll quickly look at how the global market for exercise bikes is doing.
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A Quick Look at the Global Exercise Bike Market Status
You will find several research estimating the market size of exercise bikes, but for this article, our basis is a report from IMARC, a specialist in market research reports and consulting services. According to their latest study on exercise bikes, in 2020, the total market value reached $597.5 million. In the same report, it has also been stated that the marker is anticipated to experience a growth of 4.76% from 2021 to 2026. By 2026, it has been revealed that the global exercise bike market will reach a value of $795.4.
Drivers of Growth
Based on the data above, we can conclude that the market is going strong. What are the reasons for such? We’ll explore some of them in our discussions below.
People are Getting More Health-Conscious
Among others, one of the significant drivers of market growth is that more and more people are being health-conscious. From unhealthy eating habits to sedentary lifestyles, a lot of factors are contributing to obesity. To combat such, many people are resorting into a fitness regimen even at home, and that includes exercise bikes. People are realizing the many benefits of upright exercise bike, recumbent bike, and any other type of fitness bike. It is not just for weight management, but also for improving stamina and cardiovascular fitness, among other things.
Manufacturers are Stepping Up
Looking at the history of exercise bike, you will see that manufacturers are in constant search of how to be better. With such, it will be another culprit for the rise in the market status of exercise bikes. More companies will introduce breakthrough innovations in a bid to outdo the competition and gain a larger share of the market. Buyers, on the other hand, will be enticed by these innovations, compelling them to buy exercise bikes.
Recumbent Bikes Dominate the Market
While exercise bikes are available in different types, most of those that you will find have a recumbent design. Amongst the many benefits of recumbent exercise bike, one of the most notable is its comfort. You have a back rest to lean on, which also minimizes the strain of the workout on your upper body. Next to recumbent exercise bikes, the market is dominated by upright exercise bikes.
The Impact of COVID-19
Talking about the market status of exercise bikes is incomplete without taking note of how COVID-19 had an impact in the industry. Ultimately, it has affected manufacturing last year, especially when production has halted because of the virus. With the slowly improving global condition, however, it is expected that COVID-19 can indeed even be contributory to the rise of sales. This is because more and more people are staying at home. With this, we expect that such will also contribute to the growth of the market.
In sum, the global market status of exercise bikes is on the rise. We expect to see unprecedented growth based on the latest research forecasts. Such growth can be attributed to having more health-conscious people, as well as the introduction of various innovations. Not to mention, COVID-19 made more people stay at home, which can also fuel an increase in the demand for fitness bikes.