GPS Bike Computers Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 684.90 Million |
| Market Size (2029) | USD 927.40 Million |
| CAGR (2024 - 2029) | > 6.00 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
GPS Bike Computers Market Analysis
The GPS Bike Computers Market size is estimated at USD 684.90 million in 2024, and is expected to reach USD 927.40 million by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The market has witnessed substantial growth in recent years, driven by increasing consumer interest in cycling as a fitness and recreational activity. Recent technological advancements have led to the development of feature-rich GPS bike computers, offering functionalities like navigation, ride data tracking, and wireless connectivity.
In 2023, the market witnessed the introduction of devices with enhanced battery life and improved display resolution, catering to the demands of both professional cyclists and fitness enthusiasts. Several countries witnessed a surge in recreational bicycle activities, which boosted the demand for GPS bike computers to track fitness activities, health monitoring while cycling, and navigation purposes.
The rising customer inclination toward affordable GPS bike computers may propel key players to manufacture low-cost, uniquely designed, easy-to-use, and featured products.
For instance, Omata One is a digital data collector instrument with an intelligent and simple design and intuitive analog displays. It is equipped with ANT+ protocols and heart rate sensors. It is well-suited with Bluetooth Low Energy (BLE), a broad three-dimensional dial, and power output meters for measurement statistics, such as smart GPS bike computers.
Such trends are projected to positively impact the GPS bike computers market over the forecast period.
GPS Bike Computers Market Trends
The Fitness and Commuting Segment Likely to Have Significant Growth
The demand for GPS bike computers is expected to grow significantly due to the expanding application in fitness and commuting. People prefer to cover long routes via bicycles, thus driving their demand, especially for e-bikes. With rising health consciousness among cyclists, the demand for bike computers is growing. These devices track numerous parameters such as energy level, water percentage, calories burned, and heart rate based on the course and energy effort. This growing market is supported by product launches by key players. For instance:
- In May 2023, Garmin India, a unit of Garmin Ltd, launched two new series of GPS cycling computers, Edge 540 and Edge 840 series, in New Delhi. The two devices are designed to provide cyclists with multiple performance-based training metrics, improved navigational support, and comprehensive coaching tailored to individual goals.
- The Edge 840 series computers come with a responsive touchscreen. Both models also have solar power features, providing 32 hours of battery life in demanding use or up to 60 hours in battery saver mode.
The governing bodies worldwide are also granting incentives and benefits schemes to enhance the adoption of bicycles. For instance, the governments of Belgium, the United States, and the Netherlands provide tax benefits to employees commuting on bicycles. Especially in the Netherlands, bicycle commuting is incentivized by fiscal regulations in various ways, such as tax-free mileage allowance, work-related costs scheme, and the company bicycle scheme.
An increase in daily commutes and fitness-related travels via bikes worldwide encourages navigation system companies to offer products for this group of customers. For instance:
- According to the 2023 annual Bicycle Industry & Market Profile (BIMP) by CONEBI, the European bicycle industry continued its upward trajectory in sales and production. Specifically, bicycle and e-bike sales hit a record high, surpassing 22 million units. This surge was primarily fueled by robust demand for e-bikes, which alone accounted for over 5 million units sold.
- Garmin Ltd offers Edge 130plus, the compact GPS cycling navigation system that navigates and syncs structured workouts to the device. The device comes with Bluetooth compatibility.
The growing adoption of cargo bikes for last-mile delivery is anticipated to drive the demand for a navigation system. It can help the delivery person navigate through the addresses across cities. Such developments are expected to contribute to the market's overall development during the forecast period.
Europe is Expected to Register the Fastest Growth Rate During the Forecast Period
Europe is expected to grow significantly during the forecast period due to the increasing adoption of bicycle commuting and the growing participation in cycling sports and events. The rising trips and utilization of bikes for commuting distances and other leisure activities are expected to enhance the demand for GPS bike computers. They are primarily attributed to the availability of cycling-specific maps, enhancing the traveling experience. For instance:
- In May 2023, the French government allocated EUR 2 billion (USD 2.2 billion) toward improving cycling infrastructure, primarily promoting greater bicycle adoption and reducing car usage.
- From 2023 to 2027, the government plans to invest EUR 250 million (USD 275 million) annually to double the existing cycle lane network. Currently spanning 50,000 km, this network is set to expand to 80,000 km by 2027 and further extend to 100,000 km by 2030. These initiatives will focus on smaller cities and rural regions rather than major urban centers. These developments create a significant opportunity for the GPS bike computers market in the region.
The increasing adoption of bicycles, especially e-bikes, in various applications, such as food delivery, grocery shopping, recreational activities, and rental services, is anticipated to drive their demand during the forecast period. For instance, Deliveroo, a United Kingdom-based food delivery company, operates a fleet of bicycles for food delivery services. Such developments, coupled with the active engagement of regional players, are expected to boost the demand in the market over the forecast period.
- In February 2023, Aventon Abound launched a higher-quality, low-cost e-cargo bike. The e-cargo bike has a 750W rear-geared hub motor and a 20-mph top speed.
Thus, based on the abovementioned factors and developments, GPS bike computers across Europe are anticipated to have decent growth over the forecast period.
