Cyclocomputer Market Estimated To Witness High Growth Owing To Increase In Cycling Activities
Market Overview:
A cyclocomputer is an electronic device for bicycles that is attached to the handlebars. It measures and displays cycling-related data like speed, distance, time and other metrics. It helps riders keep track of their cycling performance statistics and analyze routes. Some cyclocomputers also show directional instructions, heart rate and other information. Most cyclocomputers connect to built-in speed and cadence sensors to capture data.
Market Dynamics:
The increasing health awareness and growing preference for cycling as an outdoor recreational activity are expected to drive the cyclocomputer market growth. For instance, according to the League of American Bicyclists, the number of annual U.S. bicyclists increased from 47.9 million in 2006 to 51.7 million in 2017. Cyclocomputers help riders evaluate their cycling performance and make improvements, which positively impacts their fitness levels.
Additionally, technological advancements in cyclocomputer features are also fueling their adoption. The introduction of advanced cyclocomputers integrated with GPS and smartphone connectivity allows riders to store and track routes, receive notifications, and sync data across multiple devices. They provide in-depth cycling metrics and make the riding experience more enjoyable. The availability of affordable cyclocomputers priced under $100 is another factor boosting the market growth.
The global Cyclocomputer Market Trends is estimated to be valued at US$ 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.
SWOT Analysis
Strength: Cyclocomputers provide accurate route and speed data that allow cyclists to track their fitness progress over time. They have useful features like GPS navigation and heart rate monitoring that enhance the cycling experience. Many models offer smartphone connectivity for sharing ride data on social media platforms.
Weakness: Cyclocomputers can be expensive compared to basic devices. Some models have small screens that make it difficult to see details during rides. Battery life may be inadequate for very long rides on a single charge.
Opportunity: Increasing popularity of indoor cycling presents an opportunity to introduce cyclocomputers optimized for stationary bike workouts. Growth in cycling tourism is expected to boost demand for cyclocomputers with advanced mapping and navigation aids.
Threats: Smartwatches and phones with navigation and fitness tracking capabilities pose a threat by reducing the need for a dedicated device. Competition from low-cost fitness trackers that cover basic metrics could limit premium products.
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 awareness and bike commuting. Rising popularity of indoor training and the growth of cycling tourism are driving the demand for advanced features in cyclocomputers.
Regional analysis Europe dominates the global cyclocomputer market with over 30% share in 2023. Countries like Germany, France, and Italy have vibrant cycling cultures and large consumer bases. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising cycling activities in China, Japan, and other developing economies.
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). Key players are focused on expanding product lines and incorporating new technologies to cater to varied customer segments.
Read More: https://blogger-veritas.blogspot.com/2023/11/outdoor-cycling-training-is-fastest.html
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