According report by Persistence Market Research titled “Cycling Power Meter Market: Global Industry Analysis 2013- 2017 and Forecast 2018-2026”, the global cycling power meter market is projected to have a good future in the coming years, but is expected to grow at a sluggish rate. The slow growth is said to be the result of slow awareness of bicycles with power meters in the market. People are adopting healthier lifestyles, which has turned out to be a major driver behind the growth of the cycling power meter market.
The report forecasts the global bicycle accessories market to grow at a healthy rate over the forecast period owing to the significant increase in the global demand for bicycles, with sales expected to increase by almost 20%.
Sales are supported by stable demand in APAC and Europe and continued but slower growth in emerging markets, especially China. This has contributed to the growth in revenue of the cycling power meter market, which is expected to grow at a CAGR of 3.7% during the forecast period, reaching a market value of over $780 Million by the end of 2026.
Along with health consciousness, there is also a shift towards convenience. The traffic congestion in highly populated countries has become a serious issue, which makes people look for easier modes of transport. The pollution caused due to the emission from fuel-driven vehicles has increased to a never high level in the recent past. Meanwhile, this has been capitalized as an opportunity for green solutions providers and manufacturers.
Bicycle manufacturers and power meters providers can exploit these conditions as an opportunity to expand and increase their business. The eco-friendly mode of transport with bicycle as a medium has already gained popularity and is a prominent trend in European countries such as Denmark, The Netherlands, and London. The government is also moving in the same direction and has implemented stringent regulations on vehicle emissions.
These conditions have resulted in some new trends such as introduction of bicycles in the corporate sector. In regions like North America and Europe, offices and corporate sectors have been using bicycles and electric vehicles as modes of transport inside their campuses and it is mandatory that every employee should follow this to improve the air quality and decrease the pollution index inside the companies. These factors are boosting revenue growth of the global market for cycling power meters.
The bicycle industry is also adopting the trend of wireless technologies resulting in more sophistication in cycle accessories. Many companies are offering simplified power meters with wireless sensors and controllers. These may demand higher component costs but significantly reduce the cost involved in wiring layups.
This also includes integration of the Internet of Things, which facilitates terminals with intelligent operations of various components and systems that are interconnected. IoT offers the next level of automation by setting up interactive systems between different sensors and cycling systems and enables self-detection and switching off the components.
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Persistence Market Research
New York City, NY