Over the past few years, the demand for fitness and training equipment has witnessed a considerable spike due to evolving consumer preferences. The global millennial population is increasingly opting to lead a healthier lifestyle due to which, the demand for turbo trainers is on the rise. Moreover, turbo trainers have emerged as an ideal training equipment, particularly for cyclists and fitness enthusiasts living in regions with hostile climatic conditions. The increasing popularity of cycling as a fitness activity is expected to have a strong impact on the overall development of the global turbo trainer market during the forecast period.
The significant rise in the number of amateur cyclists, cycling groups, and fitness influencers that are popularizing cycling are some of the main drivers for the turbo trainer market. At present, players operating in the current turbo trainer market are anticipated to focus on launching new products to establish a solid foothold in the current turbo trainer market landscape. Furthermore, with increasing demand for smart fitness products and equipment, market players are projected to integrate new technologies to improve the functions and features of their products.
At the back of these factors, along with the outbreak of the COVID-19 pandemic, the global turbo trainer market is on course to surpass the US$ 620 Mn by the end of 2030.
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Increase in Demand for Training Equipment to Augment Market Growth
The increasing awareness related to health and fitness among consumers around the world, mainly in developed regions such as North America and Europe is estimated to have a strong impact on the overall growth of the global turbo trainer market during the assessment period. A surge in the number of cycling enthusiasts in recent years has accelerated the demand for turbo trainers by a considerable margin– a trend that is expected to gain considerable momentum during the assessment period. In addition, as the number of cyclists around the world continues to move in the upward trajectory, market players operating in the current turbo trainer market landscape are increasingly focusing on enhancing the pedaling experience of end users.
Moreover, the increasing popularity of fitness equipment across educational institutes, commercial spaces, corporate offices, residential parks, sports training centers, and gymnasiums is another factor aiding turbo trainer market growth. The increasing adoption of turbo trainers for various fitness training programs is also projected to augment the demand for turbo trainers around the world.
Due to rise in demand, there is an increase in R&D activities with the focus on using lightweight materials to manufacture turbo trainers. This factor is expected to have a positive impact on the global sales of the global turbo trainer market.
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Market Players to Focus on Launch of New Products
Players operating in the current market for turbo trainers are expected to focus on the launch of new products to gain a competitive edge. For instance, in August 2020, Wahoo announced the launch of a newly developed turbo trainer with improved automatic calibration and accuracy. Similarly, in April 2020, Cyclist, in collaboration with Tacx, announced the launch of a new gravel riding turbo trainer for individuals who are unable to venture out to cycle during the ongoing COVID-19 pandemic. The boom of the indoor cycling sector is projected to have a strong impact on the global turbo trainer market during the assessment period, particularly in the first half due to the advent of the COVID-19 pandemic.
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Demand Soars amid Ongoing Pandemic
Due to the outbreak of the COVID-19 pandemic, the demand for indoor cycling equipment has witnessed a considerable spike in 2020. Stringent lockdown restrictions coupled with limitations on transportation have played a key role in augmenting the demand for indoor cycling equipment, including turbo trainers during the ongoing COVID-19 crisis. A number of market players is anticipated to increase their sales via online platforms and focus on curating effective digital marketing strategies to enhance brand visibility. While offline sales are projected to take a dip, online sales are set to spike particularly in the first half of the assessment period.
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