Asia Pacific Smart Bike Market Report 2022: Growing Popularity of Corporate Wellness Programs Fuels Growth

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Apr 14, 2023, 10:30 ET

DUBLIN, April 14, 2023 /PRNewswire/ -- The "Asia Pacific Smart Bike Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Connectivity, Handle Type, and Application" report has been added to ResearchAndMarkets.com's offering.

The smart bikemarket 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.

Growing Popularity 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'ss 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 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.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. APAC Smart Bike Market Landscape

5. APAC Smart Bike Market - Key Market Dynamics

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
7.4 Wi-Fi

8. APAC Smart Bike Market Analysis - By Handle Type
8.1 Overview
8.3 Fixed Handle Type
8.3.1 Overview
8.4 Moving Handle Type

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
9.4 Commercial

10. APAC Smart Bike Market - Country Analysis

11. Industry Landscape

12. Company Profiles

13. Appendix

A selection of companies mentioned in this report includes

Echelon Fitness Multimedia, LLC.
Garmin Ltd.
Johnson Health Tech
Keiser Corporation
Life Fitness
MAD DOGG ATHLETICS
Nautilus, Inc.
Peloton Interactive, Inc.
Wahoo Fitness

For more information about this report visit https://www.researchandmarkets.com/r/imy5qy

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