GPS Bike Computers Market - Post Pandemic Business Strategies and Processes Plan | Growing Adoption of Smart Cycling Products to Boost Growth | Technavio
The GPS bike computers market is expected to grow by USD 174.53 million during 2020-2024, expanding at a CAGR of almost 5%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global GPS Bike Computers Market 2020-2024 (Graphic: Business Wire)
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GPS Bike Computers Market: Growing adoption of smart cycling products to drive growth
Rising health consciousness and growing awareness of smart wearables are factors encouraging vendors to introduce innovative products to attract consumers. For instance, Garmin International (News - Alert) launched Edge 1030, a high-end cycling GPS bike computer that offers a combination of enhanced navigation, performance, and cycling awareness. It has a lightweight design and auto-adjustable screen brightness in the device which enables users to operate even during bad weather conditions or with wet hands or gloves. Similarly, Polar Electro offers Polar V650, a state-of-art bike computer designed especially for professional cyclists who want to analyze every aspect of their cycling performance. The device is equipped with Polar Smart Coaching features that meet the requirements of both amateurs as well as professional cyclists. Such innovative product launches are fueling the growth of the global GPS bike computers market.
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As per Technavio, the introduction of GPS bike computers with analog display and digital data collection will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
GPS Bike Computers Market: Introduction of GPS Bike Computers with Analog Display and Digital Data Collection
The growing consumer preference for affordable GPS bike computers is driving market players to manufacture low cost, featured, easy to use, and unique designed products. This has led to the introduction of trending analog GPS bike computers. For instance, Omata One is a Finnish-made instrument with simple and intelligent design, intuitive analog displays, and digital data collection. It is equipped with a broad three-dimensional dial and is compatible with Bluetooth Low Energy (BLE) and ANT+ protocols with heart rate sensors and power output meters for measuring statistics like smart GPS bike computers. This trend is expected to have a positive impact on the growth of the market during the forecast period.
"Increasing adoption of bicycles to maintain fitness and the growing adoption of GPS devices in sports analytics will further boost market growth during the forecast period," says a senior analyst at Technavio.
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GPS Bike Computers Market: Segmentation Analysis
This market research report segments the GPS bike computers market by Product (Non-mapping and Mapping), Geography (North America, Europe, APAC, MEA, and South America), and Application (Fitness and commuting and Athletics and sports).
The non-mapping segment led the GPS bike computers market in 2019. The growing number of amateur cyclists, fitness enthusiasts, commuters, and cycling tourists, especially in MEA and APAC has increased the adoption of GPS bike computers that track basic health and fitness activities. Also, the availability of lower and mid-price GPS bike computers has been contributing to the growth of the segment in the market.
The North American region led the GPS bike computers market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the strong inclination for outdoor sports activities among the population in the region.
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