GPS Bike Computers Industry Overview
The GPS bike computers market is moderately fragmented due to the presence of international and regional players, resulting in a highly competitive market environment. Some of the leading players in the market include Bryton Inc., CatEye Co. Ltd, Garmin Ltd, Lezyne Inc., Polar Electro Oy, Giant Manufacturing Co. Ltd, MiTAC Holdings Corp., Pioneer Electronics (USA) Inc., and Wahoo Fitness LLC. A few companies in the market are introducing various business strategies to enhance their market shares. For instance:
- In February 2023, the National Cycling League (NCL) announced a strategic partnership with Wahoo Fitness, marking a significant development in enhancing training and performance tracking for cyclists. This alliance is set to integrate Wahoo's cutting-edge GPS bike computers and fitness monitoring equipment with NCL's competitive cycling events, promising an enriched, data-driven experience for participants.
- In April 2022, Giant and Stages Cycling unveiled a new GPS cycling computer, delivering precise performance tracking and power metrics designed to optimize training and enhance cycling performance for athletes.
- In April 2022, Stages Cycling and Giant announced the launch of two new GPS cycling computers, the Dash M200 and Dash L200, available through both companies' global distribution networks. The Dash 200 features a brilliant full-color screen, cycling-specific maps, and various training features.
GPS Bike Computers Market Trends
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Garmin Ltd
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Wahoo Fitness LLC
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Hammerhead
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Bryton Inc.
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Giant Manufacturing Co. Ltd
*Disclaimer: Major Players sorted in no particular order
GPS Bike Computers Market News
- March 2024: Wahoo Fitness LLC announced three new connectivity items, namely, GoPro Connectivity, Smart Light Integration, and Music Control.
- October 2023: Garmin Ltd announced the release of two new GPS cycling computers, the Edge 530 and Edge 830, for the global market. The new Edge 530 and Edge 830 models include more advanced performance analytics and enhanced mapping capabilities, especially when riding off-road. The Edge 530 has physical buttons, whereas the Edge 830 carries a touchscreen device.
- September 2023: Hammerhead partnered with K-Edge to introduce an innovative bike computer mounting system, merging robust design with functionality. This collaboration aims to enhance cyclists' experience by ensuring their GPS devices are securely positioned and easily accessible during rides, providing a seamless integration with Hammerhead's navigation technology.
GPS Bike Computers Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Rising E-bike Sales to Boost the Demand for GPS Bike Computers
4.2 Market Restraints
4.2.1 The High Cost Associated with GPS Bike Computers May Hinder Market Growth
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value in USD)
5.1 By Application
5.1.1 Athletics and Sports
5.1.2 Fitness and Commuting
5.1.3 Recreational/Leisure
5.2 By Type
5.2.1 Mapping
5.2.2 Non-mapping
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 SIGMA-ELEKTRO GmbH
6.2.2 Garmin Ltd
6.2.3 Lezyne Inc.
6.2.4 Polar Electro Oy
6.2.5 CatEye Co. Ltd
6.2.6 Bryton Inc.
6.2.7 Hammerhead
6.2.8 Giant Manufacturing Co. Ltd
6.2.9 MiTAC Holdings Corp.
6.2.10 Pioneer Electronics (USA) Inc.
6.2.11 Wahoo Fitness LLC
6.2.12 Acer Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
GPS Bike Computers Industry Segmentation
GPS bike computers are specialized devices used by cyclists to track and monitor their rides. Equipped with global positioning system (GPS) technology, these devices provide real-time location data, navigation assistance, and performance metrics such as speed, distance, and elevation.
The scope of the report covers segmentation by type, application, and geography. By type, the market is segmented into mapping and non-mapping. By application, the market is segmented into athletics and sports, fitness and commuting, and recreational/leisure. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
For each segment, market sizing and forecasts have been done based on value (USD).
| By Application | |
| Athletics and Sports | |
| Fitness and Commuting | |
| Recreational/Leisure |
| By Type | |
| Mapping | |
| Non-mapping |
| By Geography | |||||||
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GPS Bike Computers Market Research FAQs
How big is the GPS Bike Computers Market?
The GPS Bike Computers Market size is expected to reach USD 684.90 million in 2024 and grow at a CAGR of greater than 6% to reach USD 927.40 million by 2029.
What is the current GPS Bike Computers Market size?
In 2024, the GPS Bike Computers Market size is expected to reach USD 684.90 million.
Who are the key players in GPS Bike Computers Market?
Garmin Ltd, Wahoo Fitness LLC, Hammerhead, Bryton Inc. and Giant Manufacturing Co. Ltd are the major companies operating in the GPS Bike Computers Market.
Which is the fastest growing region in GPS Bike Computers Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in GPS Bike Computers Market?
In 2024, the North America accounts for the largest market share in GPS Bike Computers Market.
What years does this GPS Bike Computers Market cover, and what was the market size in 2023?
In 2023, the GPS Bike Computers Market size was estimated at USD 643.81 million. The report covers the GPS Bike Computers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the GPS Bike Computers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GPS Bike Computers Industry Report
Statistics for the 2024 GPS Bike Computers market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. GPS Bike Computers analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
GPS Bike Computers Market Report Snapshots
