Market Trends of GPS Bike Computers Industry
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.
