Cyclocomputers are electronic devices that are attached to bicycles to track and display speed, distance, time, altitude and other associated riding statistics. Cyclocomputers help cyclists monitor their rides more precisely and efficiently plan training sessions based on history data. Features like GPS tracking, heart rate monitoring, and smartphone connectivity have made cyclocomputers an indispensable tool for both recreational and professional cyclists. The growing popularity of cycling as a fitness activity coupled with increasing participation in cycling events has been a key driver for the cyclocomputer market.
The global Cyclocomputer Market is estimated to be valued at US$ 542.9 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the cyclocomputer market has been the integration of advanced technologies like GPS, sensors and wireless connectivity. This has allowed cyclocomputers to offer more features beyond basic trip metrics. For example,cyclocomputers now come with ANT+, Bluetooth or WiFi connectivity that pairs with external sensors to record and display heart rate, cadence or power metrics in real-time. They can also sync workout data with apps and online platforms for advanced analysis. Furthermore, the use of GPS has enabled navigation and route mapping on cyclocomputers. This has made them useful training tools for route planning and tracking rides. The rising demand for advanced multipurpose cyclocomputers from recreational and professional cyclists is expected to continue driving the market over the forecast period.
Threat of new entrants: Low and Medium. Setting up a manufacturing unit and making presence in the established market requires high initial investment and technical expertise limiting the threat from new entrants. However, entry is medium in tier 2 and tier 3 cities and countries.
Bargaining power of buyers: Medium. Buyers have various options available from key global players as well as local manufacturers. However, switching cost is low limiting their negotiation power.
Bargaining power of suppliers: Low. Suppliers of raw material face threat from backward integration by big players. Suppliers have less bargaining power.
Threat of new substitutes: Low. No close substitute exists currently for cyclocomputer with all features integrated in one device.
Competitive rivalry: High. The market is dominated by global players competing on the basis of features, reliability, and pricing. Intense price wars and new product launches give consumers wider choices intensifying competition.
The global Cyclocomputer Market Size is expected to witness high growth. The global Cyclocomputer market is estimated to be valued at US$ 542.9 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis: The Cyclocomputer market in North America dominated with a share of over 30% in 2023 due to higher adoption of fitness devices. Asia Pacific is expected to witness the fastest growth during the forecast period supported by rising health awareness and increasing disposable income in major countries like China and India.
Key players: Key players operating in the Cyclocomputer market are Morita Corporation, Alpha Dent Implants Ltd., Shofu Dental Corporation, Coltene Group, 3M Company, Institut Straumann AG, Zimmer Biomet, Dentsply Sirona Inc., DiaDent Group International, and Essential Dental Systems Inc. Morita Corporation dominated with over 15% market share in 2023 owing to its robust distribution network and wide product range. Alpha Dent Implants Ltd. is expected to gain significant market share during the forecast period through geographical expansion and new product launches catering to developing markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it