Friday, February 23, 2024

Bike Computer Market Size to Reach USD 1.9 Billion by 2030 – Emerging Demand for Inexpensive, User-Friendly Bike Computers with GPS to Bolster Growth, Says The Brainy Insights

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Newark, March 13, 2023 (GLOBE NEWSWIRE) — The bike computer market was estimated at around 0.61 billion in 2021, growing at a CAGR of nearly 5.6% during 2022-2030. The market is projected to reach approximately USD 1.9 billion by 2030.

For the period of 2022 to 2030, the bike computer market is expected to develop at a substantial rate of 2.5%. The bike computer market study examines the expansion that is now occurring as a result of people’s increased awareness of the importance of living a healthy and hygienic lifestyle.

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A specific type of navigational device that can be fitted on a bicycle’s handlebars is a bike computer. This bicycle computer uses GPS to gather satellite signals, enabling users to track their performance and keep an eye on their journeys. Additionally, it tracks the owner’s progress while they are driving, gives them the option to plan new routes or stick to an existing one, and lets them view the progress in real time. One of the main factors driving the bike computer market growth rate is the rising awareness of smart wearables and the rising health consciousness among consumers, which are prompting manufacturers to release innovative products to draw in customers. In addition, a significant driver propelling the growth of the bike computer market from 2022 to 2030 is the swiftly expanding acceptance of smart cycling products.

Growth Factors

The increasing use of bicycles for transportation, along with the rise in cycling-related sports and events, has a significant impact on the expansion of the target market. The growing preference for inexpensive, simple-to-use, and uniquely built bike computers is likely to play a significant part in boosting the demand for bike computers and, as a result, in driving the growth of the bike computer market during the aforementioned forecast period. There are numerous companies producing bike computers that are feature-rich, affordable, simple to use, and uniquely built, which will further foster growth potential for the market. The emergence of popular analogue bike computers has also helped to ease the high demand, and the market is expanding as more people choose to use bicycles for commuting and as more people participate in cycling competitions and sports.

Segmental Overview

Based on product type, the bike computer market has been segmented into wired and wireless. On the basis of application, the bike computer market has been segmented into fitness and commuting and athletics and sports. Wireless bike computers are becoming more popular as a result of a number of associated advantages. It provides you with information about your current speed, average speed, top speed, mileage, and other common computer features for bicycles. For the anticipated period, the non-Mapping segment will increase at a CAGR of almost 5.2%. The sector is expected to increase at the fastest rate owning to the rapid urbanization and high disposable income.

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Regional Overview

Over the projection period, tremendous growth is anticipated in Europe. The market demand will probably be supported by the growing number of cyclists and the frequent use of bikes in various industries, such as delivery. Due to people’s high affinity for outdoor recreational activities, the North American region is anticipated to have considerable development throughout the forecast period, followed by Asia-Pacific. Because of increased disposable incomes, a sizable population that is attracted toward outdoor sports, and strong market presence, North America currently holds the top spot in the bike computer industry. Our analysis indicates that the covid and post covid periods have a detrimental effect on the bike computer industry. The market for bike computers has been adversely impacted by the rising popularity of smartwatches with GPS functionality. This can obstruct market expansion. The same tasks are carried out by smartwatches as by bike computers, but with some extra features like multi-sport activities. Their popularity is growing as more people discover their advantages over bike computers.

Report Scope

Base Year 2021
Forecast period 2022-2030
Report Coverage      Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Market Size (unit) USD Billion
Bike Computer Market CAGR 5.6%
Segments Covered By Product
By Application

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List of the prominent players in the Global Bike Computer market:

• BBB Cycling
• Cycle Parts GmbH
• Bryton Inc.
• Trek Bicycle Corporation
• Garmin Ltd.
• Pioneer Electronics (USA) Inc.
• Omata
• Giant Bicycles
• Evans Cycles
• Wahoo Fitness
• Cambria Bike
• Xplova Inc.
• Recreational Equipment
• MiTAC Digital Technology Corporation

The global Bike Computer market is segmented as follows:

By Product

• Wired
• Wireless

By Application

• Commuting & Fitness
• Athletics & Sports

By Region/Geography

• North America

o The U.S.
o Canada
o Mexico

• Europe

o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe

• Asia Pacific

o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific

• The Middle East & Africa

o Saudi Arabia
o South Africa
o Egypt
o Kuwait
o Rest of the Middle East & Africa

• Latin America

o Brazil
o Argentina
o Rest of Latin America

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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