Bike Computer Trends and Forecast
The future of the global bike computer market looks promising with opportunities in the fitness & commuting and athletic & sport markets. The global bike computer market is expected to reach an estimated $0.9 billion by 2030 with a CAGR of 5.3% from 2024 to 2030. The major drivers for this market are increasing health consciousness, growing popularity of cycling as a sport and hobby, rising demand for smart cycling products, as well as, increasing use and demand for smart cycling equipment.
• Lucintel forecasts that, within the product type category, wireless computer is expected to witness the highest growth over the forecast period because they provide multiple advantages i.e. easier installation and fewer moving parts.
• Within the application category, fitness and commuting will remain the largest segment.
• In terms of regions, North America is expected to witness the highest growth over the forecast period due to the popularity of riding as a sport has increased road traffic collisions between motor vehicles and cyclists, which have resulted in an increase in accidents and fatalities.
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Emerging Trends in the Bike Computer Market
From the unfolding of various studies, the evolution of the bike computer market is indeed promising, with several emerging trends likely to shape its future.
• In-home Advanced GPS Features: Providing enhanced GPS technology aimed at efficient navigation and tracking for cycling activities in urban centers or off-road tracks.
• In-built Integration into Apps: Increasing integration of phones, mobile apps, or cycling apps into a riderÄX%$%Xs activities for fast information provision on various activities.
• Wearable Bike Computers: Trends indicate a growing outlook towards utilizing bike computers that can be worn, which also monitor parameters like heart rate and cadence.
• Wi-Fi Connectivity: With the rising standard for the use of telephone devices and other smart appliances, the shift from data cables to wireless tools such as Bluetooth and Wi-Fi is evident.
• Multi-Functionality: The driving force behind the advanced development of bike computers is the creation of devices that not only have tracking features but also integrate weather forecasting and route determination.
• Sustainability Focus: Introduction of new environmentally friendly materials and designs to attract consumers who care about the environment.
The bike computer market is characterized by sophisticated features such as GPS, apps, wearables, and wireless technology, indicating the advancement of the cycling system to a more connected bike.
Recent Developments in the Bike Computer Market
New features are being added to the bike computer market, making it more technologically and design-wise advanced.
• Enhanced Navigation Systems: Providing more opportunities for route planning and tracking with the help of bike computers.
• Integration with Smart Devices: Sharing real-time information and integrating interactively with mobile phones and other devices.
• Improved Battery Life: New developments in battery technology improve duration of use and speed up the recharging process of the bike without cycling interruptions.
• Advanced Sensors: Adoption of advanced wearables for performance monitoring, such as heart rate, power, and pedal cadence.
• Wireless Technology: Increasing adoption of Bluetooth and Wi-Fi technology to enable data sharing and syncing with applications and devices.
• User-Friendly Designs: More portable and easier to use, smarter devices that require minimal effort to install or operate.
Factors behind recent changes in the bike computer market include improvements in navigation systems, integration with smart devices, increased battery life, and enhanced sensor systems, making riding more comfortable and functional.
Strategic Growth Opportunities for Bike Computer Market
Several strategic growth opportunities exist in the bike computer market related to key application areas.
• Fitness and Training: Encouraging the use of bike computers with heart rate and performance monitoring functions in fitness and training solutions.
• Commuting and Urban Cycling: Potential for creating bike computers designed for urban commuting, featuring navigation and safety functions to assist city cyclists.
• Adventure and Off-Road Cycling: Opportunities to target the adventure and off-road cycling market by developing rugged bike computers with high-performance GPS.
• Competitive Racing: Focusing on high-end models for competitive racing bicyclists, providing real-time parameters and information.
• Integration with Health Apps: Collaborating with health and fitness applications to provide a comprehensive impact of cycling performance on individual wellness levels.
• Customization and Personalization: Offering modified features and designs suitable for different categories of cyclists.
Emerging domains indicate strategic growth areas in the bike computer market, including fitness applications, commuting, bicycle touring, racing, health apps, and personalization, suggesting that this market has much to offer.
Bike Computer Market Driver and Challenges
Various factors propel the growth of the bike computer market, while some present challenges.
The factors driving the bike computer market include:
• Riding for Leisure, Sport, and Work: These indirectly enhance the sales of sophisticated bike computers sought by cyclists for various purposes, such as racing and workouts.
• Technological Advancements: Data from GPS, sensors, and wireless device technologies provide better utility and experiences for bike computer products.
• Urbanization: The increasing tendency of consumers to cycle in urban settings drives the need for bike computers capable of navigation and equipped with safety features.
• Health and Fitness Trends: The growing popularity of health drives the technology toward enhancing the effectiveness of bikers, leading to increased use of bike computers for monitoring and improvement.
• Smart Technology Integration: The use of health applications and smartphones promotes the market by improving communication and data flow.
Challenges in the bike computer market include:
• High Costs: Most advanced bike computer models are priced above $200, making them unaffordable for many consumers.
• Market Saturation: High competition and product diversity may hinder new entrants from identifying unique selling points.
