Sports bicycle market to hold the largest share in the global cycling power meter market owing to a surge in racing and sports events across the globe
The global bicycle power meter market covers the market for meters used in different types of bicycles to measure the output of the rider’s power. The market’s scope is expected to stay limited in the coming years. The usage of bicycles is not that much prevalent due to the dependency of people on bigger and more convenient vehicles. This restricts the growth in sales of cycles and subsequently cycling power meters. However, a major shift has been witnessed in the recent times, as people have become extremely health conscious and are more inclined towards the usage of bicycles to maintain their exercise routine. This report dissects the market into different bicycle types such as sports bicycles, road bicycles and mountain bicycles. The anticipated market share and numbers for each bicycle type indicate that sports bicycles stand out and lead with a high margin. This segment is expected to hold a market value of over US$ 500 Mn by the end of 2026, growing at a CAGR of 4.1% during the forecast period. This is a result of a rise in cyclists’ training and racing intensity. The growing enthusiasm among professional cyclists and sports lovers to monitor and collect data pertaining to their training exercises is anticipated to be the most prominent driving factor in the global cycling power meter market over the forecast period.
Special characteristics of power meters and growing health consciousness among people to increase the demand for different types of bicycles with advanced power meters
Technological enhancements have improved the features of power meters. The new and advanced wireless power meters equipped in bicycles today are waterproof, durable, drop resistant and vibration resistant, and offer enhanced accuracy. These factors have increased the demand for power meters in the global bicycle market. With the rise in adoption of these advanced meters, there is also an increase in the usage of bicycles with power meters by health conscious individuals. More people are indulging in physical activities and regular exercising these days and this has helped the bicycle market grow; in turn boosting revenue growth of the global cycling power meter market. One of the major advantages of using bicycles is that there is no need for any external fuel or source of supply to drive the system. Moreover, the world is facing a problem in preserving the natural resources and hence in future, there will always be a possibility of depletion of resources. In order to save oil and fuel, people more often tend to cycle to the distances that are close enough for them. The high rate of bicycle usage is mostly seen in China and in European countries such as The Netherlands and Germany. These factors are positively impacting the global cycling power meter market.
Lack of dedicated cycling tracks still stands as a hurdle in the growth of the cycling power meter market
The bicycle market already faces a lot of limitations due to the current lifestyle of people. The other hurdle lies in the non-availability of proper tracks for bicycles. In countries such as India, Indonesia, and Brazil where the population is high, there are very few dedicated cycling tracks built by the authorities. Growth of the global bicycle market is dependent on the availability of a proper network of roads and good connectivity among different regions. One of the main challenges for government authorities and manufacturers has been the creation of good cycling tracks. The need of the hour is to create a bicycle friendly world with safe and convenient cycling tracks so as to avoid accidents and injuries to people. Lack of good tracks to ply bicycles can negatively impact revenue growth of the global bicycle market and in turn adversely affect the global cycling power meter market.
Global Cycling Power Meter Market
The global industry is currently witnessing a period of stabilization as steady sales continue to sustain growth for suppliers and OEMs. However, an industry that is undergoing one of the biggest transformation, the future truly looks uncertain. The auto industry has always remained fiercely competitive, with US, German, and Japanese OEMs relying on incremental upgrades to consolidate their position. However, as electric vehicles and driverless cars become a reality, traditional players are staring at a future they aren’t entirely familiar with. The next five years in this industry paint a picture of collaboration and competition with the Silicon Valley.
This research report has a specific market study scope. It is a combination of research on cycle market and its component, i.e. cycling power meter market. The analysis includes an evaluation of cycling power meters’ demand in the global market and the factors influencing it. There is a brief overview of factors increasing bicycle’s demand and in turn cycling power meter’s demand.
PMR utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
PMR collects data from secondary sources including company annual reports_bk_01_01_2020, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, PMR validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports_bk_01_01_2020, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Standard Report Structure
By Mount Type
By Bicycle Type