Upright exercise bikes are stationary bikes designed to mimic outdoor cycling, allowing for effective cardiovascular workout indoors. These bikes allow users to engage their core and lower body for a full body workout in less time as compared to outdoor cycling or running.
The global Upright Exercise Bike Market is estimated to be valued at US$ 1.91 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the upright exercise bike market is the growing popularity of smart and connected bikes. Leading manufacturers are integrating upright exercise bikes with advanced technologies such as Bluetooth and Wi-Fi to track workout metrics and sync with various fitness apps. This allows users to track their progress, customize workout routines, engage in virtual classes and races. Furthermore, rising health awareness among consumers and growing emphasis on indoor fitness activities during winters and rainy seasons are also fueling the demand for upright exercise bikes globally.
SWOT Analysis
- Strength: Upright exercise bikes are space saving as they don’t take too much floor space and are portable which makes them suitable for small apartments. They target multiple muscle groups like lower body, upper body, and core muscles which makes them a complete body workout.
- Weakness: Upright exercise bikes don’t offer the low impact workout of recumbent exercise bikes which can be difficult for users with joint problems. The upright position is also not comfortable for long durations.
- Opportunity: With increasing health awareness and preference for home workouts, the market for upright exercise bikes is expected to grow. New tech features like tablet holders, Bluetooth connectivity for apps/music are attracting more users.
- Threats: Competition from other cardio equipment manufacturers. changing consumer preferences towards more hi-tech products can pose a threat. Price wars among existing players can erode profit margins.
Key Takeaways
The global Upright Exercise Bike market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing health awareness and demand for home fitness solutions.
Regional analysis
North America accounted for the largest share of over 30% in the global upright exercise bike market in 2022 owing to high disposable income and gym culture in countries like US and Canada. Asia Pacific region is expected to witness fastest growth during the forecast period with China and India being the major markets. Rising health consciousness and improving economy are driving the growth of fitness equipment market in Asia Pacific region.
Key players
Key players operating in the Upright Exercise Bike market are Nautilus Inc., Brunswick Corporation, Core Health & Fitness LLC, True Fitness Technology Inc., Johnson Health Tech Co., Ltd., Amer Sports Corporation, Cybex International Inc., Technogym SpA, Icon Health & Fitness Inc., Impulse (Qingdao) Health Tech Co. Ltd., Torque Fitness LLC, HOIST Fitness Systems Inc., Tunturi New Fitness B.V., Precor Inc., JERAI FITNESS PVT. LTD., SHUA Fitness, YOSUDA, Schwinn, Marcy, Exerpeutic. These players are focusing on new product launches and innovations to stay competitive in the market.
________________________________________________________________
