Smart Bike Computers is fastet growing segment fueling the growth of Cyclocomputer Market

 

Cyclocomputer Market 

Cyclocomputers are electronic devices that are attached to bicycles to monitor speed, distance, time and other metrics. They help track riding performance and provide navigation.

The global Cyclocomputer Market is estimated to be valued at US$ 542.9 Mn or Million 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.

Market key trends:

One of the key trends in the cyclocomputer market is the emergence of smart bike computers. These computers come with many advanced features like tracking heart rate, power meter readouts, GPS capabilities, onboard maps for navigation and wireless connectivity options to pair with smartphones. They offer more functionality than basic cyclocomputers. Many models now come with touchscreens for easy navigation of menus and stats. Manufacturers are focusing on developing smart bike computers with sleeker designs, longer battery life and additional health and fitness metrics to gain market share. This fast growing segment is expected to drive significant growth in the overall cyclocomputer market during the forecast period.

Segment Analysis

The global Cyclocomputer Market Demand is segmented by product type, connectivity, end use, and region. Based on product type, the cyclocomputer market is categorized into Wired and Wireless. Among these, the wireless segment accounts for the largest market share and is expected to witness significant growth over the forecast period. Wireless cyclocomputers offer improved features such as Bluetooth and ANT+ connectivity which enable remote monitoring from smartphones. This has fueled the demand for wireless cyclocomputers. Based on end use, the market is divided into recreational, racing, and others. The recreational segment dominates the market and is expected to continue its dominance over the next few years.

Key Takeaways

The global cyclocomputer market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing popularity of cycling as a fitness and recreational activity.

Regional analysis:

North America accounts for the largest share in the global cyclocomputer market, followed by Europe. Presence of leading manufacturers and growing number of cycling events in countries like the U.S. and Canada have driven the demand for cyclocomputers in the region. Asia Pacific is projected to witness the fastest growth during the forecast period, led by China, India and other developing countries where cycling is gaining popularity as an affordable recreational and fitness activity.

Key players:

Key players operating in the cyclocomputer market are Garmin 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). Garmin is currently the market leader owing to its wide range of product offerings targeting both recreational as well as professional cyclists.

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