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Asia Pacific Smart Bike Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Connectivity (Bluetooth and Wi-Fi), Handle Type (Fixed Handle Type and Moving Handle Type), and Application (Residential and Commercial)
Market Report I 2022-12-21 I 124 Pages I The Insight Partners
The smart bike market in Asia Pacific is expected to grow from US$ 289.16 million in 2022 to US$ 576.60 million by 2028. It is estimated to grow at a CAGR of 12.2% from 2022 to 2028.
Upcoming of Corporate Wellness Programs
Corporate wellness programs are employer-designed plans to improve employees' physical and mental health. The purpose of this program is to encourage employees to lead a healthy lifestyle and to help them improve the company's bottom line by lowering the impact of medical premiums and absenteeism. Implementing these programs can help increase productivity and improve employee well-being. This has also positively impacted various aspects of human healthcare, such as medical costs. It was seen that, in 2018, poor employee healthcare costs contributed to about US$ 530 billion in losses to employers. To solve this problem, these programs were implemented. Various smart bike market players develop innovative offers to help organizations or employers take care of their employees through corporate wellness programs. For instance, in June 2021, Peloton announced Peloton Corporate Wellness, a new way of bringing Peloton content or connected fitness products to businesses and organizations. Through this program, corporate enterprises can offer a subscription to Peloton's smart bike apps at competitive rates. The success of such schemes can lead other companies to follow suit. Such programs can increase awareness of smart bikes and promote their uptake. This, in turn, can be expected to create several future growth opportunities for the Asia Pacific smart bike market.
Market Overview
The APAC smart bike market is spread across Australia, China, India, Japan, South Korea, and the Rest of APAC. APAC is the third largest global smart bike market shareholder and is expected to grow fastest during the forecast period. Almost the entire smart bike manufacturing occurs in Asia Pacific. Despite the same, the penetration rate of these bikes has been quite low in this region. It can be primarily attributed to the high prices of these bikes and the prevalence of price-sensitive consumers in the region. However, the scenario is changing fast, and consumer preference for smart hardware is rising quickly.
The surge in internet penetration, growing urban population, and awareness about smart bike advantages are prominent factors promoting such growth. With the decreasing subscription cost and tremendous demand for over-the-top (OTT) platforms, internet penetration has revolutionized the fitness industry in the region. The growing demand for fitness programs or the need for viewing infotainment content while working out has risen leaps and bounds in APAC. With a smart bike, such requirements can be met easily, increasing the product's attractiveness to consumers in this region. Such trends have strongly boosted the demand for smart bikes in APAC.
Additionally, similar to other regions of the world, the pandemic positively impacted the smart bike market in the region. Residential sales of smart bikes sky-rocketed, mellowing the losses from the decrease in sales in the commercial segment. Despite the removal of pandemic-related restrictions, owing to the advantages of smart bikes, the market growth can be expected to be at the fastest pace in this region during the forecast period.
Asia Pacific Smart Bike Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Smart Bike Market Segmentation
The Asia Pacific smart bike market is segmented into Connectivity, handle type, application, and country.
Based on connectivity, the market is sub segmented into Bluetooth and wi-fi. The Bluetooth segment held a larger market share in 2022.
Based on handle type, the market is segmented into fixed handle type and moving handle type. The fixed handle type segment held a larger market share in 2022.
Based on application, the market is segmented into residential and commercial. The residential segment held a larger market share in 2022.
Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.
Echelon Fitness Multimedia, LLC.; Garmin Ltd.; Johnson Health Tech; Keiser Corporation; Life Fitness; MAD DOGG ATHLETICS; Nautilus, Inc.; Peloton Interactive, Inc.; and Wahoo Fitness are the leading companies operating in the smart bike market in the region.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Smart Bike Market - By Connectivity
1.3.2 APAC Smart Bike Market - By Handle Type
1.3.3 APAC Smart Bike Market - By Application
1.3.4 APAC Smart Bike Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Smart Bike Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Smart Bike Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Health Consciousness
5.1.2 Technological Advancement in Smart Bikes
5.2 Market Restraints
5.2.1 High Initial Investment
5.3 Market Opportunities
5.3.1 Rising Interest in Smart Bikes in Developing Nations
5.4 Future Trends
5.4.1 Corporate Wellness Programs
5.5 Impact Analysis of Drivers and Restraints
6. Smart Bike Market - APAC Analysis
6.1 APAC Smart Bike Market Overview
6.2 APAC Smart Bike Market - Revenue and Forecast to 2028 (US$ Million)
7. APAC Smart Bike Market Analysis - By Connectivity
7.1 Overview
7.2 APAC Smart Bike Market, By Connectivity (2021 and 2028)
7.3 Bluetooth
7.3.1 Overview
7.3.2 Bluetooth: APAC Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
7.4 Wi-Fi
7.4.1 Overview
7.4.2 Wi-Fi: APAC Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
8. APAC Smart Bike Market Analysis - By Handle Type
8.1 Overview
