by Market Overview:
A cyclocomputer is an electronic device that is attached to a bicycle to measure and display various performance data related to cycling. It displays information such as current speed, total distance traveled, travel time, maximum speed, and other parameters. Some advanced cyclocomputers also have GPS features to track route and elevation gain/loss. Cyclocomputers provide useful data to cyclists to track their fitness progress over time. They help cyclists in setting goals and training more efficiently. With increasing health awareness, cycling has emerged as a popular sport and means of transportation. This is augmenting the demand for cyclocomputers globally.
Market key trends:
The rising trend of using smart devices for everything including sports and fitness is driving the growth of the cyclocomputer market. Many new cyclocomputers now sync via Bluetooth or ANT+ with smartphones to utilize advanced GPS and app features. They allow cyclists to upload their ride data to Strava, Garmin Connect or other fitness apps and track their performance and compare with others. Some cyclocomputers with internet connectivity also offer live segment tracking, notifications and other interactive features. Manufacturers are focusing on integrating more advanced technologies to make cyclocomputers smarter and enhance the riding experience for users. This trend towards smart and connected cyclocomputers is expected to continue and fuel market expansion over the forecast period.
The global Cyclocomputer Market Trends is estimated to be valued at US$ 542.9 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: Low capital requirements and no major proprietary technologies act as entry barriers in the cyclocomputer market. However, established brands have strong brand image and customer loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, specialty features enhance customer stickiness towards certain brands.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due presence of established electronics and parts manufacturers.
Threat of new substitutes: Threat of substitution is low as fitness trackers and watches do not provide the same range of features as cyclocomputers.
Competitive rivalry: The market is consolidated with top players holding major share. However, frequent product launches and innovations fuel competition.
Key Takeaways
The global cyclocomputer market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing health consciousness and popularity of cycling as leisure activity.
The market size for 2023 is estimated to be US$ 542.9 Mn. North America dominates the cyclocomputer market currently due to high adoption of cycling culture and advanced infrastructure for cycling. Europe is also a major market backed by increasing promotional activities by governments to boost cycling.
Key players operating in the cyclocomputer market are armin Ltd., CatEye Co., Ltd., Wahoo Fitness, Sigma Sport, Bryton Inc., Lezyne, Polar Electro Oy, Bontrager (Trek Bicycle Corporation), Stages Cycling LLC, Pioneer Corporation, SRM GmbH, Magene Technology Co., Ltd., Giant Manufacturing Co., Ltd., Topeak Inc., and Mio Technology (Navman Group). These players are focusing on continuous product innovations and partnerships with sports teams for brand promotion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
