LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global GPS bike computers market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
One of the prominent trends that is being witnessed in the market is the introduction of GPS bike computers with analog display and digital data collection. The increasing adoption of bicycles for commuting together coupled with the increasing participation in cycling sports and events and growing health consciousness among people across the globe has elevated the need for GPS bike computers. The preference for low cost, easy to use, and uniquely designed GPS bike computers is rising globally. Thus, the players are engaged in manufacturing low cost, featured, easy to use, and unique designed GPS bike computers. This demand is eased by the introduction of trending analog GPS bike computers.
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In this report, Technavio analysts highlight the growing adoption of smart cycling products as a key factor contributing to the growth of the global GPS bike computers market:
Growing adoption of smart cycling products
Growing health-consciousness and acquaintance with smart wearable devices among consumers is inspiring the vendors in the global GPS bike computers market to launch innovative products. For instance, a major vendor launched a high-end cycling GPS bike computer that offers a combination of improved navigation, performance and cycling awareness and has a lightweight design. Auto-adjustable screen brightness in the device allows users to operate even during bad weather conditions or with wet hands or gloves. The device is also equipped with various safety features such as sending alert messages to the cyclists' contacts in case of untoward incidents. It also assists with the safer way of riding the bicycle along with detecting the safest available route to ride on.
According to a senior analyst at Technavio for outdoor gear, “One of the popular vendors in the global GPS bikes computers market launched a state-of-art bike computer designed particularly for professional cyclists who want to analyze and comprehend every aspect of their cycling performance. Apart from GPS functions, the device is also equipped with features that meet the requirements of both amateurs as well as professional cyclists.”
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Global GPS bike computers market segmentation
This market research report segments the global GPS bike computers market into the following products (non-mapping and mapping), applications (fitness and commuting and athletics and sports), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the fitness and commuting segment held the largest market share in 2017, accounting for more than 54% of the market. However, the market share for this application is expected to decrease to some extent during the forecast period.
The Americas was the leading region for the global GPS bike computers market in 2017, accounting for a market share of close to 48%. It was followed by EMEA and APAC. The Americas is anticipated to dominate the market throughout the forecast period.
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