Market Trends of GPS Bike Computers Industry
This section covers the major market trends shaping the GPS Bike Computers Market according to our research experts:
Fitness and Commuting Segment Likely to Have Significant Growth
The demand for GPS bike computers is expected to grow significantly due to the expanding application in fitness and commuting. The COVID-19 pandemic boosted sales, owing to the increased awareness among people about exercise to enhance immunity.
People prefer to cover long routes via bicycles, driving the demand for bicycles, especially e-bikes. With rising health consciousness among cyclists, the demand for bike computers is growing. These devices track numerous parameters such as energy level, water percentage, calories burned, and heart rate based on the course and energy effort. This growing market is supported by product launches by key players. For instance,
- In May 2019, Wahoo Fitness announced the launch of the new ELEMNT ROAM, the brand's third GPS cycling computer. ROAM is the first with a color screen and the first to offer expanded navigation features. Like other ELEMNT computers, ROAM integrates with the Wahoo Fitness Ecosystem, including KICKR smart trainers, TICKR heart rate monitors, and RPM Speed and Cadence sensors.
The governing bodies worldwide are also granting incentives and benefits schemes to enhance the adoption of bicycles. For instance, the governments of Belgium and the Netherlands provide tax benefits to the employees commuting on bicycles. Especially in the Netherlands, bicycle commuting is incentivized by fiscal regulations in various ways, such as tax-free mileage allowance, work-related costs scheme, and the company bicycle scheme. An increase in daily commute travels and fitness-related travels via bikes across the world encourages navigation system companies to offer products aimed at this group of customers. For instance,
- Garmin Ltd offers Edge 130plus, the compact GPS cycling navigation system, which navigates and syncs structured workouts right to the device. The device comes with Bluetooth compatibility.
The growing adoption of cargo bikes for last-mile delivery is anticipated to drive the demand for a navigation system. It can help the delivery person navigate through the addresses across cities. Such developments are expected to contribute to the market's overall development during the forecast period.
Europe Expected to Capture Larger Market Share During the Forecast Period
Europe is expected to have notable growth during the forecast period due to the increasing adoption of bicycles for commuting and the increasing participation in cycling sports and events. The rising trips and utilization of bikes for commuting distances and other leisure activities are expected to enhance the demand for GPS bike computers. They are primarily attributed to the availability of cycling-specific maps, enhancing the traveling experience. For instance,
- In 2019, people across the Netherlands made 4.8 billion trips by bicycle, covering 17.6 billion km. One-third of the total distance traveled was for leisure purposes, followed by bicycle trips for shopping purposes and homework commutes.
The increasing adoption of bicycles, especially e-bikes, in various applications, such as food delivery, grocery shopping, recreational activities, and rental services, is anticipated to drive the demand during the forecast period. For instance, Deliveroo, a UK-based food delivery company, operates a fleet of bicycles for food delivery services. Such developments, coupled with the active engagement of players in the region, are expected to keep the demand alive in the market over the forecast period.
- In May 2021, Wahoo announced the launch of its new GPS bike computer, the ELEMNT BOLT, featuring a crisp color display, intuitive interface, and expanded navigation features. The BOLT GPS also has a 15-hour runtime, and onboard memory increased to 16 GB. Riders can pair the Wahoo ELEMNT app with the new Bolt GPS, which will allow them to customize their data screens, sync routes, and analyze data.
Thus, based on the abovementioned factors and developments, GPS bike computers across the European region are anticipated to have decent growth over the forecast period.
