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.
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- Garmin Ltd.
- Pioneer Corp.
- Shimano Inc.
- SRAM LLC
- SRM GmbH
- Rotor Bike Components
- Favero Electronics Srl
- Stages Cycling, LLC
- Saris Cycling Group
- Verve Cycling
- Watteam Ltd.
- 4iiii Innovations Inc.
- Power2Max GmbH
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.
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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.
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