May 22, 2024
Cyclocomputer Market
Ict

Cyclocomputer Market Is Expected To Be Flourished By Growing Demand For Real-Time GPS Enabled Bikes

Cyclocomputers are electronic devices that are attached to bicycles for tracking riding data like distance, speed, travel time and other useful metrics. Cyclocomputers come in various forms ranging from basic units that display time, distance and speed to more advanced GPS enabled models that provide navigation and live tracking features. The basic units connect to a bike’s wheels using a magnet and sensor to calculate metrics based on wheel rotation, while GPS units utilize satellite signals to track rides and maps for navigation. Cyclocomputers are mainly utilized by serious cyclers and athletes to track workout progress, plan routes and monitor performance over time.

The global Cyclocomputer Market is estimated to be valued at US$ 542.9 Mn  in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing demand for real-time GPS navigation on bicycles is a key driver expected to flourish the cyclocomputer market during the forecast period. GPS enabled cyclocomputers allow cyclists to plan routes, never get lost and easily share live location with friends and family for safety. Such advanced units are gaining popularity among recreational and amateur riders seeking convenience. Furthermore, increasing health awareness and focus on fitness is boosting bicycle sales which is positively impacting the cyclocomputer market. Rising number of cycling trails and communities in various cities are also prompting many to invest in cyclocomputers for tracking metrics and performance over long term. Additionally, innovation with apps that sync riding data to smartphones is propelling the market as modern cyclers demand seamless digital experience while training and riding.

Segment Analysis

The global cyclocomputer market is dominated by the biking segment which accounts for more than 60% share. Within biking, road cycling segment holds the major share owing to the growing popularity of road cycling as an exercise and recreational activity among individuals globally. Technological advancements in cyclocomputers with advanced features such as Bluetooth and ANT+ connectivity, additional sensor compatibility, and customizable data screens have increased their adoption among road cyclists.

PEST Analysis

Political: Governments globally are promoting cycling through policies and infrastructure development projects in order to reduce traffic congestion and pollution. This is positively impacting the cyclocomputer market.
Economic: Rising disposable incomes and growing health awareness is driving demand for bicycles and associated gear including cyclocomputers. The forecast period of 2023-2030 is expected to see steady economic growth globally further supporting the market.

Social: More people are taking up cycling as a hobby or means of exercise due to health and fitness trends. Social media is also popularizing road cycling. This growing social acceptance of cycling contributes to the cyclocomputer market growth.
Technological: Key players are focusing on incorporating the latest connectivity technologies like Bluetooth and ANT+ in cyclocomputers. Additionally, customization and additional features like sensor compatibility are helping companies differentiate their products.

Key Takeaways

The global Cyclocomputer Market Size is expected to witness high growth over the forecast period supported by rising cycles sales globally along with the popularity of cycling as an exercise and hobby activity. The global cyclocomputer market is estimated to be valued at US$ 542.9 Mn  in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

Regional analysis:
North America holds a significant share in the global cyclocomputer market owing to high cycling participation rates and technological advancements. Countries like the US and Canada are witnessing heavy investments in cycling infrastructure that is fueling the growth of associated gear markets including cyclocomputers. However, Asia Pacific is expected to emerge as the fastest growing regional market with nations like China, India promoting cycling through policies and projects.

Key players:
Key players operating in the cyclocomputer market are Morita Corporation, Alpha Dent Implants Ltd., Shofu Dental Corporation. Morita Corporation is one of the leading players known for technologically advanced cyclocomputers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it