Market Research Report
GPS Bike Computers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|GPS Bike Computers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: April 28, 2022
Mordor Intelligence Pvt Ltd
Content info: 70 Pages
Delivery time: 2-3 business days
The GPS Bike Computers Market was valued at around USD 542.5 Million in 2021, and it is expected to reach USD 768.0 Million by 2027, registering a CAGR of about 6.0% during the forecast period (2022 - 2027).
The market was negatively impacted by the COVID-19 in 2021. The COVID-19 pandemic saw a fall in the economic growth in nearly all the major regions, thus altering consumer spending patterns. The COVID-19 pandemic also halted the trade and production of bike computers in fisrt half of 2020. However, post removal of lockdown measures, a large number of individuals across the world preferred for cycling activities due to fitness reasons. Also, several countries witnessed a surge in bicycle recreational activities. This surged the demand for bike computers to track fitness activities, health monitoring while cycling, and for navigation purpose.
Over the medium term, the rising customer inclination towards affordable GPS bike computers is propelling key players to manufacture low cost, unique designed, easy to use, and featured products. For instance, Omata One is a digital data collector instrument with intelligent and simple design along with intuitive analog displays. It is equipped with an ANT+ protocols with heart rate sensors and is well-suited with Bluetooth Low Energy (BLE) along with broad three-dimensional dial and power output meters for measurement statistics such as smart GPS bike computers. This inclination is projected to have a positive impact on the GPS bike computers market's growth over the forecast period.
China is globally leading bicycle producer and exports a large number of bicycles to countries across North America and Europe. In the year 2021, CHina exported 69.26 million units of bicycles, which was an increase of 14.9% when compared to 2020
The demand for bike computers is increasing owing to the upsurge of health-consciousness amongst bicycle users, as these devices track various data like heart rate, calories burned, water percentage, energy level, and navigation. Increasing awareness of smart wearables and growing health consciousness are factors influencing manufacturer to launch innovative products to attract more customers. For instance, Garmin International offers a high-end cycling GPS bike computer - Edge 1030 that delivers a combination of enhanced cycling awareness, performance, and navigation. It has an auto-adjustable screen brightness and lightweight design in the device which permits handlers to operate even in wet hands or bad weather conditions or with gloves.
Correspondingly, Polar Electro offers a state-of-art bike computer, Polar V650, designed exclusively for professional bicyclists who want to analyse every part of their cycling performance. The device is fortified with Polar Smart Coaching features that meet the necessities of both professional as well as amateur cyclists. Furthermore, the growth of the GPS bike computers market is driven by such innovative product launches.
The North America region is expected to be the major market for GPS bike computers during the forecast period. Owing to the strong preference towards outdoor sports activities amongst the population in the region, North America is anticipated to register the good growth. The Canada and United States are crucial markets in North America for GPS bike computers. High disposable income of individuals, adherence to technologically advanced products, and growing demand for e-bikes are some major factors driving the e-bike market in North America. AMid the COVID-19 pandemic, the demand for bicycles witnessed a significant across North American countries, especially across United States. For instance, according to New York Times the sale of e-bike rose at 145% between 2019 and 2020 in United States.
Also, North America is witnessing significant growth in the adoption of e-bikes. For instance, between January to November 2021, around 368,000 units of e-bikes were sold in United States, which is higher when compared to 273,000 units sold in entire 2020. Such growth in sales of conventional bikes and e-bikes is anticipated to offer several revenue generation opportunities for players operating in the market in focus across North America. The region has presence of svereal key players such as Garmin Ltd., and Polar Electro Oy etc.
The GPS Bike Computers Market is characterized by the existence of international and regional players, resulting in a highly competitive market environment. Some of the leading players in the market are Bryton Inc., CatEye Co., Ltd., Garmin Ltd., Lezyne Inc.,Polar Electro Oy, Giant Manufacturing Co. Ltd., MiTAC Holdings Corp., Pioneer Electronics (USA) Inc., and Wahoo Fitness LLC. Many competitors in the GPS Bike Computers Market adopted acquisition and business expansion as their key developmental strategies to develop their geographical foothold and promote their product technologies.