Cyclocomputers, also known as bike computers, is an electronic device that is attached to bicycles to provide important data such as speed, distance, time, and calories burnt to the cyclist. The rising awareness about health and fitness has prompted many individuals to adopt cycling as a fitness routine. This has significantly driven the demand for cyclocomputers to track cycling performance over the past few years. The Global Cyclocomputer Market is estimated to be valued at US$ 625.43 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Cyclocomputer market are Morita Corporation, Alpha Dent Implants Ltd., Shofu Dental Corporation, Coltene Group, 3M Company, Institut Straumann AG, Zimmer Biomet, Dentsply Sirona Inc., DiaDent Group International, and Essential Dental Systems Inc., among others. These players are focusing on developing advanced Global Cyclocomputer market Share with touchscreen displays and GPS technology to attract more consumers.
There are several opportunities in the market for key players to expand their business including tie-ups with cycling clubs and events for brand promotion. Integration of cyclocomputers with fitness trackers and apps allows syncing of riding data for performance analysis. This presents an opportunity for players to leverage new technology and offer value-added services.
The rising trend of recreational cycling globally has prompted key players to expand their international presence. Companies are focusing on Asia Pacific and Latin American markets where awareness about cycling is increasing at a rapid pace. Partnerships with local retailers help players access untapped regional markets and increase cyclocomputer sales outside developed nations.
Market Drivers
One of the key drivers for the cyclocomputer market is the growing popularity of indoor cycling. The benefits of indoor cycling such as low-impact workout and ability to ride anytime led to an increase in sales of smart bikes and trainers with integrated screens. This presents an opportunity for cyclocomputer manufacturers to bundle their devices with indoor cycling equipment.
Market Restraints
High cost of advanced cyclocomputers with GPS and heart rate monitoring features act as a restraint for the mass market. These features make cyclocomputers expensive for budget-conscious customers. Additionally, smartwatches and phones offer many fitness tracking features at lower prices, reducing the need for standalone cyclocomputers to some extent.
Segment Analysis
The cyclocomputer market can be segmented based on product type into hub odometer, GPS based bicycle computers and cadence measure devices. Among these, hub odometer is projected to dominate the market owing to their lower cost as compared to GPS based bikes computers and ability to display basic metrics like distance, speed and time effectively. The hub odometer is installed on wheel hub of bicycles to calculate distance travelled simply by wheel rotation. It does not require any external sensor or device to measure speed and distance covered.
Global Analysis
Regionally, Europe accounts for the largest share in the global cyclocomputer market owing to increasing cycling culture and large bicycle sales in countries like Germany, France and Italy. Presence of major bicycle manufacturers has augmented the demand for cyclocomputer accessories in the European region. North America stood as the second largest market and is expected to witness highest growth during the forecast period due to rising health awareness and government initiatives to develop cycling infrastructure across cities. However, Asia Pacific region is projected to show lucrative growth prospects for cyclocomputer market supported by increasing focus of manufacturers towards developing countries along with growing middle class population and their affinity towards recreational cycling activities.
Get more insights on this topic: Cyclocomputer Market
