In an effort to ascend the leveraging of sustainable energy sources, and tackle the emission of toxic greenhouse gases (GHGs), bicycles are re-garnering prominence in recent times. As technological developments alongwith the advent of electric automobiles witnessing an upward swing, the transformation of smart bicycles from vision to reality is inevitable. Innovation is becoming par for the course in diverse sectors to aid organizations to reimagine their products and services.
As electric bikes are cropping up off-road, the need for appropriate gear is observing a significant rise. Subsequent advances in technologies are disrupting the cycling regime, leading to the onset of a broad array of smart bicycle accessories for safes and easier cycling sessions. In addition, growing enthusiasm among professional cyclists for monitoring activities, such as training sessions, and racing intensity, in real-time is contributing to the prominence of smart bicycle accessories.
As per the latest market intelligence study by Persistent Market Research, the global smart bicycle accessories market pegged slightly above a million in 2018 and is anticipated to progress at a CAGR of ~8% over the foreseeable period. Surging adoption of electric bicycles as an environmentally friendly mode of commute in developed and developing countries primarily drives the market growth.
Smart Onboard Computers Lead the Pack Following Ample Storage of Data and Safe Riding
Smart onboard computers are becoming a necessity for cyclists in the present data-driven world. With benefits, including compact size, lightweight and prolonged battery life (typically 10-15 hours), smart onboard computers easily dominate the list of smart bicycle accessories. In addition, smart onboard computers are capable of storing large chunks of data in the database.
The culture of cycling is gaining presence in the form of transport, physical activity or leisure. Cyclists are curious about knowing various sorts of information while riding bikes, for instance, top speed, heart rate, and calories burnt, to make cycling more interesting. As technology advances, smart onboard computers are coming with GPS features for long-distance trips. The GPS-enabled smart onboard computers allow saving a home location and mapping of routes, preventing bike riders from getting lost. Furthermore, smart onboard computers are compatible with smartphone apps for enabling straightforward cycling.
Heavy Traffic Congestion in North America and Europe Results in High Adoption of Bicycles
Traffic congestion in North America in surging by ~17%, while in Europe, following increased adoption of bicycles as an efficient means of commute to workplaces, the traffic congestion is increasing sluggishly by ~2%. The European government is providing complete support with regards to the employment of bicycles in a bid to counter casualties due to traffic congestion.
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In the wake of escalating concerns apropos ecological preservation, smart bicycles are emerging as an innovative commuting solution in the US, and the EU5. With urban demographics boosting, the traffic in major cities is becoming uglier. Governments are channelizing investments on the construction of separate bike lanes, and pedestrian-friendly streets, thereby the demand for smart bicycle accessories is likely to mushroom.