(MENAFN- GlobeNewsWire - Nasdaq) "With the ongoing shift towards remote work and flexible lifestyles, home exercise bikes offer a versatile and accessible fitness option for individuals seeking to maintain an active lifestyle without the constraints of traditional gym settings. As the market continues to innovate and adapt to consumer needs, the home exercise bike segment is poised for sustained growth and expansion."Wilmington, Delaware, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Home Exercise Bike Market by Type (Recumbent Bike, Upright Bike, Dual Action Bike, and Interactive Bike) and Sales Channel (Physical Store and Online): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the home exercise bike market was valued at $1.6 billion in 2023 and is estimated to reach $3.2 billion by 2033, growing at a CAGR of 7.2% from 2024 to 2033.
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Prime determinants of growth
As individuals prioritize health and fitness, the demand for convenient home workout solutions like exercise bikes surges. Additionally, technological advancements play a pivotal role, with the integration of smart features, interactive displays, and virtual training experiences enhancing user engagement and satisfaction. Furthermore, the evolving fitness landscape presents opportunities for market growth, including the emergence of subscription-based fitness platforms and the expansion of online fitness communities.
With the ongoing shift towards remote work and flexible lifestyles, home exercise bikes offer a versatile and accessible fitness option for individuals seeking to maintain an active lifestyle without the constraints of traditional gym settings. As the market continues to innovate and adapt to consumer needs, the home exercise bike segment is poised for sustained growth and expansion.
Report Coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.6 billion |
| Market Size in 2033 | $3.2 billion |
| CAGR | 7.2% |
| No. of Pages in Report | 325 |
| Segment covered | Type, Sales Channel, and Region |
| Drivers | Rise in health awareness Increase in obese population Increase in government initiatives to promote a healthy lifestyle |
| Opportunities | Increase in disposable income across emerging economies. Growing concerns about body image |
| Restraints | High cost of fitness equipment |
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Recumbent bike segment to maintain its leadership status throughout the forecast period
By type, the recumbent bike segment held the major share of the market share in 2023, accounting for more than two-fifths of the global home exercise bike market, and is estimated to maintain its leadership status throughout the forecast period. The main features of a recumbent bike is its shape, its large and comfortable seat, and its ease of use. These stationary bikes are extremely comfortable, take up very little space, and are very stable and safe. Even with its reclined position, the style of a recumbent stationary bike allows users to get a great lower-body workout.
This style also accommodates people who are overweight or those who are elderly or inexperienced in exercise programs. These bikes can also be used to recover from injuries by utilizing slow speeds and building up over time, strengthening the entire lower body, losing weight, and improving cardiovascular health.
Physical store segment to retain its dominance by 2033
Based on sales channel, the physical store segment held the major share of the market in 2023, accounting for more than two-fifths of the global home exercise bike market, and is estimated to maintain its leadership status throughout the forecast period. The growth of the physical store segment in the home exercise bike market can be attributed to the increase in the adoption of physical store retail formats such as supermarkets and hypermarkets in both the mature and emerging markets. Moreover, the one-stop solution provided by these retail formats makes it a very popular shopping option for consumers. Furthermore, these retail formats offer a wide range of products at a competitive price to customers and are usually located in easily accessible areas, which adds to the overall attractiveness of this segment.
North America to maintain its dominance by 2033
Based on region, North America region held the highest market share in terms of revenue in 2023, accounting for nearly one-third of the global home exercise bike market. North America offers lucrative growth opportunities for the market players, who are expanding in this region to gain a stronger foothold in the home exercise bike market. Numerous companies have been setting up new outlets to expand their market presence. Furthermore, the increase in interest of consumers in indoor exercise due to the ongoing pandemic boosts the launch of new exercise bikes in the market.
Moreover, the young affluent consumers segment in the region prefer to stay fit and maintain a healthy weight and body composition. This in turn drives the market growth in the region as they often look for home exercise equipment to achieve their body goals.
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Leading Market Players
The report analyzes these key players in the global home exercise bike 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, developments, and product portfolios of every market player.
Recent Key Strategies and Developments
In November 2023, TECHNOGYM S.P.A., an Italian fitness equipment maker, will offer about 10.1 million shares through institutional investors to NIF Holding via a reverse accelerated bookbuild.
In November 2023, Nautilus, Inc. became BowFlex Inc. (NYSE: BFX), adopting a name synonymous with home fitness for nearly 40 years. BowFlex has produced some of the most innovative strength and cardio equipment the home fitness industry has seen in the last few decades.
In September 2021, Nautilus, Inc. announced acquisition of VAY, a leader in motion technology. VAY's proprietary technology and highly technical skillset will be committed to the development of Nautilus product offerings.
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