8.2 APAC Smart Bike Market Breakdown, By Handle Type, 2021 & 2028
8.3 Fixed Handle Type
8.3.1 Overview
8.3.2 Fixed Handle Type Market Revenue and Forecast to 2028 (US$ Million)
8.4 Moving Handle Type
8.4.1 Overview
8.4.2 Moving Handle Type Market Revenue and Forecast to 2028 (US$ Million)
9. APAC Smart Bike Market Analysis - By Application
9.1 Overview
9.2 APAC Smart Bike Market Breakdown, By Handle Type, 2021 & 2028
9.3 Residential
9.3.1 Overview
9.3.2 Residential Market Revenue and Forecast to 2028 (US$ Million)
9.4 Commercial
9.4.1 Overview
9.4.2 Commercial Market Revenue and Forecast to 2028 (US$ Million)
10. APAC Smart Bike Market - Country Analysis
10.1 Overview
10.1.1 Asia Pacific Smart Bike Market Breakdown, by Country
10.1.1.1 Australia Smart Bike Market, Revenue and Forecast to 2028
10.1.1.1.1 Australia Smart Bike Market Breakdown, By Connectivity
10.1.1.1.2 Australia Smart Bike Market Breakdown, By Handle Type
10.1.1.1.3 Australia Smart Bike Market Breakdown, By Application
10.1.1.2 China Smart Bike Market, Revenue and Forecast to 2028
10.1.1.2.1 China Smart Bike Market Breakdown, By Connectivity
10.1.1.2.2 China Smart Bike Market Breakdown, By Handle Type
10.1.1.2.3 China Smart Bike Market Breakdown, By Application
10.1.1.3 India Smart Bike Market, Revenue and Forecast to 2028
10.1.1.3.1 India Smart Bike Market Breakdown, By Connectivity
10.1.1.3.2 India Smart Bike Market Breakdown, By Handle Type
10.1.1.3.3 India Smart Bike Market Breakdown, By Application
10.1.1.4 Japan Smart Bike Market, Revenue and Forecast to 2028
10.1.1.4.1 Japan Smart Bike Market Breakdown, By Connectivity
10.1.1.4.2 Japan Smart Bike Market Breakdown, By Handle Type
10.1.1.4.3 Japan Smart Bike Market Breakdown, By Application
10.1.1.5 South Korea Smart Bike Market, Revenue and Forecast to 2028
10.1.1.5.1 South Korea Smart Bike Market Breakdown, By Connectivity
10.1.1.5.2 South Korea Smart Bike Market Breakdown, By Handle Type
10.1.1.5.3 South Korea Smart Bike Market Breakdown, By Application
10.1.1.6 Rest of APAC Smart Bike Market, Revenue and Forecast to 2028
10.1.1.6.1 Rest of APAC Smart Bike Market Breakdown, By Connectivity
10.1.1.6.2 Rest of APAC Smart Bike Market Breakdown, By Handle Type
10.1.1.6.3 Rest of APAC Smart Bike Market Breakdown, By Application
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Mergers and Acquisitions
12. Company Profiles
12.1 Echelon Fitness Multimedia, LLC.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Garmin Ltd.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Keiser Corporation
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Life Fitness
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Nautilus, Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Peloton Interactive, Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Wahoo Fitness
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Johnson Health Tech
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 MAD DOGG ATHLETICS
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. APAC Smart Bike Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. Asia Pacific Smart Bike Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 6. China Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 7. China Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 8. China Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 9. India Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 10. India Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 11. India Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 14. Japan Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 17. South Korea Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of APAC Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of APAC Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 20. Rest of APAC Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 21. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Smart Bike Market Segmentation
Figure 2. APAC Smart Bike Market Segmentation - By Country
Figure 3. APAC Smart Bike Market Overview
Figure 4. Bluetooth Segment Held the Largest Share of APAC Smart Bike Market
Figure 5. Fixed Handle Type Segment Held the Largest Share of APAC Smart Bike Market
Figure 6. Residential Segment Held the Largest Share of APAC Smart Bike Market
Figure 7. India to Show Great Traction During Forecast Period
Figure 8. APAC: PEST Analysis
Figure 9. Expert Opinion
Figure 10. APAC Smart Bike Market Impact Analysis of Drivers and Restraints
Figure 11. APAC Smart Bike Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. APAC Smart Bike Market Revenue Share, By Connectivity (2021 and 2028)
Figure 13. Bluetooth: APAC Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Wi-Fi: APAC Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 15. APAC Smart Bike Market Breakdown, By Handle Type (2021 and 2028)
Figure 16. Fixed Handle Type Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Moving Handle Type Market Revenue and Forecast to 2028(US$ Million)
Figure 18. APAC Smart Bike Market Breakdown, By Handle Type (2021 and 2028)
Figure 19. Residential Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Commercial Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Asia Pacific Smart Bike Market, by Key Country - Revenue (2021) (US$ Million)
Figure 22. Asia Pacific Smart Bike Market Breakdown, by Country, 2021 & 2028 (%)
Figure 23. Australia Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 24. China Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 25. India Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 26. Japan Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 27. South Korea Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 28. Rest of APAC Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
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