According to a new report published by Allied Market Research, titled, “Bike Trainers Market," The bike trainers market size was valued at $162.00 million in 2021, and is estimated to reach $362.6 million by 2031, growing at a CAGR of 6.9% from 2022 to 2031. The smart bike trainers segment is growing at the fastest rate during the forecast period.
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A bike trainer is an equipment that enables stationary cycling. It is frequently used to warm up before races or when riding conditions are poor outside. Market prospects for bike trainers are being created by the fast-expanding e-sports trend. Equipment for e-cycling competitions must include bike trainers. Using software and apps, these trainers enable people to join and participate in such activities while remaining at home. Cycling competitions for e-sports are being organized by market players and sports groups. The first-ever cue cycling e-sports world championship, for instance, was held in 2020 at Zwift and UCI's facilities. Other firms are working hard to create an innovative cycling discipline and e-sports platform.
For maximum stability, while riding, the bike is securely attached to the bike trainer. This leads to two issues: first, the clamps may scratch or even destroy the quick-release levers, and second, the bicycle frame may also be damaged. The other problem is that the applied pressure causes the rear tire to deteriorate more quickly than the front. The resistance system of the bike trainer is what causes the pressure on the rear tire. These factors hinder the market for bike trainers globally by reducing the bike trainers market demand.
According to bike trainers market analysis, the bike trainers market is analyzed on the basis of type, application, distribution channel, and region. By type, the market is divided into smart bike trainers and classic bike trainers. Among these, the classic bike trainers segment occupied the major bike trainers market share in 2021 and is projected to maintain its dominance during the forecast period. Classic bike trainers are used for cardio workouts to reduce excess weight and strengthen hip and knee joints.
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By application, the market is divided into training, fitness, and others. The training segment is growing at a moderate rate during the forecast period. Professional cyclists are the ones who use bike trainers the most. Large-scale use of bike trainers as indoor cycling equipment is prevalent. More people ride bikes in the U.S. in 2017 than in 2013, when there were over 43 million. Bike trainers have gained popularity because of at-home training. In 2020, consumer preferences for home bike trainers will likely be positively impacted by the COVID-19 pandemic. These bike trainers market trends is driving the market growth.
By distribution channel, it is classified into online and offline. The online segment is anticipated to grow at highest CAGR during the forecast period. Customers are encouraged to purchase bike trainers online by an increase in discounts and deals, as well as the popularity of various internet portals in rising economies. Online sales channels have expanded the consumer base as well, which has contributed to its development as a substantial source of revenue for many organizations.
The region that dominated the global bike trainers market in 2021 was North America, and this dominance is anticipated to continue throughout the forecast period. The rise in rate of obesity is the main driver of the market since more people in the region are using exercise equipment like bike trainers. The growing number of fitness centers due to rising obesity rates and increasing health consciousness among consumers are creating prospects for the global bike trainers market growth.
Exporters in both developed and developing nations faced several difficulties because of the COVID-19 pandemic. The implementation of lockdown and curfew procedures on a global scale had an impact on both domestic and foreign manufacturers of bike trainers, which in turn hindered bike trainers market expansion. As a result, the COVID-19 epidemic had a negative influence on the bike trainers market in 2020.
The major players analyzed for global bike trainers industry are BKOOL, CA Global, Garmin Ltd., ELITE SRL, Kurt Manufacturing Company, Minoura Co. Ltd, Stages Cycling LLC, TECHNOGYM S.p.A, Wahoo Fitness LLC, Wattbike Ltd, Qingdao Magene Intelligence Technology Co., Ltd., Decathlon SA, JetBlack Cycling, Alpcour, and Feedback Sports LLC.
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KEY FINDINGS OF STUDY
By type, the classic bike trainers segment was the highest revenue contributor to the market, with $94.0 million in 2021, and is estimated to reach $190.0 million by 2031, with a CAGR of 5.8%.
By application, the fitness segment was the highest revenue contributor to the market, with $85.6 million in 2021, and is estimated to reach $185.7 million by 2031, with a CAGR of 6.5%.
By distribution channel, the offline segment was the highest revenue contributor to the market, with $106.6 million in 2021, and is estimated to reach $235.0 million by 2031, with a CAGR of 6.7%.
Region wise, North America was the highest revenue contributor, accounting for $56.3 million in 2021, and is estimated to reach $117.8 million by 2031, with a CAGR of 6.1%.
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