April 16, 2024
Cyclocomputer Market

Cyclocomputer Market is Estimated to Witness High Growth Owing to Advancement in Connectivity Technologies

The cyclocomputer market has witnessed significant growth over the past few years owing to the increasing popularity of cycling activities. Cyclocomputers help cyclists to track crucial metrics such as time, speed, distance, average speed, maximum speed, calories burned, temperature, and elevation. They come equipped with features such as navigation, heart rate monitor connectivity, ANT+ and Bluetooth compatibility. The growing health awareness among consumers and increasing adoption of cycling for recreational and fitness purposes have fueled the demand for cyclocomputers.

The Global Cyclocomputer Market is estimated to be valued at US$ 625.43 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period from 2024 to 2031.

Key Takeaways

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., among others.

The key opportunities in the market include increasing popularity of electric bikes, integration of advanced navigation and connectivity features, and growth of cycling tourism. Advancements in ANT+ and Bluetooth connectivity standards are allowing seamless synchronization of cyclocomputers with other wearable devices and apps.

Market drivers:

The major driver for the Cyclocomputer Market Size is the rising health consciousness and increasing popularity of cycling as a fitness and recreational activity. Cycling helps in reducing obesity, lowering heart disease risk, and improving cardiovascular health. Moreover, growing awareness about real-time fitness tracking and integration of advanced technologies such as GPS and sensors in cyclocomputers is also fueling the market growth. The introduction of electric and hybrid bikes is another key factor driving the demand for feature-rich cyclocomputers globally.

Current Challenges in Cyclocomputer Market
The cyclocomputer market is facing challenges due to supply chain issues and geopolitical tensions arising due to the ongoing COVID-19 pandemic and Russia-Ukraine war. Manufacturing and logistics activities were disrupted in the past two years affecting timely delivery of cyclocomputers. Additionally, rising component costs due to shortage of semiconductors used in these devices have increased the product prices. This is negatively impacting the sales volumes in the market. Similarly, the surging inflation has reduced consumer spending power affecting the demand growth in the recreational cycling equipment industry.

SWOT Analysis
Strength: Growing popularity of cycling as a fitness and recreational activity is driving the demand. Increasing health awareness among people is promoting outdoor activities like cycling.
Weakness: High dependency on few component suppliers makes the supply chain vulnerable to disruptions. Relatively smaller customer base limits the scalability of operations for manufacturers.
Opportunity: Expanding product features as multi-functional devices for navigation, fitness tracking etc. Growing e-cycling trends provide scope to integrate cyclocomputers with electric bikes.
Threats: Intense competition from fitness bands and smart watches infringing on basic features. Changing consumer preferences towards other fitness options like running or swimming.

Geographical regions of concentration
Europe currently accounts for the largest share in the global cyclocomputer market both in terms of production and sales. Countries like Germany, France, Italy and the Netherlands have well-established cycling culture and infrastructure contributing to high device adoption.

Fastest growing region
Asia Pacific region is expected to witness the fastest growth during the forecast period. Increasing health awareness combined with improving road infrastructure is supporting cycling activities in countries like China, India and Japan. Additionally, growing middle class population is increasing discretionary spending on recreational sports gear including cyclocomputers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it