GPS Bike Computers Market Size, Share, Growth, and Industry Analysis by Type (Mapping, Non-Mapping), by Application (Fitness and Commuting, Athletics and Sports), Regional Forecast to 2031

GPS BIKE COMPUTERS MARKET REPORT OVERVIEW

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global gps bike computers market size was USD 425.2 million in 2021 and market is projected to touch 726.84 million by 2031, exhibiting a CAGR of 5.2% during the forecast period.

GPS bike computer is a type of a direction-finding device that can be placed on the handlebars of a bicycle. This cycling computer gets satellite signals through GPS and helps users to control their rides and track their presentation. With growing awareness about the road safety Gps bike computer is gaining popularity due to features such as live tracking, accident detection, and emergency alert. It will continue to grow as more people pursue to augment their riding experience with refined technology. Furthermore, it has the benefits of allowing the development of new routes as well as the capacity to follow pre-planned routes for real-time advancement. GPS cycle computers track positions and precisely calculate distance, speed, and time without the use of cables or magnets. GPS bike computer is a device involved to a bike that shows the route and time to reach a destination throughout the trip. The growing adoption among the people the cycling sports events and competitions is one of the factors impacting the growth of the target market. The trend towards analogue GPS bicycle computers has relieved high demand and the augmented acceptance of shared commuter bicycles, combined with enlarged contribution in cycling sports and proceedings has also contributed to Gps bike computers market growth. Based on product type the Gps bike computer market is segmented into non-mapping and mapping. The mapping bike computers navigate through the signals of satellite for getting the real-time location in every weather condition. The mapping computers generate the graphics and merely display the data. The increasing acceptance of non-mapping Gps bike computers is due to several related benefits. The increasing use of bike for conveyance along with the rise in cycling-related sports and events has a substantial influence on the enlargement of the target market. The rising liking for low-cost, simple-to-use, and exclusively built bike computers is likely to perform a major part in enhancing the demand for bike computers and as an outcome in motivating the growth of the bike computer market during the forecast period. Vendors have further boosted the basic computing structures to add advanced features such as computer-generated drill associates to extract performance metrics such as average speeds and current performance levels as compared to the last performance or training plan. Popularity is growing as more for Gps bike computers market as people discover their advantages over bike computers.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

GPS BIKE COMPUTERS MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into mapping, non-mapping.

Mapping capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into fitness and commuting, athletics and sports.

GPS bike computers market players cover segment as fitness and commuting will dominate the market share during forecast period.

Driving Factors

"Increasing health consciousness to increase the market growth"

Growing health consciousness and rising awareness of smart wearable are factors which inspiring vendors to introduce advanced products to appeal consumers, therefore this is substantially driving the demand for GPS bike computer. The high consciousness in people is enhancing the market players to deliver consumers updated and innovative products.

"Technological advancement to upsurge the market."

GPS technology has become more precise and consistent allowing more refined features in GPS bike computers. The development of wireless connectivity and integration with other devices such as smartphones and smart watches has added demand of these devices.

Restraining Factors

"High cost to hamper the market growth"

Gps bike computers are expensive which can discourage some consumers from purchasing them. High product cost can limit the market size as consumer may opt for cheaper alternatives or choose avoiding Gps bike computers at all.

GPS BIKE COMPUTERS MARKET REGIONAL INSIGHTS

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"North America to dominate the region due to increasing disposable income"

North America is further expected to witness growth in the Gps bike computers market share. The region is dominating the market due to rising disposable incomes along with the sturdy existence of populations who are motivated towards the outdoor sports activities in this precise region and rising awareness regarding health and fitness. Presence of key players in the region and the enlargement of advanced technology also contribute to the growth of the market in North America.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

LIST OF TOP GPS BIKE COMPUTERS COMPANIES

• Bryton (U.S.)
• CATEYE (Japan)
• Garmin (U.S.)
• Lezyne (U.S.)
• Polar Electro (Finland)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.