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
  • LIVALL
  • Sigma Sport
  • SmartHalo
  • VDO Cycle Computing
  • Vanhawks
  • Cobi Bike
  • Assize Technology
  • Cycle Parts
  • CicloSport
  • Hochschorner

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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. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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