Cyclocomputer Market, By Connectivity (Wired and Wireless), Functionality (Basic and Advanced), By Distribution Channel (Online and Offline), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Mar 2024

Code : CMI5923

Pages :165

Formats :

Excel and PDF

Industry : Consumer Electronics

Market Challenges: Competition from feature-rich fitness devices

The cyclocomputer market faces several challenges. Advanced technologies are developing rapidly in the sports and fitness industry, allowing competitors to introduce innovative training devices with more comprehensive features than basic cyclocomputers. Rising component costs and global economic uncertainties also make it difficult for manufacturers to price products affordably while maintaining quality and profit margins. Customers increasingly expect seamless connectivity for training data transfer and analysis on mobile apps as well, requiring new research and development expenditures.

Market Opportunities: Integration with smart devices and apps

Cyclocomputers can leverage the growing popularity of smartphones and smart devices by integrating with them. Opportunities exist to develop companion mobile apps and establish seamless connectivity between cyclocomputers and smart devices. This integration can provide additional features, such as synchronized data storage, social sharing, route planning, and personalized coaching, thus enhancing the overall user experience. According to the Institute of Electrical and Electronics Engineers (IEEE) Computer Society, in 2022, the forecast indicates a substantial growth rate of 14%, tripling the number of Internet of Things (IoT) devices globally from 14.4 billion in 2022 to over 29 billion by 2030.