• Technological Complexity: Technological advancements may complicate development processes regarding product and consumer understanding.
• Battery Life Concerns: The trade-off between good battery performance and the need for compact, lightweight products remains an issue.
• Data Privacy Issues: Privacy and security concerns arise from the collection of personal information by bike computers.
Factors such as increasing interest in cycling, technological progress, and urban transformation positively influence the bike computer market, while costs, market saturation, technological complexity, battery durability, and privacy concerns present challenges. Addressing these issues is essential for market development and further technological advancements.
List of Bike Computer Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies bike computer companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the bike computer companies profiled in this report include-
• Giant Bicycles
• VETTA
• Pioneer Electronics
• Garmin
• Sigma Sport
• VDO Cyclecomputing
• Bryton
Bike Computer by Segment
The study includes a forecast for the global bike computer by product type, sensor type, application, and region.
Bike Computer Market by Product Type [Analysis by Value from 2018 to 2030]:
• Wired Computer
• Wireless Computer
Bike Computer Market by Sensor Type [Analysis by Value from 2018 to 2030]:
• Rear Wheel Sensor
• Speed/Cadence Sensor
• Gradient Sensor
• Heart Rate Sensor
Bike Computer Market by Application [Analysis by Value from 2018 to 2030]:
• Fitness & Commuting
• Athletics & Sports
Bike Computer Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Bike Computer Market
Major players in the market are expanding their operations and entering new strategic partnerships. The following content illustrates recent changes by key producers of bike computers in the USA, Indian, Chinese, and Japanese markets.
• USA: In the USA, the market for bike computers is shifting toward healthy cycling activities, growing rapidly. Recent advancements include the introduction of sophisticated GPS technology and real-time tracking of key performance indicators. Leading companies have equipped bike computers with the latest built-in connectivity options, such as Bluetooth and Wi-Fi. Additionally, there is a trend to include various sensors and data analytics to better understand cycling performance. The market is also seeing positive changes in product appearance, with less bulky and easier-to-use devices entering the market.
• China: Increasing urbanization in China and the growing number of cycling enthusiasts are fueling the rapid growth of the bike computer market. Recent trends include the introduction of affordable yet highly capable bike computers to meet the needs of both leisure and competitive riders. Chinese corporations are focusing on providing sophisticated GPS and navigation alongside communication options like 4G and Bluetooth. There is also a growing trend to include fitness monitoring devices and compatibility with popular fitness apps. Furthermore, designs and functions of new products are evolving to cater to the diverse cycling community in China.
• India: The Indian bike computer market remains underdeveloped but is poised for growth due to increasing interest in cycling for leisure and commuting. Recent trends include the launch of affordable bike computers with basic functions such as speed, distance, and elapsed time for road or exercise bicycles. Given the monsoon season in India, local firms are manufacturing water-resistant and durable bike models. Additionally, there is a growing trend of integrating bike computers with mobile apps for improved functionality. The market is also witnessing the introduction of bike computers with GPS features targeting long-distance and adventure cyclists.
• Japan: In Japan, the characteristics of the adventure market emphasize high technology and accuracy. Recently, a new trend has emerged to provide detailed assessments using advanced sensors and analytics. Japanese brands are launching bike computers with improved GPS systems and functionalities for triathlons, not just cycling. There is a trend towards integrating various smart devices and technologies into bike computers to enhance comfort and usability. Additionally, Japanese manufacturers focus on small and lightweight designs that deliver powerful performance while ensuring ease of transport for users.
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FAQ
Q1. What is the bike computer market size?
Answer: The global bike computer market is expected to reach an estimated $0.9 billion by 2030.
Q2. What is the growth forecast for bike computer market?
Answer: The global bike computer market is expected to grow with a CAGR of 5.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the bike computer market?
Answer: The major drivers for this market are increasing health consciousness, growing popularity of cycling as a sport and hobby, rising demand for smart cycling products, as well as, increasing use and demand for smart cycling equipment.
Q4. What are the major segments for bike computer market?
Answer: The future of the global bike computer market looks promising with opportunities in the fitness & commuting and athletic & sport markets.
Q5. Who are the key bike computer market companies?
Answer: Some of the key bike computer companies are as follows:
• Giant Bicycles
• VETTA
• Pioneer Electronics
• Garmin
• Sigma Sport
• VDO Cyclecomputing
• Bryton
Q6. Which bike computer market segment will be the largest in future?
Answer: Lucintel forecasts that wireless computer is expected to witness the highest growth over the forecast period because they provide multiple advantages i.e. easier installation and fewer moving parts.
Q7. In bike computer market, which region is expected to be the largest in next 5 years?
Answer: North America is expected to witness the highest growth over the forecast period due to the popularity of riding as a sport has increased road traffic collisions between motor vehicles and cyclists, which have resulted in an increase in accidents and fatalities.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the bike computer market by product type (wired computer and wireless computer), sensor type (rear wheel sensor, speed/cadence sensor, gradient sensor, and heart rate sensor), application (fitness & commuting and athletics & sports), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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