The global cycling power meter market is anticipated at USD 390.6 million in 2022. The sector is gaining pace as companies provide technologically improved cycling power meters with various integrated technologies. Thereby, garnering USD 647.4 million in 2033, recording a CAGR of 4.7% from 2023 to 2033. The market is likely to secure USD 410.5 million in 2023.
| Data Points | Key Statistics |
|---|---|
| Cycling Power Meter Market Size Value in 2023 | USD 410.5 million |
| Cycling Power Meter Market Forecast Value in 2033 | USD 647.4 million |
| Global Growth Rate | 4.7% CAGR |
| Forecast Period | 2023 to 2033 |
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Opportunities in the Cycling Power Meter Industry:
| Historical CAGR (2018 to 2022) | 6.2% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 4.7% |
From 2018 to 2022 the cycling power meter market expanded at a CAGR of 6.2% The growth of the market is attributed to an increased awareness related to health & fitness among consumers.
Over the forecast period, the demand for sports bikes will increase as more people are using bicycles for recreational, sports, and trekking purposes. Also, there is an increase in the number of biking adventures in recent years, impacting the growth of the cycling power meter market.
According to FMI, on the other hand, the manufacturer has started bringing a flurry of new products to meet various requirements from the customers. These factors will aid the growth of the cycling power meter industry during the forecast period.
Increased per capita disposable income, growing fitness awareness, and increased penetration of small AI-powered devices in domestic lifestyles have created opportunities for market growth. The cycling power meter market is projected to show a noteworthy growth of USD 647.4 million by the end of the forecast period of 2033.
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Increasing Trend of Healthy and Eco-Friendly Lifestyle
Increased awareness among consumers about the health and fitness associated with cycling is expected to boost the growth of the cycling power meter market. As a power meter helps to analyze how much energy is spent during the exercise, this helps cyclists to monitor their performance and achieve their goals. These power meters can be used in indoor as well as outdoor equipment.
With the increase in the adoption of cycling power meters by there is an increase in the use of bicycles with power meters by health-conscious people. many people are indulging in physical activities and regular exercise this has led to an increase in the bicycle market which in turn is expected to boost the sales of cycling power meters. Also, the rising fuel prices and increased rate of pollution in many countries, drive the sales of cycling power meters.
Technological Advancements to Drive the Growth of the Market During the Forecast Period
Technological advances improved the features of power meters, manufacturers are coming up with new and advanced power meters that are waterproof, durable, and drop-resistant.
The launch of technically advanced power meters by manufacturers and advancement in development technology creates substantial opportunities for growth of the market during the forecast period. These cycling power meters are highly preferred by athletes and coaches to improve performance.
The cycling power meter market continues to evolve with advanced and new technology being integrated with power meters to provide accurate performance insights.
Lack of Dedicated Cycling Track to Hamper the Growth of the Market
The bicycle market faces a lot of limitations due to the current lifestyle of people. The lack of dedicated cycling tracks and lack of awareness among the different users from developing and underdeveloped regions are some of the factors which may hamper the growth of the cycling power meter market. The rapid changes in technology and the rapidly changing designs of bicycles may pose a challenge to designing power meters.
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Increased Number of Health-Conscious People in the Region to Boost the Growth of the Cycling Power Meter Market in the United States
The global cycling power meter market is expected to be dominated by the United States. The market is anticipated to expand at a CAGR of 4.5% and is expected to accumulate a market value of USD 110.2 million over the forecast period.
The United States remains one of the lucrative markets for cycling power meters throughout the forecast period owing to the presence of a high number of tech-savvy customers in the region and increased awareness about fitness and health.
The governments in the region promote the use of bicycles and cycling is becoming more popular in the united states as exercise, and recreation.
The Rapidly Growing Bicycle Industry to Boost the Growth of the Market in the United Kingdom
The cycling power meter sales in the United Kingdom will keep rising at a steady pace with a CAGR of 4.5% and are expected to gain a market value of USD 22.8 million by the end of the forecast period.
The growing popularity of professional cycling in the region is likely to drive the growth of the cycling power meter market. As many people in the United Kingdom are taking up cycling to stay fit and active, this led to increased demand for cycling power meters which keeps track of cyclist performance.
