Peloton Market & Consumers


To understand Peloton, its customers, and its marketplace in order to develop a pitch.

Early Findings


  • The global indoor cycling market was worth $37,235.3 million in 2018. The projected CAGR is 4.9% from 2019-2028.
  • Peloton’s total revenue for 2020 Q1 was $228 million.
  • Peloton’s great branding and its direct to consumer business model are credited with having it struggle to keep up with the demand for these high-end spin bikes.
  • Peloton, valued at $4 billion, recently (August 2019) filed for an IPO. It also has a new treadmill offering that costs almost $4,000. The stationary bike by Peloton starts at $2,245.
  • Peloton hoped to see about $1.1 billion of shares at $26-$29 per share when it IPO’d. However, the company’s efforts were described as a "bust" with its stock dropping from $29/share to less than $23/share.
  • The company is said to have a "cult following" of 1.6 million users.


  • Because Peloton labels itself as a "private indoor cycling studio," its competitors are both boutique cycling studios as well as other indoor bikes/treadmills.
  • FlyWheel and SoulCycle are Peloton competitors. Echelon is also a competitor (Peloton is suing the company for "flooding the market ‘with cheap, copycat products’ while waging a false-advertising campaign to undercut Peloton’s business").
  • Peloton’s luxury at-home features really cut into the business model of FlyWheel and SoulCycle (since they are class-based).


  • Just as Peloton broke into the treadmill business, it has plans to dive further into connected fitness; the company has recently "opened a new production studio dedicated to yoga and meditation. The company is also widening its footprint: Peloton announced plans to dip into global markets, starting with the U.K. and Canada, followed by European cities."
  • Known as a "luxury" and "high-end" machine, Peloton has plans to introduce a "lower-end" treadmill and new rowing machine in 2020.

*We found some proprietary research from one of our data partners which may be helpful:

1. The entire report, "Gym & Exercise Equipment Manufacturing in the US - Industry Market Research Report" (IBISWorld, $1,090) contains a section that may be of interest; there is a complete section titled "Major Companies" ($656.81) that details the major companies (of which Peloton is mentioned heavily).

2. Another report, the same title as above but a different published date (April 8, 2019), has a table featuring Peloton’s financial performance information (Table 23) that can be bought separately for $86.25. This report can be accessed here.

Research proposal:

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