Bicycle Infotainment System Market Size, Share, Growth, and Industry Analysis by Type (Wearable Kits and On-Board Kits) By Application (Road Bike, Mountain Bike, and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Bicycle Infotainment System Market Report Overview

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The global bicycle infotainment system market size was USD 745.1 million in 2022 and is expected to reach USD 2219.91 million in 2031, exhibiting a CAGR of 12.9% during the forecast period. 

The technology known as a bicycle infotainment system allows riders to communicate, enjoy entertainment, and access information while they are riding or traveling. Communication between bicycles is another feature of the bicycle infotainment system. Using integrated infotainment systems on bicycles, riders may communicate with one another and exchange information regardless of where they are. Both built-in and portable infotainment systems are available.

Until recently, bicycle infotainment systems were only available on expensive models that a select few riders could afford. However, thanks to recent developments that led to the creation of low-cost systems, infotainment system integration is now also conceivable in mid and low-segment bicycles. This device transforms the user's smartphone into a cutting-edge entertainment system for bicycles that can be mounted on numerous modules and is packed with features including a theft alarm, real-time tracking, navigation, music playback, fitness data, weather forecasts, and shift recommendations. Vendors also create gadgets for particular clients who only need navigation, and these are far less expensive than a full entertainment system.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth                        

The global COVID-19 pandemic has been unprecedented and staggering, with Bicycle Infotainment System experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The automotive industry's whole supply chain has been badly damaged by the COVID-19 epidemic. Limitations on various developments on the market for bicycle infotainment systems are growing as the number of COVID-19 disorders across the globe increases. The rapid debilitation of global speculation streams indicates the pandemic conditions' impact on the global trade and store network as the global economy struggles to cope with them. A crucial limitation in transportation has resulted from strict regulatory measures to control the incidence's influence, having a significant impact on impact globally.

LATEST TRENDS

"Rising Health Conscious among People to Boost Market Growth"

The bicycle infotainment system is being driven by rising healthcare infotainment system installations and improved health. Bicycle sales are rising as more people become health-conscious. The growing acceptance of cycling as a form of transportation in crowded cities. Government programs and financial aid encourage cycling as a greener alternative to vehicular transportation. Bicycles are becoming smarter and more connected thanks to technology, which improves riding enjoyment. More and more startups are concentrating on creating cutting-edge bicycle infotainment goods and services.

Bicycle Infotainment System Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Wearable Kits and On-Board Kits. The wearable kits dominate the bicycle infotainment system market share.

• By Application Analysis

Based on application, the market is segmented as follows: Road Bike, Mountain Bike, and Others. The road bike is the leading segment in the bicycle infotainment system market share.

DRIVING FACTORS

"Increased Bicycle Usage in Developed Nation to Facilitate Market Development"

The main drivers of the bicycle infotainment system market growth include the rising use of bicycles in developed nations, shifting lifestyle patterns and tastes, and recent technological advancements in entertainment systems. The market expansion is also attributed to the expanding popularity of cycling as a means of transportation and the rising demand for technologically sophisticated bicycles. Due to the rising need for portable, lightweight gadgets, the wearable kits sector is anticipated to experience the greatest growth throughout the forecast period. Due to the rise in popularity of outdoor activities like mountain biking, the mountain bike application category is anticipated to experience the quickest growth throughout the projection period.

"Technological Advancements to Promote Industry Progress"

Bicycling has several advantages, including improved cardiovascular health and a reduction in body fat. One of the most recent trends that are anticipated to boost the market for bicycle infotainment systems over the projected period is the development of LED-based bicycle navigation systems. Customers who have connected bicycle infotainment systems can update features and services. To provide customers with a smooth experience across the cloud, car, and smartphone, OEMs have created their software. The automotive industry is moving toward user-friendly trends, and the bicycle infotainment system market, in particular, is driving this trend. Cloud technologies are key aspects that are playing a significant role in the advancement of bicycle infotainment system.

RESTRAINING FACTORS

"Availability of Other Alternatives to Hinder Market Growth"

A yearly subscription is required for infotainment features like navigation, satellite radio, vehicle diagnostics, Wi-Fi hotspot, roadside assistance, and real-time traffic information. Their services begin with a free trial, become acclimated to these advantages, and eventually become pay services. Even while the cost of a basic subscription is not very high, over time it can mount up. Additionally, there are additional fees associated with subscription plans and software upgrades. On the other hand, increased raw material costs are impeding bicycle infotainment system market expansion. Bicycle infotainment systems are viewed by many as a major source of distraction, which together with their high cost are some of the causes holding back the market's expansion. The availability of alternatives, such as smartphones with GPS capability, is another significant market challenge.

Bicycle Infotainment System Market Regional Insights

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"Increase in Demand to Propel Market Progress in North America"

In terms of revenue, North America held the greatest bicycle infotainment system market share in 2016, and it is anticipated that the region would continue to rule the market during the projection period. Developed nations like the United States and Canada are the major contributors to the bicycle infotainment system market in North America. Due to expanding sales of e-bikes and e-scooters, rising disposable income among middle-class population groups, and rising health & fitness consciousness, the area is anticipated to maintain its leadership over the projected period. The market for bicycle infotainment systems in North America is primarily driven by rising disposable income, technological development in the infotainment system, and rising infotainment system usage. The market is expanding as a result of consumer preferences shifting toward more environmentally friendly modes of transportation, the development of biking infrastructure, and government initiatives encouraging the use of bicycles, all supported by high per capita disposable income in developed nations.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Garmin (U.S.)
• Wahoo Fitness (U.S.)
• Polar (Finland)
• Magellan (U.S.)
• Sena Technologies (U.S.)
• Cateye (Japan)

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.