Smart Bicycle Accessories Market
The global smart bicycle accessories market was worth ~US$ 950 Mn at the end of 2018. With a CAGR of ~9%, the smart bicycle accessories market is estimated to be valued ~US$ 2.32 Bn by the end of the forecast period i.e., 2029.
Persistence Market Research has published a report on the smart bicycle accessories market that includes global industry analysis 2014–2018 and forecast 2019–2029. The report covers latest trends, macroeconomics factors, key information, forecast factors, and key success factors, along with the historical market scenario. The value of the global smart bicycle accessories market was worth over a million US$ in 2018. In terms of value, the smart bicycle accessories market is projected to grow at a significant growth rate during the forecast period. PMR has conducted a structured market research on the smart bicycle accessories. The smart bicycle accessories market report estimates that, during the forecast period, smart onboard computers and smart sensor segments are expected to create significant growth opportunities in the global smart bicycle accessories market, both in terms of, volume and value.
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Smart bicycle accessories are specialized devices and gadgets that are designed to enhance the performance and functionality of bicycles. These accessories may include items such as GPS tracking devices, smart lights, and power meters, and are typically connected to a smartphone or other device to provide real-time information and control.
The global market for smart bicycle accessories is driven by a number of factors, including the increasing popularity of cycling as a leisure activity and form of transportation, the growth in the use of smart devices and the Internet of Things (IoT), and the desire for more advanced and convenient cycling experiences.
There are a number of major players in the smart bicycle accessories market, including Garmin, Wahoo Fitness, and Polar. These companies offer a wide range of smart bicycle accessories for different types of cycling, including road cycling, mountain biking, and commuting.
In recent years, there has been a trend towards the use of advanced smart bicycle accessories that offer improved performance and functionality, such as power meters that can measure a rider’s output in real-time, and smart lights that can be controlled and customized through a smartphone app. There has also been an increase in the use of sustainable materials in the production of smart bicycle accessories, as consumers and manufacturers prioritize environmental concerns.
Overall, the smart bicycle accessories market is expected to continue growing in the coming years, driven by the increasing popularity of cycling and the development of new technologies.
On the regional front, the Europe smart bicycle accessories market is observed to be a prominent market with similar trend followed during the forecast period. Countries such as China, Poland, and India, are identified as emerging markets of smart bicycle accessories owing to the fast-paced production activities in these countries.
Smart Bicycle Accessories Market: Segmental Analysis
By product type, the global smart bicycle accessories market is segmented into smart helmet, smart lock, smart light, smart glove, smart onboard computer, smart sensor, and smart power meter. The smart bicycle accessories market is expected to be prominent in the smart onboard computer owing to the advanced features such as map, theft alert notification, heart rate monitoring, and several other features. The smart glove segment is projected to have less share as compared to the other segments of the product type. Moreover, manufacturers of smart bicycle accessories are focusing more on safety features as compared to conventional bicycle systems. The aforementioned factor is expected to increase the sales of smart bicycle accessories during the forecast period.
By sales channel, the global smart bicycle accessories market is segmented into offline and online. The offline segment is projected to be prominent throughout the forecast period.
By region, the smart bicycle accessories market report studies markets across several regions such as North America, Latin America, Europe, South Asia, East Asia, Middle East & Africa, and Oceania. North America and Europe are expected to grow with a predominant share in the global smart bicycle accessories market over the forecast period. However, East Asia is representing healthy growth in the smart bicycle accessories market.
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For an in-depth analysis, PMR has divided the market structure in two levels: tier 1 and tier 2. Tier 1 players are estimated to account for high share in the global smart bicycle accessories market across the world.
The global smart bicycle accessories market is consolidated owing to the presence of less manufacturers of smart bicycle accessories across the globe. Prominent players in the global smart bicycle accessories market are focusing on the development of smart bicycle accessories, adopting business expansions, collaborations, and acquisition strategies to capture significant share of the global market.
- In 2018, Sena Technologies, Inc. announced the initial shipments of Bluetooth-Integrated Momentum, Momentum Lite, and Momentum INC smart helmets.
- In 2018, Sigma Sport expanded its business by the addition of new 30,000 square-foot distribution centre in Grantham, Lincolnshire.
- In 2019, Garmin Ltd collaborated with Daimler, to bring connected features in Mercedes-Benz vehicles with Vívoactive 3 GPS smart watch.
Global Smart Bicycle Accessories Market: Competitive Landscape
Some of the market participants reported in this study in the global smart bicycle accessories market includes Garmin Ltd., Pioneer Corporation, Assize Technology Co., Ltd., Polar Electro, Robert Bosch GmbH, Sena Technologies, Inc., Linka, LIVALL, Vanhawks Inc., Wuhan Qiwu Technology Co., Ltd., VDO Cycle Computing, and Sigma Sport, among others.
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Persistence Market Research offers insights about key factors driving demand for bicycle accessories. The report tracks the global sales of bicycle accessories in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the cycling industry in general, and bicycle accessories in particular.
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