Rise in Fitness Consciousness to Bolster Demand for Turbo Trainers
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.
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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Turbo Trainer Market: Overview
- According to the latest market report published by Transparency Market Research on the turbo trainer market for the period 2020–2030 (wherein 2020 to 2030 is the forecast period and 2019 is the base year, rising demand for training equipment across the globe is expected to drive the turbo trainer market
- Globally, revenue generated by the turbo trainer market accounted for ~US$ 391 Mn in 2019, which is expected to expand at a CAGR of 5.5% in terms of value during the forecast period
Rising Demand for Training Equipment: Key Driver of Turbo Trainer Market
- Rising awareness among users about their health and improving cycling performance have encouraged them to opt for turbo trainers. Moreover, rising number of cycling enthusiasts in recent years is gaining demand for turbo trainers for a better indoor pedaling experience. Furthermore, growing popularity of fitness equipment in commercial spaces such as institutions, corporates, residential parks, gymnasium centers, and sports training centers is likely to drive the demand for turbo trainers over the next few years. Increasing awareness about cycling as an exercise among users is influencing them to opt for turbo trainers. In addition, increasing number of professional cyclists, spending power of users, and urbanization, along with rising number of youth participating in sports activities is influencing the growth of the turbo trainer market. The rising popularity of turbo trainers in fitness training programs and its ability to perform with multi-functional systems is also likely to accelerate the demand in the near future.
Developments in Indoor Cycling and Training Equipment Offer Significant Opportunities for Turbo Trainer Market
- The popularity of turbo trainers is increasing due to growing urbanization, rising number of cyclists, and fitness training programs. Some of the other reasons that help drive the demand for turbo trainers are investment in R&D activities to develop technologically advanced equipment and supportive training facility initiatives. Moreover, rising fitness consciousness among users is leading to preference for turbo trainers. Increasing number of professional cyclists, along with commercial fitness centers is an opportunity for the growth of the turbo trainer market. In addition, suppliers may also collaborate with commercial fitness centers and gymnasiums in order to meet their requirements by providing customized solutions in bulk quantity. These are the factors that are opportunities for the growth of the turbo trainer market in the upcoming years.
Demand for Turbo Trainers with Higher Frame Strength & Lightweight Product: Key Trend of Market
- The latest trend is increasing use of turbo trainers in the commercial sector, which positively impacts the growth of the turbo trainer market. Rising popularity of smart turbo trainers is also seen among users.
- Growing eCommerce platforms for the sale of turbo trainers during the COVID-19 situation is expected to encourage market growth
Economic Slowdown to Hamper Growth of Turbo Trainer Market
- The spread of coronavirus has led to lockdown in many countries, thus affecting the consumer spending power. The lockdown has resulted in the shutdown of major social networks, which has led to economic slowdown. Decline in production activities across various industries around the world will act as a restraint to the global turbo trainer market.
- Another factor that might act as a restraint to the market is the growing geo political tension, which affects the supply chain cycle and increases trade barriers. Massive slowing of the supply chain, falling business confidence, stock market volatility, growing panic among the population, and uncertainty about the future are likely to restrain the turbo trainer market during the forecast period.
Turbo Trainer Market: Competition Landscape
- Detailed profiles of manufacturers of turbo trainer have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the turbo trainer market include
- JetBlack Cycling,
- Kurt Manufacturing,
- Taco B.V.
- MINOURA Co., Ltd.
Turbo Trainer Market: Key Developments
- Prominent players in the turbo trainer market are increasing investment on innovative products to fulfill the needs of end users. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions and tie-ups with local indoor fitness equipment providers.
- In April 2020, Garmin Ltd. completed the strategic acquisition of Tacx B.V., a privately held Dutch company that designs and manufactures indoor bike trainers, tools, and accessories as well as indoor training software and applications