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Smart Bicycle Accessories Market Segmented By Smart Bike Accessories, Cycling Accessories, Motorbike Accessories Parts, Bike Accessories, E-Bike Accessories
The global interest in climate change is at its peak, and vehicles running on electricity have been helping nations shift their economies to a ‘green’ mode and take a step closer to achieving ‘sustainability’ goals. In an attempt to increase the utilization of green energy sources and curb the generation of harmful greenhouse gases (GHGs), bicycles have staged a comeback in the recent years.
With rapid technological advances and the invention of electric cars and solar cars, it was only a matter of time before ‘smart bicycles’ transformed from vision to reality. Equipped with small electric motor powered by a rechargeable battery, smart bicycles came onto the scene not too long ago, and already have witnessed significant improvements.
Innovation is present in every industry and help companies reinvent themselves in addition to their products and services. As electric bikes are not only making an appearance during the morning commute, but also showing up off-road, the demand for right gear has seen an exponential rise in recent times.
Advances in technologies have had a massive impact on the cycling culture, resulting into an influx of wide-ranging smart bicycle accessories – making cycling safer and easier. Moreover, these accessories offer an array of capabilities that didn’t exist even a few years ago.
According to the latest study by Persistence Market Research (PMR), the smart bicycle accessories market will grow at ~8% year-over-year to cross the one billion mark in 2019. The market has been characterized by robust investments in novel technologies and R&D for ‘low-cost, high-quality’ products.
Cycling continues to fulfill a number of needs for bike enthusiasts, right from maintaining fitness to conquering daily commute; and to evolve in tandem with ever-changing consumer preferences, smart bicycle accessories have put forward-thinking design to ultimate test.
A rise in population and increased vehicle parc in line with rapid pace of urbanization have led to growing traffic congestion, thereby potentially raising the demand for smart bikes. Subsequently, the growing popularity of smart bikes along with urban’s ‘bicycle life’ trend and ongoing initiatives such as ‘cycling-to-work’ have been parallel to an increase in sales of smart bicycle accessories.
Smart power monitors, which accounted for more than half of the total sales of smart bicycle accessories in 2018, have garnered significant traction, driven by rising monitoring activities for cyclist’s training and racing intensity. Growing enthusiasm among professional cyclists as well as sport lovers to monitor and measure output of their training exercise has resulted into an increased incorporation of smart power monitors in smart bicycles.
As per the PMR study, the lower average unit costs of smart onboard computers and smart sensors allude higher volume sales vis-à-vis value gains, collectively accounting ~60% volume share in 2018. As the world advances towards 5G network and wireless technologies, smart bicycle accessories market has been spectating massive investments in product innovations and new launches.
For instance, in 2019, Montreal-based startup SmartHalo Technologies Inc. launched the second generation of their core product – SmartHalo 2. The next-gen bike computer not only acts as a navigation system but also features anti-theft alarm, fitness tracker, visual speedometer, and a personal assistant.
Although e-bikes continue to gain momentum in recreational and trekking activities in line with rapid adoption of eco-friendly mode of transportation, commutation by bicycles has been ideal for shorter distances. In addition, the speed of smart bicycles still lag far behind automobiles, representing a threat to the steady growth of smart bicycle accessories market.
Apart from the constant efforts to offer customer-centric products at affordable prices and to assess newer requirements, manufacturers are leveraging novel sales channels for increased profit pools and expanded customer base.
Offline channels such as specialty bicycle stores and depart stores will continue to account for major share of the manufacturers’ bottom lines. Gains remain driven by modernization of shopping experience and advancement of customer-centricity within the offline channels.
However, given the massive shift to online shopping and ‘mobile-first’ mindset in the recent times, market players are placing their bets on an omni-channel strategy, in order to gain the obvious efforts of online platforms. The PMR study forecasts that the sales of smart bicycle accessories through online channels will increase 6.6% year-over-year in 2019.
