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Middle East & Africa 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 2023-01-19 I 98 Pages I The Insight Partners
The Middle East & Africa smart bike market is expected to grow from US$ 60.75 million in 2022 to US$ 101.12 million by 2028. It is estimated to grow at a CAGR of 8.9% from 2022 to 2028.
Upcoming of Corporate Wellness Programs is Driving the Middle East & Africa Smart Bike Market
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 Middle East & Africa smart bike market .
Middle East & Africa Smart Bike Market Overview
The Middle East & Africa smart bike market is segmented into South Africa, Saudi Arabia, UAE, and the Rest of the Middle East & Africa. The market growth in this region is attributed to the growing tourism industry in the region. In 2019, the tourism industry accounted for about 7% of Africa's GDP and contributed US$ 169 billion to its economy. Saudi Arabia also expanded their travel and tourism sector by around 15% in 2019. Moreover, according to U.ae, the travel and tourism sector contributes US$ 43.3 billion, which is 12.1% of the UAE's GDP and is forecast to rise by 12.4% by 2027. The rise tourism industry in the region is expected to lead to the increasing construction of fitness studios in hotels in the coming years. This can be expected to increase the demand for the fitness equipment including smart bike.
In addition, various market players are also constructing fitness centers in the region. For instance, Arada has awarded RAQ Contracting a contract of US$ 20 million to build Sharjah's largest fitness center at the company. Thus, the growing investment in the construction of fitness centers is further propelling the market's growth. Furthermore, the harsh weather conditions restrain people from conducting outdoor physical activities. Smart bikes offer a convenient alternative, allowing users to enjoy cycling, with interactive infotainment contents, while being indoors. Such factors are promoting the uptake of Middle East & Africa smart bike.
Middle East & Africa Smart Bike Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Smart Bike Market Segmentation
The Middle East & Africa smart bike market is segmented into Connectivity, handle type, and application, and country.
Based on connectivity, the Middle East & Africa smart bike market is sub segmented into Bluetooth and wi-fi. The bluetooth segment held the larger market share in 2022.
Based on handle type, the Middle East & Africa smart bike 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 Middle East & Africa smart bike market is segmented into residential and commercial. The residential segment held the larger market share in 2022.
Based on country, the Middle East & Africa smart bike market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the market share in 2022.
Keiser Corporation; Life Fitness; MAD DOGG ATHLETICS; Nautilus, Inc.; Peloton Interactive, Inc.; and Wahoo Fitness are the leading companies operating in the Middle East & Africa smart bike market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 MEA Smart Bike Market - By Connectivity
1.3.2 MEA Smart Bike Market - By Handle Type
1.3.3 MEA Smart Bike Market - By Application
1.3.4 MEA Smart Bike Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. MEA Smart Bike Market Landscape
4.1 Market Overview
4.2 MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. MEA 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 - MEA Analysis
6.1 MEA Smart Bike Market - Revenue and Forecast to 2028 (US$ Million)
7. MEA Smart Bike Market Analysis - By Connectivity
7.1 Overview
7.2 MEA Smart Bike Market, By Connectivity (2021 and 2028)
7.3 Bluetooth
7.3.1 Overview
7.3.2 Bluetooth: MEA Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
7.4 Wi-Fi
7.4.1 Overview
7.4.2 Wi-Fi: MEA Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
8. MEA Smart Bike Market Analysis - By Handle Type
8.1 Overview
8.2 MEA 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. MEA Smart Bike Market Analysis - By Application
9.1 Overview
9.2 MEA 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. MEA Smart Bike Market - Country Analysis
10.1 Overview
10.1.1 MEA Smart Bike Market Breakdown, by Country
10.1.1.1 South Africa Smart Bike Market, Revenue and Forecast to 2028
10.1.1.1.1 South Africa Smart Bike Market Breakdown, By Connectivity
10.1.1.1.2 South Africa Smart Bike Market Breakdown, By Handle Type
10.1.1.1.3 South Africa Smart Bike Market Breakdown, By Application
10.1.1.2 Saudi Arabia Smart Bike Market, Revenue and Forecast to 2028
10.1.1.2.1 Saudi Arabia Smart Bike Market Breakdown, By Connectivity
10.1.1.2.2 Saudi Arabia Smart Bike Market Breakdown, By Handle Type
10.1.1.2.3 Saudi Arabia Smart Bike Market Breakdown, By Application
10.1.1.3 UAE Smart Bike Market, Revenue and Forecast to 2028
10.1.1.3.1 UAE Smart Bike Market Breakdown, By Connectivity
10.1.1.3.2 UAE Smart Bike Market Breakdown, By Handle Type
10.1.1.3.3 UAE Smart Bike Market Breakdown, By Application
10.1.1.4 Rest of MEA Smart Bike Market, Revenue and Forecast to 2028
10.1.1.4.1 Rest of MEA Smart Bike Market Breakdown, By Connectivity
10.1.1.4.2 Rest of MEA Smart Bike Market Breakdown, By Handle Type
10.1.1.4.3 Rest of MEA 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 Keiser Corporation
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 Life Fitness
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 Nautilus, Inc.
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 Peloton Interactive, Inc.
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 Wahoo Fitness
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 MAD DOGG ATHLETICS
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
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. MEA Smart Bike Market - Revenue and Forecast to 2028 (US$ Million)
Table 2. MEA Smart Bike Market, by Country - Revenue and Forecast to 2028 (US$ Million)
Table 3. South Africa Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 4. South Africa Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 5. South Africa Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 6. Saudi Arabia Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 7. Saudi Arabia Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 8. Saudi Arabia Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 9. UAE Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 10. UAE Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 11. UAE Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of MEA Smart Bike Market, by Connectivity - Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of MEA Smart Bike Market, By Handle Type - Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of MEA Smart Bike Market, by Application - Revenue and Forecast to 2028 (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. MEA Smart Bike Market Segmentation
Figure 2. MEA Smart Bike Market Segmentation - By Country
Figure 3. MEA Smart Bike Market Overview
Figure 4. Bluetooth Segment Held the Largest Share of MEA Smart Bike Market
Figure 5. Fixed Handle Type Segment Held the Largest Share of MEA Smart Bike Market
Figure 6. Residential Segment Held the Largest Share of MEA Smart Bike Market
Figure 7. UAE to Show Great Traction During Forecast Period
Figure 8. MEA: PEST Analysis
Figure 9. Expert Opinion
Figure 10. MEA Smart Bike Market Impact Analysis of Drivers and Restraints
Figure 11. MEA Smart Bike Market - Revenue and Forecast to 2028 (US$ Million)
Figure 12. MEA Smart Bike Market Revenue Share, By Connectivity (2021 and 2028)
Figure 13. Bluetooth: MEA Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Wi-Fi: MEA Smart Bike Market - Revenue, and Forecast to 2028 (US$ Million)
Figure 15. MEA 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. MEA 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. MEA Smart Bike Market, by Key Country - Revenue (2021) (US$ Million)
Figure 22. MEA Smart Bike Market Breakdown, by Country, 2021 & 2028 (%)
Figure 23. South Africa Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 24. Saudi Arabia Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 25. UAE Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
Figure 26. Rest of MEA Smart Bike Market, Revenue and Forecast to 2028 (US$ Million)
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