GPS Bike Computers Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The GPS Bike Computers Market is Segmented by Type (Mapping and Non-mapping), Application (Athletics and Sports, Fitness and Commuting, and Recreational/Leisure), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecast in value (USD million) for all the above segments.

Market Snapshot

GPS Bike Computers Market Size
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: >6 %

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Market Overview

The GPS bike computers market was valued at around USD 542.5 million in 2021, and it is expected to reach USD 768.0 million by 2027, registering a CAGR of about 6.0% during the forecast period (2022 – 2027).

The COVID-19 pandemic impacted the market negatively, resulting in a shutdown of manufacturing units and lockdowns in nearly all the major regions. This trend altered consumer spending patterns across the world. However, post the easing of lockdown measures, many individuals across the world preferred cycling activities due to fitness reasons. Also, several countries witnessed a surge in recreational bicycle activities, which boosted the demand for bike computers to track fitness activities, health monitoring while cycling, and navigation purposes.

Over the medium term, 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 with heart rate sensors. It is well-suited with Bluetooth Low Energy (BLE) and broad three-dimensional dial and power output meters for measurement statistics, such as smart GPS bike computers. This inclination is projected to positively impact the GPS bike computers market over the forecast period.

Europe is expected to have significant growth over the forecast period. The market demand will likely be supported by the rising cycling population and vivid use of bikes for various sectors like delivery. The North American region, followed by Asia-Pacific, is likely to have notable growth over the forecast period due to the strong preference among individuals for outdoor recreational activities.

Scope of the Report

A GPS bike computer is an instrument attached to a bike that shows the route and time to reach a destination throughout the trip. It is similar to the odometer or speedometer on a vehicle's dashboard. The device is attached to the handlebar to be visible to the rider. The GPS bike computers market report covers the latest trends, COVID-19 impact, and technological developments.

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 forecast have been done based on value (USD million).

Application
Athletics and Sports
Fitness and Commuting
Recreational/Leisure
Type
Mapping
Non-mapping
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

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. The COVID-19 pandemic boosted sales, owing to the increased awareness among people about exercise to enhance immunity.

People prefer to cover long routes via bicycles, driving the demand for bicycles, especially 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 2019, Wahoo Fitness announced the launch of the new ELEMNT ROAM, the brand’s third GPS cycling computer. ROAM is the first with a color screen and the first to offer expanded navigation features. Like other ELEMNT computers, ROAM integrates with the Wahoo Fitness Ecosystem, including KICKR smart trainers, TICKR heart rate monitors, and RPM Speed and Cadence sensors.

The governing bodies worldwide are also granting incentives and benefits schemes to enhance the adoption of bicycles. For instance, the governments of Belgium and the Netherlands provide tax benefits to the 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 commute travels and fitness-related travels via bikes across the world encourages navigation system companies to offer products aimed at this group of customers. For instance, ​

  • Garmin Ltd offers Edge 130plus, the compact GPS cycling navigation system, which navigates and syncs structured workouts right 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.

GPS Bike Computers Market_trend 1

Europe Expected to Capture Larger Market Share During the Forecast Period

Europe is expected to have notable growth during the forecast period due to the increasing adoption of bicycles for commuting and the increasing 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 2019, people across the Netherlands made 4.8 billion trips by bicycle, covering 17.6 billion km. One-third of the total distance traveled was for leisure purposes, followed by bicycle trips for shopping purposes and homework commutes.

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 the demand during the forecast period. For instance, Deliveroo, a UK-based food delivery company, operates a fleet of bicycles for food delivery services. Such developments, coupled with the active engagement of players in the region, are expected to keep the demand alive in the market over the forecast period.

  • In May 2021, Wahoo announced the launch of its new GPS bike computer, the ELEMNT BOLT, featuring a crisp color display, intuitive interface, and expanded navigation features. The BOLT GPS also has a 15-hour runtime, and onboard memory increased to 16 GB. Riders can pair the Wahoo ELEMNT app with the new Bolt GPS, which will allow them to customize their data screens, sync routes, and analyze data.

Thus, based on the abovementioned factors and developments, GPS bike computers across the European region are anticipated to have decent growth over the forecast period.

GPS Bike Computer Market_trend 2

Competitive Landscape

The GPS bike computers market is moderately consolidated by the existence 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. Many competitors in the market adopted acquisitions and business expansions as their key strategies to develop their geographical foothold and promote their product technologies.

  • In April 2019, Garmin acquired Tacx Onroerend en Roerend Goed BV (Tacx), the important manufacturer of indoor bike trainers. It helped Garmin increase its portfolio of high-end indoor bike trainers, accessories, and tools, along with indoor training applications and software.
  • In February 2020, Pioneer Corporation signed an agreement to transfer certain assets of its Cycle Sports business to Shimano Inc. Sales of pedaling monitors, cycle computers, and other related products by Pioneer were ceased at the end of March 2020. Pioneer will continue to accept customer inquiries about cycle products and services and provide repair services on Pioneer Cycle Sports products sold before the asset transfer per the terms of any applicable product warranties.

Recent Developments

  • 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 the companies' global distribution networks. The Dash 200 features a brilliant full-color screen, cycling-specific maps, and a full assortment of training features.
  • In May 2021, Wahoo announced the launch of its new GPS bike computer, the ELEMNT BOLT, featuring a crisp color display, intuitive interface, and expanded navigation features. The BOLT GPS also has a 15-hour runtime, and onboard memory increased to 16GB. Riders can pair the Wahoo ELEMNT app with the new Bolt GPS, which will allow them to customize their data screens, sync routes, and analyze data.
  • In April 2021, Bryton® introduced Rider 15, in a new category of smart bike computers that sits perfectly between a traditional bike computer and a smartphone app with Power On and Go, consistent button behavior and workout tracking, and sharing via the Bryton app. Rider 15 comes with built-in GNSS receiving capabilities for improved accuracy, along with an all-new Heading feature with 16 hours of battery, smart notifications, and support for up to 30 functions.
  • In January 2021, Garmin acquired GEOS Worldwide Limited and its subsidiaries, an important provider of response services and emergency monitoring. This acquisition will provide Garmin safety for customers in their adventures and benefit its cycling product portfolio.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness – Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value in USD million)

    1. 5.1 Application

      1. 5.1.1 Athletics and Sports

      2. 5.1.2 Fitness and Commuting

      3. 5.1.3 Recreational/Leisure

    2. 5.2 Type

      1. 5.2.1 Mapping

      2. 5.2.2 Non-mapping

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Spain

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Garmin Ltd

      2. 6.2.2 Lezyne Inc.

      3. 6.2.3 Polar Electro Oy

      4. 6.2.4 CatEye Co. Ltd

      5. 6.2.5 Bryton Inc.

      6. 6.2.6 Giant Manufacturing Co. Ltd

      7. 6.2.7 MiTAC Holdings Corp.

      8. 6.2.8 Pioneer Electronics (USA) Inc.

      9. 6.2.9 Wahoo Fitness LLC

      10. 6.2.10 Acer Inc.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The GPS Bike Computers Market market is studied from 2018 - 2027.

The GPS Bike Computers Market is growing at a CAGR of >6% over the next 5 years.

The GPS Bike Computers Market is valued at 574 Million USD in 2018.

The GPS Bike Computers Market is valued at 768 Million USD in 2027.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Garmin Ltd, Lezyne Inc., Polar Electro Oy, Bryton Inc, CatEye Co. Ltd are the major companies operating in GPS Bike Computers Market.

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