According to a new research report, titled "Smart Bike Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 2,640.10 million by 2028, registering a CAGR of 10.7% from 2022 to 2028.

Europe, which includes France, Germany, Russia, the UK, and Italy, is home to some of the world's most established economies. The smart bike market in Europe is categorized into Germany, France, Russia, the UK, Italy, and the Rest of Europe. As a leading innovator, the region is known for its fast adoption of new technologies, and this has led to a rapid increase in demand for smart bikes. Furthermore, the pandemic has accelerated the trend, as movement restrictions have forced people to stay indoors and prioritize their fitness and health. Consequently, the number of smart bike start-ups in the region has risen as they compete with established players while offering competitive pricing.

Germany, in particular, is a fast adopter of technology and has a significant presence of key smart bike players, including Peloton, Nautilus, and Renpho. The demand for smart bikes for residential use in Germany peaked during the pandemic, with people seeking alternatives to outdoor cycling due to work-from-home arrangements and temporary movement restrictions. However, the expected stabilization of macroeconomic factors could result in a decrease in consumer spending, leading to a drop in demand for smart bikes in 2022. Nevertheless, the German smart bike market is expected to rebound, with growth predicted to outpace the rest of Europe once the economic conditions stabilize.

The COVID-19 pandemic had a significant impact on the growth of the smart bike market, with varying effects across different countries in Europe. The pandemic led to strict and prolonged lockdowns or social isolation measures in some countries, such as Germany, Italy, the UK, Russia, France, and Turkey, resulting in increased demand for smart bikes during the first three quarters of 2020. This heightened demand resulted in record revenue generation for several smart bike market players. Factors such as rising sedentary lifestyles, growing awareness of lifestyle disorders, and increased prevalence of such conditions among white-collar employees contributed to the high adoption of smart bikes, thereby boosting the market's growth.

The smart bike market is categorized into three segments based on connectivity, handle type, and application. Connectivity is divided into Bluetooth and Wi-Fi, while handle type is classified into fixed handle type and moving handle type. The market is also segmented based on application into residential and commercial.

Peloton Interactive, Inc., Nautilus, Inc., Johnson Health Tech. Co., Ltd., Wahoo Fitness LLC, and Echelon Fitness Multimedia LLC were the top five global smart bike market players in 2021. These "Five Key Players" were ranked based on key performance parameters, such as overall revenue, segment revenue, geographical reach, customer base, new solution/service launches, market initiatives, investment in technology upgrades, R&D investments, mergers & acquisitions, and other market-related activities. The global report also profiles other notable smart bike market players, including Garmin Ltd., Keiser Corporation, Life Fitness, Mad Dogg Athletics, and Sole Treadmills.

Key Findings of Market Study:

The surging demand for high-tech smart bikes is driving manufacturers to expand their operations. This growing interest in smart bikes is also presenting profitable opportunities for start-ups to develop advanced bikes in the future. Moreover, companies are implementing the strategy of mergers and acquisitions to achieve inorganic development and grow their businesses. An example of this is Cult.fit's acquisition of TREAD, a connected fitness start-up based in Bengaluru, in June 2021. This acquisition will help Cult.fit launch its hardware-at-home business vertical, taking a step toward introducing smart fitness hardware products. Therefore, through mergers and acquisitions, companies are aiming to establish a strong presence in the market and expand their customer base, creating potential growth opportunities for the smart bike market in developing nations in the years ahead. These trends are expected to fuel the growth of the smart bike market globally soon.

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