Market Overview:
A cyclocomputer is an onboard electronic device used to measure distance, speed, and other metrics related to cycling. It displays current speed, elapsed time, trip distance, total distance travelled, air temperature, altitude and more. Cyclocomputers provide cyclists with useful data to track their performance and improve their cycling skills. Having metrics about each ride allows cyclists to monitor their fitness gains over time. Market key trends: One of the key trends driving the growth of the cyclocomputer market is the rising popularity of health and fitness tracking among consumers. As more people take up cycling for exercise and recreation, there is increasing demand for cyclocomputers to track cycling metrics like speed, distance, calories burned etc. This data allows cyclists to track their fitness progress over time. Furthermore, advanced cyclocomputers now integrate with apps and smartphones to provide more analytics and social features. This is encouraging more cyclists to use cyclocomputers for a more comprehensive view of their riding habits and performances. Connectivity with other devices through Bluetooth and ANT+ is another feature fueling the popularity of modern cyclocomputers. The global Cyclocomputer Market Trends is estimated to be valued at US$ 542.9 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Porter’s Analysis Threat of new entrants: The cyclocomputer market has moderate threat as huge investments are required for manufacturing, R&D and brand building. Bargaining power of buyers: Buyers have low to moderate bargaining power due to availability of good quality product options from multiple brands at different price points. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and dependence of manufacturers on few component suppliers. Threat of new substitutes: The threat from substitutes is low as cyclocomputers provide specific functionality not substitutable by smartphone apps. Competitive rivalry: Strong due to presence of many global and regional players. SWOT Analysis Strength: Features like GPS, heart rate monitoring, speed & distance measurement help track fitness progress. Weakness: Higher pricing of GPS enabled models limits adoption. Opportunity: Growing popularity of cycling as fitness & recreational activity. Rising disposal incomes in developing nations. Threats: Alternatives like smartphone apps provide basic features at lower costs. Increasing pricing pressure from local & regional players. Key Takeaways The global cyclocomputer market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing popularity of cycling as a fitness and recreational activity. Regionally, North America dominates the market currently due to high cycling culture and increasing health awareness. Europe is the second largest market driven by presence of major players and strict regulations promoting cycling. Asia Pacific is expected to be the fastest growing market due to rising middle class population and disposable incomes in nations like China and India. Key players operating in the cyclocomputer market are Garmin Ltd., CatEye Co., Ltd., Wahoo Fitness, Sigma Sport, Bryton Inc., Lezyne, Polar Electro Oy, Bontrager (Trek Bicycle Corporation), Stages Cycling LLC, Pioneer Corporation, and SRM GmbH. Read More: https://www.dailyprbulletin.com/new-avenues-for-the-cyclocomputer-market-size-and-share-analysis/
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