Cycle Computer Market Size, Share, Growth, and Industry Growth, By Type (Wireless & GPS Computers, Wireless Computers, and Wired Computers), By Application (Road Bike, Mountain Bike, and Others), Regional Insights, and Forecast From 2024 To 2031

Cycle Computer Market Report Overview

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The global cycle computer market size was USD 294.13 million in 2021 and is projected to touch USD 525.14 million by 2031, exhibiting a CAGR of 5.97% during the forecast period.

A calculator that helps in calculating the distance a cycle has covered and the calories burned while cycling is called a cycle computer. A bike computer is a particular navigational tool that may be mounted on a bicycle's handlebars. This cycle computer uses GPS to collect satellite signals, allowing riders to monitor their rides and keep tabs on their performance. Additionally, it monitors the owner's progress while driving, enables them to create new routes or adhere to a pre-planned route, and allows them to watch the progress in real-time.

It is an instrument mounted on a cycle or bike. It shows and calculates the information about the trip. It works as an odometer/speedometer, which can be seen on the cycle’s top. It is mounted to the handlebar to make it easily visible to the rider. It is also known as a cyclo-computer. Various versions of this computer are available. The basic model shows standard details such as energy level, heart rate, calories burned, navigation, and water percentage. It comes with various sensors, which can track the detail such as heart rate for monitoring the rider's heart rate, cadence or speed sensor, or rear wheel sensors.

COVID-19 Impact: Changing Consumer Habits Retarded Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with cycle computers experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Restrictions on stepping out hampered the market growth. COVID-19 harmed the market in 2021. Due to the COVID-19 pandemic, economic growth declined throughout almost all major areas, changing consumer spending habits. In the first half of 2020, the COVID-19 pandemic also stopped the commerce and manufacturing of bike computers. However, after the lockdown measures were lifted, many people worldwide embraced bicycle activities for fitness-related reasons. Additionally, a rise in bicycle recreational activities was observed in various nations. The need for bike computers to monitor health while cycling, track fitness activities, and for navigational purposes increased.

LATEST TRENDS

"Rising Health Concerns among the Population to Surge Growth"

The need for bike computers is growing as bicycle users become more health-conscious. Bike computers track various information, including energy level, water %, calories expended, heart rate, and others based on the route and amount of exercise. The GPS technology built into the bike computer devices can also help the riders. Additionally, it is anticipated that GPS navigation offered by bike computer equipment would provide maps to help cyclists commute more efficiently. For instance, Garmin, one of the top American manufacturers of bike computer devices, recently unveiled the Edge 520, the first bike computer product to include GPS technology. With turn-by-turn directions and biking-specific routing, it makes commuting possible for the users. 

Cycle Computer Market Segmentation

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• By Type Analysis

By type, the market is segmented into wireless & GPS computers, wireless computers, and wired computers.

• By Application Analysis

Based on application, the market is classified into road bikes, mountain bikes, and others.

DRIVING FACTORS

"Rising Participation of Population in Cycling to Propel the Demand for the Product"

The increasing use of bicycles for transportation, along with the rise in cycling-related events and sports, has a significant impact on the expansion of the 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 GPS bike computers and, as a result, in driving the growth of the cycle computer market during the aforementioned forecast period. Numerous companies are producing GPS bike computers that are feature-rich, affordable, simple to use, and uniquely built, which is predicted to foster cycle computer market growth further.

"Rising Investment on R&D Activities to Boost the Advanced Cycle Demand"

The companies and manufacturers are anticipated to have access to a variety of fresh and exciting growth and development opportunities due to the rising quantity of investments made in research and development by private players. Additionally, the rising health concerns among the population is anticipated to accelerate the demand for cycle computers. The launch of advanced technology is gaining traction in the global market. One of the main factors driving the GPS bike computer market growth rate is the rising awareness of smart wearables and the rising health consciousness among consumers, prompting manufacturers to release innovative products to draw in customers. 

RESTRAINING FACTORS

"Availability of Smartwatches to Hamper Market Growth"

A smartwatch can track heart rate, distance covered, and blood pressure. It offers all the features that a cycle computer provides, likely to restrain market growth in the foreseeable future. 

Cycle Computer Market Regional Insights

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"North America to Lead the Market Owing to the Rising Disposable Income"

North America is estimated to hold a leading part of the cycle computer market share owing to the growing disposable income. Additionally, the strong presence of the population involved in outdoor sports activities to prosper growth in the region. 

Asia Pacific is likely to show significant growth due to the growing health concern among the population. The population participating in cycling is increasing, which boosts the demand for the product.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

LIST OF TOP CYCLE COMPUTER COMPANIES

• Giant Bicycles (Taiwan)
• CatEye (Japan)
• Wahoo Fitness (U.S.)
• Garmin (U.S.)
• Trek Bicycle (U.S.)
• Topeak Inc. (Taiwan)
• BBB Cycling (Netherlands)
• Raleigh (U.S.)
• O-synce (Germany)
• VETTA (U.S.)
• VDO Cycle Computers (Germany)
• Polar (Finland)
• Pioneer Electronics (Japan)
• Bryton Inc. (Taiwan)
• Bionic (U.S.)
• Sigma Sport (U.K.)
• KNOG (Australia)

INDUSTRY DEVELOPMENT

• April 2021- Giant Bicycle launched the recall of Giant Escape 3 Comfort, Giant Cypress DX, Liv Alight 3 Comfort, and Liv Flourish FS 1, the models of the year 2021 due to the injury hazards. The company received a good response, with the cycle’s handlebar loosening 86 reports, which includes three reports where the rider fell off the cycle.

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.