North America 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)

North America 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)

The smart bike market in North America is expected to grow from US$ 619.57 million in 2022 to US$ 1,148.44 million by 2028. It is estimated to grow at a CAGR of 10.8% from 2022 to 2028.

Rising Health Consciousness

The rising health consciousness among people is fueling the demand for smart bikes. Regular exercise using smart bikes helps people improve their cardio-respiratory capacity, thus, reducing the risk of cardiovascular disease. Cycling also helps in improving lungs and breathing capacity. People with chronic lung disease, asthma, or chronic obstructive pulmonary diseases (COPD) can improve their symptoms through physical activities, which smart bikes help increase. Now people are building a habit of working out regularly as it helps them to feel more confident, decreases stress and anxiety, reduces the risk of various diseases, has anti-depressive effects, and is highly efficient against bad cholesterol. Due to this, the demand for smart bikes has increased.

Regular exercise on a smart bike is good for toning legs, thighs, buttocks, arms, and abdominal and back muscles. It also helps burn a lot of calories, thus, making it very effective for weight loss. For instance, 1 hour of exercise on a smart bike helps to burn 413 to 738 kcal, so to lose 1 kg weight, a person should exercise for 1 hour 3 times a week. Not just this, regular exercise using a smart bike also reduces the risk of type 2 diabetes as it helps lower blood glucose levels in diabetic people.

Physical activities, such as cycling, increase hormone secretion, such as endorphins and serotonin, which improve individuals' health and help regulate mood, stress, and anxiety. Regular cycling promotes good cholesterol and lowers bad cholesterol. It helps to reduce the risks and delay the symptoms of degenerative diseases, such as Parkinson's or Alzheimer's. The growing awareness regarding such benefits and different technological advantages of smart bikes has been promoting the market.

Smart bikes also give the feel of an actual ride with health benefits. When opting for different modes, riders feel like riding on a road or hills. The movement of the handle and seat make it more realistic for a rider when riding the bike in the above-mentioned mode. Advanced smart bike technologies help attract more customers and make the rider work more enthusiastically, thus helping them fight the above health issue. Thus, these advantages are fueling the demand for smart bikes, aiding the market growth.

Market Overview

The North America smart bike market is spread across the US, Canada, and Mexico. The market growth in this region is attributed to the rising awareness regarding health issues among North American offices. To help improve employees' health, employers have implemented corporate wellness programs in their organizations. This organizations are providing subscriptions to their employees which is providing the awareness about smart bike in the market, making it one of the primary factors driving the growth of the smart bike market in North America.

Due to the subscription provided by the organizations to their employees, the visit to the gym is increasing. Because of this the demand for smart bike in gym are increasing thus boosting the market growth. According to Rand Corp. and the US Department of Health and Human Services, 80% of businesses with more than 50 employees are benefited from corporate wellness programs. It helped them reduce absenteeism and improve employee well-being. The program also positively impacts various aspects of a business's bottom line, such as its medical costs. For instance, Los Alamos National Laboratory implemented wellness programs that helped them to reduce their annual healthcare premium. Los Alamos's healthcare premium is stabilized at 2.5%, which is lower than the national average of 7%.

Many smart bike manufacturers have a significant presence in North America, such as Peloton Interactive, Inc.; Nautilus, Inc.; Echelon Fitness Multimedia LLC; Johnson Fitness; Mad Dogg Athletics; and Wahoo Fitness LLC. The development of smart bikes by these manufacturers is boosting the demand for smart bikes in the region even further. Manufacturers are also specifically launching products for wellness programs. For instance, in June 2021, Peloton Interactive, Inc. announced Peloton Corporate Wellness, connecting Peloton fitness products to businesses and organizations. Under this, the company will provide subsidized access to Peloton Digital and All Access Memberships to organizations.

North America Smart Bike Market Revenue and Forecast to 2028 (US$ Million)

North America Smart Bike Market Segmentation

The North America 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 the 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 the larger market share in 2022.

Based on country, the market is segmented into the US, Canada, and Mexico. The US 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.; SOLE FITNESS; and Wahoo Fitness are the leading companies operating in the smart bike market in the region.

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