June 18, 2024
Cyclocomputer Market

Cyclocomputer Market Poised to Grow at a Robust Pace Due to Advancements in Sensor Technology

The cyclocomputer market has witnessed significant growth over the past few years owing to the increasing popularity of cycling. Cyclocomputers are useful devices that offer various useful metrics to cycling enthusiasts such as speed, distance, time elapsed, trip time, and other training related data. Some advanced cyclocomputers also track location, heart rate, calories burned and other health related parameters. The growing health consciousness and adoption of cycling as a fitness activity has driven the demand for cyclocomputers globally. 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 2024 to 2031.

Key Takeaways

Key players operating in the Global Cyclocomputer market Share 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. These players are focusing on developing advanced products with integrated GPS, ANT+ and Bluetooth connectivity, and heart rate sensors.

The rising popularity of cycling tourism and outdoor recreational activities present significant growth opportunities in the market. Furthermore, advancements in GPS technology and sensors have allowed manufacturers to integrate advanced functionalities in modern cyclocomputers. This is expected to drive the demand during the forecast period.

Improved accuracy and capabilities of sensors have enabled real-time tracking of various metrics. Also, integration of technologies like ANT+ and Bluetooth enable wireless syncing of devices and transmission of data to apps. This has enhanced the user experience and functionalities of modern cyclocomputers.

Market Drivers

The increasing health consciousness and focus on fitness are driving the demand for cycling globally. Advanced cyclocomputers assist riders in effectively tracking their performance, keeping a record of workouts, and achieving fitness goals. This acts as a major driver for the market. Furthermore, initiatives by governments and cycling associations to promote cycling are also contributing to the growth of the cyclocomputer industry.
Current challenges in Cyclocomputer Market:

The cyclocomputer market is facing challenges due to the current economic uncertainty prevailing across various regions. Factors like rising inflation, high interest rates and supply chain disruptions are negatively impacting the discretionary spending power of consumers. This has decreased the sales of premium and high-end cyclocomputers in the past year. Additionally, the market has also been witnessing intense price competition among regional and local players which is adversely affecting the profit margins of major manufacturers.

SWOT Analysis

Strength: Cyclocomputers offer advanced features like GPS tracking, heart rate monitoring, Bluetooth connectivity etc. which enhance user experience.

Weakness: High pricing of advanced cyclocomputers remains a barrier for many recreational cyclists. Lack of standardization leads to compatibility issues sometimes.

Opportunity: Growing popularity of cycling as a fitness activity and smartwatch features being integrated provide growth opportunities.

Threats: Threat from substitute devices like sports watches, smartphones. Economic challenges can dampen discretionary spends.

Geographical Regions

Europe currently dominates the cyclocomputer market in terms value and accounts for over 40% share. Countries like Germany, France, Italy, UK and Netherlands have strong cycling culture and infrastructure which drives the demand.

Asia Pacific is projected to be the fastest growing regional market during the forecast period. Rapid economic development, growing health awareness and promotion of cycling by governments are increasing the sales in China, India and Southeast Asian nations at a faster pace.

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