Global Smart Bicycle Accessories Market: Overview
A smart bicycle is a bicycle coupled to an electric motor. The motor provides complete to partial support in the operation of this cycle and is a good addition to an otherwise nimble apparatus. Smart bicycles thus help to overcome the traditional problems associated with bicycles, which are slow speeds and short mileage. Such bicycles today are being increasingly improved upon to make them ready for a technologically advanced world. They are being fitted with accessories like global positioning systems, anti-theft systems and artificial intelligence software that make them interactive with the person who operates them. This allows the global smart bicycle accessories market to chart sturdy growth over the forecast period of 2020 to 2030, as per Transparency Market Research.
Global Smart Bicycle Accessories Market: Notable Developments
A number of growth measures are being deployed by players in global smart bicycle accessories market. These are shaping the landscape of the market and determining its degree of competition. A glimpse is provided below:
In 2018, Sena Technologies, Inc. announced the first shipments of Bluetooth-Integrated Momentum, Momentum Lite, and Momentum INC smart helmets. In the same year, Sigma Sport added a production centre in Grantham, Lincolnshire. This shows how product development, innovation in products, and increasing production capacity are key to growth.
There are a number of manufactures who are present in this market. This makes the market scenario fragmented. A few of these players are-
- Polar Electro
- iGSPORT/Wuhan Qiwu Technology
- Bosch eBike
- Sigma Sport
- VDO Cycle Computing
- Cobi Bike
- Assize Technology
- Cycle Parts
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Global Smart Bicycle Accessories Market: Key Trends and Drivers
- The world is experiencing the brunt of climate change. Governments are changing policies directed against fossil fuel use and are moving towards sustainable development. Bicycles are a big step forward in this direction, and thus the governments are currently incentivizing it and giving space for bicycles in cities around the globe. This is set to give an impetus to the smart bicycle accessories market as well.
- Bicycles are also being increasingly adopted for the health benefits they offer. A health conscious population is adopting various measures to not gain weight and exercise appropriately, along with other things, as witnessed by a 12.8% rise in the health and wellness industry over 2015-2017. Bicycle commuting helps in this regard because it saves time committed especially to exercise. Smart bicycles help here since they increase the mileage one can cycle to manifold, increasing exercise potential over a long term. As these bicycles grow in numbers, so would demand for their accessories.
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Global Smart Bicycle Accessories Market: Regional Analysis
The Smart bicycle has taken off well in North America and Europe, making the regions current market leaders in the accessories market for these cycles. An environmentally conscious population takes to exercising while commuting and involves itself in a number of events and tournaments. This is contributing to regional growth.
The Asia Pacific (APAC) region is expected to grow at the fastest pace in this market owing to growing acceptance for smart bicycles in increasingly clustered environments in cities. The regional population is also putting more disposable income to leisure, and is growing increasingly health conscious. This should help the smart bicycle accessories market grow in the future.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.