A cyclocomputer is an electronic device that is mounted on bicycles to monitor and measure riding data such as distance, speed, riding time and other usage metrics. It serves as an odometer and trip meter that assists cyclists to quantify riding patterns and set goals for improvement. Various cyclocomputers offer additional features like altitude, GPS tracking, heart rate monitoring and weather predictions. They play an important role in increasing bike safety, training optimization and ride performance.
The Cyclocomputer market 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.
Market Dynamics:
Increasing bike ridership driven by fitness, health and eco-friendly transport trends is a major factor boosting the demand for cyclocomputers. According to a report by the PeopleForBikes Foundation, 57% of Americans have access to bike infrastructure near their homes and 27 million of them ride monthly. Another key driver is growing use of cyclocomputers by recreational and competitive cyclists to track metrics, analyze results and enhance riding skills. Rapid urbanization and growing investment by governments in infrastructure development are also augmenting the demand. However, high penetration of smartphones with GPS and other capabilities poses significant competition to standalone cyclocomputers.
SWOT Analysis
Strength: Cyclocomputer offers real-time data to cyclists like speed, distance, time and calories burned which helps them track performance. It has multifunction features like navigation, cadence sensor, heart rate monitor etc. in single device. Many devices come with long battery life of 10-20 hours which is suitable for long rides.
Weakness: Higher pricing of advanced cyclocomputers limits their adoption. Basic models lack advanced features like maps, connectivity etc. Setting up and learning new functions can be difficult for less tech-savvy users.
Opportunity: Growing health and fitness trend is increasing number of recreational and professional cyclists. This is driving the demand for precise training and performance tracking devices. Connected features integration with apps and sensors offer huge market potential.
Threats: Smartphones and apps are encroaching the lower-end of the market by providing basic metrics at lower costs. Legal requirement variations regarding use of navigation while cycling poses challenges. Supply chain disruptions due to Covid-19 affected production and sales.
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 popularity of cycling sports.
Europe dominates the Cyclocomputer market currently as countries like Germany, France, Italy and UK have large number of recreational and competitive cyclists. Fast adoption of new technologies also contributes to the region's large share. Asia Pacific is expected to be the fastest growing market owing to rising health consciousness in nations like China and India combined with increasing cycling infrastructure and events.
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., Mio Technology (Navman Group). Key players are focusing on integrating advanced features and connectivity in devices to target performance segment. Recent partnerships with sensor and app developers will also help expand the ecosystem.
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