Cycling Power Meter Market 2022
In the past few years, The primary focus of the report is on the status, demand, future opportunity, forecast period, and growth opportunity. Moreover, the survey report focuses on the development, manufacturing companies, key market, investors, and the cost capital. The objective of the study of Cycling Power Meter Market gives a proper idea of the market present scenario so that each and every enterprise or manufacturer will not experience the issues that occur due to the lack of information.
Cycling Power Meter Market value of over US$ 500 Mn by the end of 2026, growing at a CAGR of 4.1% during the forecast period 2018–2026.
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The global cycling power meter market is projected to have a good future in the coming years, but is expected to grow at a sluggish rate. The slow growth is the result of slow awareness of bicycles with power meters in the market. People are adopting healthier lifestyles, which has turned out to be a major driver behind the growth of the cycling power meter market.
The report forecasts the global bicycle accessories market to grow at a healthy rate over the forecast period owing to the significant increase in the global demand for bicycles, with sales expected to increase by almost 20%. Furthermore, sales are supported by stable demand in APAC and Europe and continued but slower growth in emerging markets, especially China. This has contributed to the growth in revenue of the cycling power meter market, which is expected to grow at a CAGR of 3.7% during the forecast period, reaching a market value of over US$ 780 Mn by the end of 2026.
Shift Towards Eco-Friendly Lifestyle Primary Revenue Driver
Along with health consciousness, there is also a shift towards convenience. The traffic congestion in highly populated countries has become a serious issue, which makes people look for easier modes of transport. The pollution caused due to the emission from fuel-driven vehicles has increased to a never before high level in the recent past. Meanwhile, this has been capitalized as an opportunity for green solutions providers and manufacturers. Bicycle manufacturers and power meters providers can exploit these conditions as an opportunity to expand and increase their business. The eco-friendly mode of transport with bicycle as a medium has already gained popularity and is a prominent trend in European countries such as Denmark, The Netherlands, and London. The government is also moving in the same direction and has implemented stringent regulations on vehicle emissions.
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These conditions have resulted in some new trends such as introduction of bicycles in the corporate sector. In regions like North America and Europe, offices and corporate sectors have been using bicycles and electric vehicles as modes of transport inside their campuses and it is mandatory that every employee should follow this in order to improve the air quality and decrease the pollution index inside the companies. These factors are boosting revenue growth of the global market for cycling power meters.
What’s Trending the Global Market?
Wireless communication facilities is the new trend in the cycling power meter market. Deployment of advance satellite systems and improvements in networks is creating better wireless communication facilities in the cycling power meter market. This has significantly rendered the meters efficient and reduced the burden of wires and connection related infrastructure. The bicycle industry is also adopting the trend of wireless technologies resulting in more sophistication in cycle accessories. Many companies are offering simplified power meters with wireless sensors and controllers. These may demand higher component costs but significantly reduce the cost involved in wiring layups. This also includes integration of the Internet of Things, which facilitates terminals with intelligent operations of various components and systems that are interconnected. IoT offers the next level of automation by setting up interactive systems between different sensors and cycling systems and enables self-detection and switching off of the components.
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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