Global GPS Bike Computer Market 2024–2033

Reports Description

As per the current market research conducted by Custom Market Insight Market Research Team, the global GPS bike computer market is expected to record a CAGR of 5.1 % from 2023 to 2030. In 2023, the market size is projected to reach a valuation of US$ 0.64 billion. By 2030, the valuation is anticipated to reach US$ 0.86 billion

A GPS bike computer is a device that cyclists use to track their rides, navigate routes, monitor their performance metrics, and record other relevant data. It is essentially a sophisticated cycling computer that uses satellite-based GPS technology to provide location and navigation data.

The GPS bike computer market refers to the segment of the cycling industry that produces and sells these devices. The market includes a range of brands and models that vary in features, price, and target audience. With the growing popularity of cycling as a sport and fitness activity, the GPS bike computer market has seen significant growth in recent years.

Mergers and Acquisitions – GPS Bike Computer Market

The GPS bike computer market has seen several mergers and acquisitions in recent years, as companies seek to expand their market share and offer a broader range of products and services to customers. Here are some notable examples:

Garmin: Garmin is a leading manufacturer of GPS bike computers, and has made several acquisitions in recent years to expand its product offerings. In 2019, Garmin acquired Tacx, a Dutch company that produces indoor bike trainers and accessories, to complement its GPS bike computer range. Garmin has also acquired companies in other industries such as aviation and marine.

Wahoo Fitness: Wahoo Fitness is a competitor of Garmin in the GPS bike computer market, and has made several acquisitions to expand its product offerings. In 2018, Wahoo Fitness acquired Sufferfest, a training platform for cyclists, to provide a more comprehensive training experience for its customers. In 2020, Wahoo Fitness acquired Speedplay, a manufacturer of cycling pedals.

Polar: Polar is a Finnish company that produces GPS bike computers and other fitness tracking devices. In 2019, Polar acquired Smart Coaching, a company that develops personalized training plans and coaching services for athletes. This acquisition allowed Polar to offer a more comprehensive training experience to its customers.

Sigma Sport: Sigma Sport is a German company that produces GPS bike computers, bike lights, and other cycling accessories. In 2018, Sigma Sport acquired the GPS bike computer manufacturer Rox, to expand its product offerings and reach a wider customer base.

Overall, mergers and acquisitions in the GPS bike computer market have enabled companies to offer a broader range of products and services to customers and strengthen their position in the competitive marketplace.

GPS Bike Computer Market– Growth Factors

The GPS bike computer market has experienced significant growth in recent years, and there are several factors that have contributed to this:

Increasing Popularity of Cycling:

Cycling has become a popular sport and fitness activity, with more people taking up the sport for leisure or commuting. This has led to a growing demand for GPS bike computers, which provide cyclists with a range of features to enhance their cycling experience.

Technological Advancements:

GPS technology has become more accurate and reliable, allowing for more sophisticated features in GPS bike computers. The development of wireless connectivity and integration with other devices such as smartphones and smartwatches has also added to the appeal of these devices.

Rising Interest in Fitness Tracking:

Fitness tracking has become a popular trend, with many people seeking to monitor their performance metrics during exercise. GPS bike computers provide cyclists with a range of data such as distance, speed, heart rate, and calories burned, making them an attractive option for fitness enthusiasts.

Growing Trend of Adventure Cycling:

Adventure cycling has gained popularity in recent years, with more cyclists seeking to explore remote and challenging terrain. GPS bike computers with navigation features are essential tools for adventure cyclists, allowing them to plan and navigate their routes.

Increasing Awareness of Safety:

With growing concerns about road safety, GPS bike computers with features such as live tracking, accident detection, and emergency alerts are becoming more popular. These features provide cyclists with added security and peace of mind during their rides.

Overall, the GPS bike computer market is expected to continue to grow as more people take up cycling and seek to enhance their riding experience with sophisticated technology.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

While the GPS bike computer market has many growth factors, there are also some restraining factors that could limit the growth of this market.

Some of these factors include:

• High Cost: GPS bike computers can be expensive, which can deter some consumers from purchasing them. The high cost can also limit the market size, as consumers may opt for cheaper alternatives or choose not to use a GPS bike computer at all.
• Limited Battery Life: GPS bike computers rely on batteries to operate, and some models have limited battery life. This can be inconvenient for cyclists who want to use the GPS bike computer for extended periods, as they may need to carry extra batteries or charge the device frequently.
• Limited Connectivity: Some GPS bike computers may have limited connectivity options, which can limit their usefulness. For example, a GPS bike computer that only connects to one type of device or app may not be as appealing to consumers as one that is compatible with multiple devices and platforms.
• Competition from Smartphones: Many smartphones now have GPS functionality and can track cycling activity. This can make GPS bike computers less attractive to consumers who already have a smartphone with similar capabilities.
• Data Privacy Concerns: GPS bike computers collect and store data on a cyclist’s location and activity, which can raise privacy concerns. Some consumers may be hesitant to use GPS bike computers due to these concerns.

