What is Recumbent Bike Market?
The global recumbent bike market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Rising adoption of recumbent bikes for fitness applications and rising awareness about the product across emerging countries are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness decline in the growth during FY 2020 but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Delta Trike and Tadpole Trike), by Application (Fitness, Common use and Others) and major geographies with country level break-up.
ELAN THE NETHERLANDS (Netherlands), HP Velotechnik GmbH & Co. KG (Germany), ICE Recumbent Trikes (United Kingdom), Sun Seeker (United States), TerraTrike (United States) and Trident Trikes (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Recumbent Bike market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Recumbent Bike market by Type, Application and Region.
On the basis of geography, the market of Recumbent Bike has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Adoption of Recumbent Bikes for Fitness Applications
- Rising Awareness About the Product Across Emerging Countries
Market Trend
- Rising Health Consciousness Among the End Users
Restraints
Opportunities
- Opportunities in the Asia Pacific Region
Challenges
- Recent Economic Challenges Across Different Industries Caused by the COVID-19 Pandemic Owing to Reduced Operations Across Different Industries
Stringent Government Regulations As Per the Current Situation (COVID-19) Regarding the Lock-down of Different Cities which is Leading to Reduced Sales in the Market