GPS Bike Computers Market is segmented by Type (Mapping and Non-Mapping), by Application (Fitness & Commuting and Athletics & Sports), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World)
Market Definition / Research Scope
For the purpose of this researchreport, GPS Bike Computers are defined as electronic devices that use GPS technology to track user location. They can track user route, position, speed, time and distance without the use of traditional wires and magnets. It also calculates data like heart-rate and power. This data is recorded which can be uploaded to a ride-logging service to evaluate user performance. Many GPS Bike Computers allow connection to smartphones using Bluetooth to receive notifications from the connected device. To connect to smartphones respective apps developed by the companies are available. These apps and associated services affect consumer choice of Bike Computer to buy.
GPS Bike Computers Market shall reach a value of $2x61.4 Million in 2031, growing with a CAGR of 12.13% during the forecast period of 2022 to 2031.
In light of the COVID-19 crisis, the global market for GPS Bike Computers is projected to reach US$743.8 Million by 2027, growing at a CAGR of 5.1% over the period 2020-2027. In the report, one of the segments analyzed is mapping, which is expected to record a 4.9% CAGR and reach US$475.2 Million by the end of the analysis period. Following an analysis of the business implications of the pandemic and its induced economic crisis, the growth rate in the Non-mapping segment for the next seven years has been revised to 5.4%.
Growing awareness of smart wearables and health consciousness are factors influencing vendors to introduce innovative products to attract consumers, which is one of the primary factors driving GPS bike computer market growth. Furthermore, the rapid adoption of smart cycling products is also driving the growth of the GPS bike computer market in the forecast period of 2022 to 2032.
A growing number of people are adopting bicycles for commuting and participating in cycling sports and events, which impact the growth of the target market. Health consciousness amongst people across the globe as well as the preference for low-cost, easy-to-use, and specifically designed GPS bike computers is expected to play a major role in driving the demand for GPS bike computers, which will drive the growth of the GPS bike computer market in the forecast period. A variety of players are also engaged in manufacturing, low cost, easy to use, and unique designed GPS bike computers, which will further promote the markets growth. In addition, increasing adoption of bicycles for commuting combined with the growing participation in cycling sports and events has also contributed to the markets growth.
Impact of COVID-19
A variety of industries were affected by the COVID-19 pandemic. Nonetheless, the immediate effects of the outbreak differ. Some industries will witness a drop in demand, but numerous others will continue to show promising growth prospects. In the GPS bike computer market, COVID-19 will not have much impact. In 2022, the market growth is expected to be higher than in 2021.
GPS Bike Computers Market Regional Analysis
Penetrating awareness of smart wearable is presumed to scale growth in the global GPS bike computers market. North America is expected to lead the market with increasing health consciousness amongst bicycle users and rising demand for bike computers that track details like calories burned, distance covered, and heart rate.
Europe is estimated to exert a significant growth force with the increasing perforation of GPS technology and its smart adoption in the advent of this innovative technology. The Asia Pacific region is also expected to register a steady market growth owing to an overall rise in health conscious population and striking trend of cycle users in the region.
The Middle East and Africa are anticipated to index a noteworthy expansion in the market attributed to emerging cyclists, traditional fitness enthusiasts, and somber practitioners. However, smart-watches that function similarly can prove to be a restraining factor in the global arena.
GPS Bike Computers Market Share and Competition
Key companies operating in this industry are: Bryton, CATEYE, Garmin, Lezyne and Polar Electro.
GPS Bike Computers Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2031)
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Fitness and Commuting
• Athletics and Sports
Region Analysis (Revenue, USD Million, 2022 - 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
GPS Bike Computers Market Companies
• Polar Electro
United States GPS Bike Computers Market Research Report
Europe GPS Bike Computers Market Research Report
Asia Pacific GPS Bike Computers Market Research Report
India GPS Bike Computers Market Research Report
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