Report Scope

GPS Bike Computer Market – Growth Strategies

The GPS bike computer market is highly competitive, with several established players and new entrants vying for market share. To grow and succeed in this market, companies employ several growth strategies, such as:

• Product Innovation: Companies invest in research and development to create innovative GPS bike computers that offer new features and functionalities. This can include features like wireless connectivity, advanced navigation, and compatibility with third-party apps and platforms.
• Marketing and Branding: Companies invest in marketing and branding efforts to build brand awareness and create a strong brand image in the minds of consumers. This can include advertising campaigns, sponsorships, and partnerships with influencers and athletes.
• Strategic Partnerships: Companies form strategic partnerships with other companies in the cycling industry, such as bike manufacturers and cycling clubs, to offer bundled products and services that appeal to a wider customer base.
• International Expansion: Companies expand their reach by entering new geographic markets and building relationships with local distributors and retailers. This can help companies tap into new customer segments and drive growth in revenue.
• Acquisitions and Mergers: As mentioned earlier, companies can acquire or merge with other companies in the GPS bike computer market to gain access to new technologies, products, and customers. This can help companies grow their market share and expand their product offerings.

Overall, the GPS bike computer market is highly competitive, and companies that are successful in this market need to be innovative, agile, and responsive to changing customer needs and market trends.

GPS Bike Computers Market Segment Analysis:

The GPS Bike Computer Market is divided into two categories: Mapping and Non-Mapping, based on product type. Mapping Bike Computers utilize satellite signals to provide real-time location data in all weather conditions. These computers generate visuals and display data, making them highly useful. Mapping Bike Computers have a larger market share compared to Non-Mapping Computers. In 2022, the Mapping segment was valued at around USD 339 million and is expected to reach approximately USD 475 million with a Compound Annual Growth Rate (CAGR) of 4.9%.

The Mapping segment holds a larger market share of around 57%, but it is essential to note that growth in the market share of GPS cycle computers in the non-mapping segment is crucial during the forecast period. Non-Mapping GPS cycle computers are gaining popularity due to various related benefits, including standard computer functions for cyclists and providing information such as current speed, average speed, top speed, mileage, and distance covered. The Non-Mapping segment’s growth is expected to be around a CAGR of 5.3% for the forecasted period.

The GPS Bike Computer Market is classified into two major applications: Fitness and Commuting, and Athletics and Sports. Fitness and Commuting hold the highest market share, accounting for over 54%. GPS Bike Computers are primarily used for Fitness and Commuting purposes by customers. However, their usage has increased in Athletics training and sports. GPS Bike Computers provide valuable input for athletes to prepare and train properly. Accuracy is crucial for athletes to identify and improve their performance, and GPS Bike Computers offer the required accuracy. Therefore, their usage in sports training has increased significantly in recent times.

The GPS Bike Computer Market – Regional Analysis:

The GPS Bike Computer Market can be analyzed regionally into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

• North America: North America holds the largest market share in the GPS Bike Computer Market, owing to the growing adoption of cycling as a fitness and recreational activity, the increasing popularity of cycling events and competitions, and rising awareness regarding health and fitness. Furthermore, the presence of key players in the region and the development of advanced technology also contribute to the growth of the market in North America.
• Europe: Europe also holds a significant share of the GPS Bike Computer Market due to the increasing trend of cycling as a mode of transportation, the presence of leading bicycle manufacturers in the region, and the rise in demand for technologically advanced products.
• The Asia-Pacific: The Asia-Pacific region is expected to witness significant growth in the GPS Bike Computer Market due to the increasing popularity of cycling as a sport and recreational activity, the rising trend of fitness and health awareness, and the growing demand for advanced cycling technology.
• The Middle East and Africa: The Middle East and Africa region is also expected to witness substantial growth in the GPS Bike Computer Market due to the increasing interest in cycling as a fitness and leisure activity and the growing popularity of cycling events and competitions.
• South America: South America is also expected to contribute to the growth of the GPS Bike Computer Market due to the increasing demand for cycling products and accessories, rising health consciousness, and the presence of major bicycle manufacturers in the region.

Competitive Landscape and GPS Bike Computer Market Share Analysis

The GPS bike computer market is highly competitive, with several players vying for market share. The major players in the market include SIGMA-ELEKTRO GmbH, BBB Cycling, Cycle Parts GmbH, Bryton Inc., Trek Bicycle Corporation, Garmin Ltd., BION INC., Pioneer Electronics (USA) Inc., omata, CATEYE CO. LTD., Giant Bicycles, Evans Cycles, Wahoo Fitness, Cambria Bike, Xplova Inc., Recreational Equipment, Inc., MiTAC Digital Technology Corporation, XOSS, Lezyne, and Polar Electro.

The GPS bike computer market report provides details on each of these companies, including their company overview, financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The report focuses on the companies’ activities related to the GPS bike computer market.

Each company has its own unique strengths and weaknesses, and the report provides a comprehensive analysis of the competitive landscape in the GPS bike computer market. This analysis can help businesses understand their competition and develop strategies to gain a competitive advantage in the market.

Overall, the GPS bike computer market is dynamic and competitive, and companies that can innovate, adapt to changing market trends and offer high-quality products and services are likely to be successful in this market.

List of the prominent players in the global GPS Bike Computer Market:

• SIGMA-ELEKTRO GmbH
• BBB Cycling
• Cycle Parts GmbH
• Bryton Inc.
• Trek Bicycle Corporation
• Garmin Ltd.
• BION INC.
• Pioneer Electronics (USA) Inc.
• omata
• CATEYE CO. LTD.
• Giant Bicycles
• Evans Cycles
• Wahoo Fitness
• Cambria Bike
• Xplova Inc.
• Recreational Equipment Inc.
• MiTAC Digital Technology Corporation
• XOSS
• Lezyne
• Polar Electro.
• Others

The global GPS Bike Computer Market is segmented as follows:

By Application

• Athletics and Sports
• Fitness and Commuting
• Recreational/Leisure

By Type

• Mapping
• Non-mapping

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America