With advancements in technology, the cycling power meter is becoming more advanced and affordable, which is the major factor driving product demand. As a result, power meters are becoming more popular among the cyclist and the demand for the same is expected to grow during the forecast period.
Increased Spending Power to Drive the Growth of the Market in China
During the assessment period, the cycling power meter market in China is expected to grow at a CAGR of 4.6%. The growth of the market in China is attributed to the presence of a large consumer base and increased health awareness among the consumers and increasing spending power of consumers. The increasing trend of using power meters among the youngster in the region is likely to drive market growth in China
With manufacturing activities consistently gaining pace in tandem with the demand for technology china present a conducive environment for market expansion. Manufacturers in China are producing cycling power meters with advanced features and competitive pricing to inverse the customer base. Also, the easy availability of cycling power meters through online platforms leads to an increase in sales in the market.
Crank Arm-Based Segment Generated High Revenue
Based on mounting type, the crank arm-based segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a CAGR of 5.2% during the forecast period.
The crank arm-based power meter is used to measure the torque applied through the peddles via a strain gauge that is positioned within the crank or crank spider. This power meter is very well protected and in case of an accident or if the bike falls, it is very unlikely that the power meter will be affected by the crash.
Hub-based cycling power meters are measuring devices that are located in the rear hub. Hub-based cycling power meters are some of the most affordable, reliable, and compatible units available in the market. This type of power meter provides benefits such as this system being convenient for swapping it between bikes.
Sports Bicycle Segment to Gain Significant Traction During the Forecast Period
Based on the application the cycling power meter market is segmented into
sports bicycle, mountain bicycle, and road bicycle. Among all these sports bicycle segments remains the top application category expected to expand with a CAGR of 5.4% throughout the forecast period.
Sports bicycles are estimated to account for the prominent market share as these bicycles are largely utilized for different types of professional sports activities such as mountain biking, tracking racing, and triathlon among other
On the other hand, the mountain bicycle segment is the fastest-growing segment in the cycling power meter market.
New players in the cycling power meter market are Limits, BrimBrothers, and iQsquare among others, which are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and creating a larger customer base. For instance
Prominent players in the cycling power meter market are 4iiii Innovations, Inc.; Favero Electronics S.r.l; Garmin Ltd.; Pioneer Corporation; Power2Max GmbH., among others.
Leading players operating in the global cycling power meter market are focusing on intensive research and development for launching innovative products and services in the market.
Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market.
The market players are also emphasizing offering cycling power meters with highly improved accuracy and reliability. The market is benefiting from partnerships with a high focus on innovation.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.7% from 2023 to2033 |
| Market Value in 2022 | USD 410.5 million |
| Market Value in 2032 | USD 647.4 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Mounting Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Arofly; BMC Switzerland AG; Bryton Inc.; Campagnolo s.r.l; CatEye Co. Ltd.; Favero Electronics s.r.l; FSA SRL; Garmin Ltd.; Giant Manufacturing Co. Ltd.; Healthcare Technology Ltd. |
| Customization & Pricing | Available upon Request |
The crack arm-based segment holds high revenue potential.
The United States, China, and the United Kingdom dominate the global market.
The market is forecast to register a CAGR of 4.7% through 2033.
During 2018 to 2022, the market registered a CAGR of 6.2%.
The rising trend of healthy lifestyle are the current market trends.
1. Executive Summary | Cycling Power Meter Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Crank Arm-Based 5.2. Pedal-Based 5.3. Chainring-Based 5.4. Hub-Based 5.5. Bottom Bracket-Based 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Sports Bicycle 6.2. Mountain Bicycle 6.3. Road Bicycle 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Arofly 15.2. BMC Switzerland AG 15.3. Bryton, Inc. 15.4. Campagnolo Srl 15.5. CatEye Co., Ltd. 15.6. Favero Electronics Srl 15.7. FSA SRL 15.8. Garmin Ltd. 15.9. Giant Manufacturing Co., Ltd. 15.10. Healthcare Technology Ltd 16. Assumptions & Acronyms Used 17. Research Methodology
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Cycling Power Meter Market
