by A cyclocomputer is an onboard electric device attached to bicycles which tracks speed, distance traveled, time elapsed and other metrics related to cycling. It displays this data in real time and allows cyclists to keep track of their ride. Cyclocomputers are becoming increasingly popular among recreational and professional cyclists as they provide useful data regarding fitness and performance. Advanced models come with features like GPS navigation, weather monitoring, heart rate tracking etc. The growing popularity of cycling as a healthy outdoor activity and sales of bicycles is fueling the demand for cyclocomputers in the market.
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 rising demand for advanced models with connected GPS features. Manufacturers are focusing on integrating Wi-Fi, Bluetooth and smartphone app connectivity in cyclocomputers to allow online syncing and sharing of ride data. This is driving adoption among users who want to track their performance over time and compare with others. Another trend is the increasing popularity of multi-sport cyclocomputers that support activities beyond cycling like running, walking etc. Their flexible usage is appealing to hobbyists and recreational athletes. Heart rate monitoring integration is another emerging trend as cyclists are interested in monitoring workout intensity in addition to distance and speed metrics.
Porter’s Analysis
Threat of new entrants: New entrants face high costs associated with R&D and brand building in this mature market. However, easy availability of manufacturing units in Asia Pacific offers opportunities.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products. They can negotiate on price easily.
Bargaining power of suppliers: A few large suppliers exists for key components like GPS systems, processors and display screens. Their integration expertise provides them bargaining power.
Threat of new substitutes: Products like fitness bands, smartwatches pose a threat but do not offer dedicated cycling features. Alternate modes of transportation also impact growth.
Competitive rivalry: Being a mature market, competition is high among established players. Product innovation is the key to gain market share in this industry.
Key Takeaways
The global Cyclocomputer Market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing awareness about health benefits of cycling.
Regional analysis: North America dominates the market currently due to high cyclist density. Asia Pacific is expected to witness fastest growth with increasing exports from China, Taiwan and emergence of local players in India and Southeast Asia.
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., Mio Technology (Navman Group). Garmin dominates with wide range of advanced features in entry level as well as professional products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
