The global cycling power meter market was anticipated at US$ 390.6 million in 2022. The sector is gaining pace as companies provide technologically improved cycling power meters with various integrated technologies. As of 2033, the market is expected to garner a valuation of US$ 647.4 million in 2033, recording a CAGR of 4.7% from 2023 to 2033. The market is likely to secure US$ 410.5 million in 2023.
The market is anticipated to grow at a stationary CAGR over the forecast period. Increased per capita disposable income, and growing fitness awareness among the population globally. Also, the increased penetration of small AI-powered devices in domestic lifestyles has created opportunities for market growth.
With the increase in the adoption of cycling power meters, 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.
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Key Takeaways from the Market Study
- From 2018 to 2022, the market demand expanded at a CAGR of 6.3%
- Based on the application, the sports bicycle segment accounts for a CAGR of 5.4
- By mounting type, the crank arm-based segment is expected to expand at a CAGR of 5.2% during the forecast period
- North America to emerge as a promising market, capturing a CAGR of 4.5%
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 4.6% during the forecast period.
Competitive Landscape
Prominent players in the cycling power meter market are 4iiii Innovations, Inc.; Favero Electronics Srl; 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.
- Favero Electronics Srl introduced – “Axiom DUO-Shi” which is the power meter with a power sensor on both sides compatible with Shimano. Assioma DUO-Shi is compatible with the following Shimano ®pedal bodies: PD-R8000, PD-R7000, PD-6800, PD-R550, and PD-R540.
- Germin introduced the dual-sensing power meter Rally RS200. Rally RS200 is tested to the extreme. This dual-sensing power meter pedal delivers reliable power measurements and is easy to transfer between bikes These metrics help to tailor training around specific weaknesses and strengths and help to improve
- 4iii – Provider of wearables to improve cycling sports performance. The company designs, develops, and engineers wearables that provide live feedback to sportsman and help improve their performance. Currently, the 3 wearable products include Sportiiii – a performance monitor, Viiiiva – a heart rate monitor, and Cliiiimb – a power meter.
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