"Brands and modalities come in and out of favour,” Geisler told LIFTS podcast host, Matt Januszek. “Cycling right now is down globally about 25 per cent, and there’s a lot of data to support that. Flywheel closed 100 per cent of its locations, SoulCycle closed around 50 per cent of its locations and we’ve closed somewhere around 25 per cent of our [CycleBar] locations.” Geisler also said that HFA (IHRSA)data supported his statement.
There’s some evidence to validate his comments. According to Statista, studio cycling in the US peaked in 2019, at 9.93 million participants per year, and has dipped over the last four years to around six million. Studio cycling was popularised by boutiques, but this section of the market was battered by COVID and then the shift to working from home.
The outdoor cycling industry is experiencing a downturn in some countries. Having boomed during the pandemic, road cycling participation has dropped to pre-pandemic levels in the UK, according to the Department of Transport. The secondhand bike market has also nosedived since the highs of lockdown and many bike shops are struggling to stay afloat.
Studio cycling has been popular for many years, but the industry is constantly evolving and new modalities have recently surged in popularity. Strength training is on an upswing, especially among women, while participation in Reformer Pilates and time spent on recovery activities is also on the up. People have a finite amount of time and like new, shiny things, so have these modalities stolen participants from cycling? HCM hears that some operators are removing cycling studios.
Third Space CEO, Colin Waggett, says that while cycling is still an integral part of Third Space offering and remains popular, the cycling studios being built at the new clubs are slightly smaller, to reflect the fact that people are participating in other activities as well.
But it’s not all bad news. Custom Market Insights says the market is still growing. Its report Global Indoor Cycling Market estimated this modality to be worth US$1.5bn in 2021 and predicted it to grow to US$2.8bn by 2030.
360 Research Reports also forecasts growth. In its report Indoor Cycling Market it said the high adoption of advanced technology and presence of large players are likely to create ample growth opportunities in North America, which will have a knock-on effect in other territories, especially Europe.
Mintel predicts a recovery in the UK outdoor cycling market, partly driven by women: more than 40 per cent of females aged under-45 have indicated an interest in cycling, This suggests further potential for studio cycling participation among this cohort.
New research (page 108) has found that ‘huff and puff’, cardiorespiratory exercise is critical when it comes to reducing premature death and disease, giving the sector more evidence when it comes to championing cardio with members and consumers and avoiding the industry skewing too much towards strength.
We ask the experts what they see when it comes to the future for indoor cycling.