Smart bicycles have taken off in popularity in the U.S. and EU5, in the view of heightened awareness about environmental sustainability and adoption of innovative transportation solutions.
Consequently, Europe and North America continue to offer greater opportunities and are at the forefront of smart bicycle accessories market. Relatively fast access to novel technologies along with greater awareness of wireless products and accessories in the developed regions has worked to the advantage of the market players.
As urbans areas are getting denser and traffic in major cities are becoming worse, governments are investing in bike share programs, bike lanes, and more pedestrian-friendly streets, thereby potentially raising the demand for smart bicycle accessories.
Additionally, as food delivery apps such as UberEats have taken on board jaunting through the city by way of fast-food bike delivery, market players are targeted towards introducing highly advanced GPS systems in their products.
According to the PMR study, sales of smart bicycle accessories will increase ~9% year-over-year in 2019 in South Asia. With cycling becoming a hobby as well as a necessity among the health and fitness conscious urban dweller, demand for smart bikes has been booming in the region. Sensing high growth opportunities, manufacturers are viewing the region from a target market perspective centering their focus on joint ventures and business collaboration with regional and local players.
The global smart bicycle accessories market was ~3 Mn units in 2018 in terms of market volume and is expected to grow at a CAGR of ~ 8% during the forecast period of 2019-2029. The global smart bicycle accessories market is estimated to achieve ~8 Mn units by the end of 2029 in terms of market volume.
Accessories such as Bluetooth, ANT, or any other type of connectivity devices installed on a bicycle are known as smart bicycle accessories. The smart bicycle accessories market report includes the product type as smart helmets, smart locks, smart lights, smart gloves, smart onboard computers, smart sensors, and smart power meters. These have standard features on bicycles that are meant to enhance their effectiveness, safety, comfort, and visibility.
Under the scope of our research, we have considered bicycle accessories that are purchased by bicycle owners and not by bicycle sharing system providers. Manufacturers of smart bicycle accessories are adopting new technology to develop advanced products to expand its global footprint and product portfolio.
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.
Traffic congestion in North America has increased by ~17% whereas, in Europe, it has increased only by ~2% owing to the increasing use of bicycles by Europeans as an effective means of transport, which in turn, resulted in a substantial decline in traffic jams.
The European Government offers complete support regarding the use of bicycles to avoid problems caused due to traffic congestion and is also urging the residents to use bicycles over other fuel-driven vehicles for transportation.
With an increase in these types of initiatives, the demand for smart bicycle accessories has also increased and is expected to create significant growth opportunities for the bicycle accessories market.
Due to the ecofriendly mode of transportation, the adoption of electric bicycle is increasing in emerging region such as China. This is due to the good network of roads, connected suitably and appropriately in almost all the countries of the region. Approx. 112,000 electric cars and ~40Mn e-bicycles were sold globally in 2013. In China, there are more electric bicycles than cars running on the road.
Some of the well-known manufacturers in the smart bicycle accessories market are Garmin Ltd., Sigma Sport, Linka, and Robert Bosch GmbH, among others.
Moreover, prominent smart bicycle accessories manufacturers are introducing new products in the market to increase their sales. These key developments are expected to boost the growth of the smart bicycle accessories market throughout the forecast period.
Some of the market participants reported in the global smart bicycle accessories market report are
Key information on smart bicycle accessories market featured in the PMR study has been divided into three broader segments including product, sales channel, and region.
The study tracks various dynamics and trends associated with individual segments to assess their impact on the overall growth of smart bicycle accessories market. Key findings, market value share analysis, and market attractiveness analysis of each segment are also provided in this section of the report.
PMR analyzes the smart bicycle accessories market at both macroscopic and microscopic levels to offer qualitative and quantitative breakdown of the market. Comprehensive insights in the smart bicycle accessories market report answers a range of questions for in-depth understanding of the market. Some of the key question are: