Market Overview:
A cyclo-computer is an onboard bicycle computer that measures and displays speed, distance, time, cadence, power, heart rate and other cycling-related metrics. It helps cyclists track their rides, analyze performance data, and improve their overall cycling experience. Common features include odometers, trip meters, speedometers, digital displays and wireless connection capabilities. They range from basic units that display speed and distance to advanced models that interface with external sensors for detailed performance insights.
Market Dynamics:
Increasing participation in cycling events and growing health awareness among people are major drivers fueling demand for cyclocomputers. According to a survey by The Sports and Fitness Industry Association, around 47.9 million Americans participated in cycling in 2019. As more people take up cycling as a sport or means of transport and exercise, the need for precise tracking of riding metrics and statistics is rising. Furthermore, technological advancements enabling real-time wireless sharing of ride data on fitness apps and social media are encouraging athletes to monitor their performance with cyclo computers for motivation and improvements. Rapid urbanization in developing nations also contributes to the rising popularity of cycling as road congestion increases demand for eco-friendly transport solutions.
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.
Segment Analysis
The Cyclocomputer market can be segmented into tire-based cyclocomputers and handheld/handlebar cyclocomputers. The handheld/handlebar cyclocomputers segment dominates the market as it easy to view data while cycling and provides additional features like GPS navigation compared to tire-based models.
PEST Analysis
Political: No major regulations currently impact the cyclocomputer market.
Economic: The rising disposable incomes and improving living standards in developing nations is boosting demand for premium cycling devices like cyclocomputers.
Social: Growing health consciousness and adoption of active lifestyles are driving many individuals to cycling, increasing the adoption of cyclocomputers to track fitness metrics.
Technological: Advancements in GPS, sensors, and display technologies are enhancing features of cyclocomputers, enabling them to offer connected features and route planning capabilities.
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 adoption of active lifestyles. The Asia Pacific region is expected to witness fastest growth in the market due to rising cycling culture and improving living standards in developing countries such as India and China.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Countries like China, India, and Japan have a large consumer base for premium bicycles and cycling equipment. Thus, the demand for advanced cyclocomputers is growing rapidly in this region.
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., Mio Technology (Navman Group). The market leaders like Garmin Ltd. and Wahoo Fitness are focusing on enhancing their product portfolio and entering into strategic partnerships with distribution companies to increase sales.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
