Inclination towards bicycle ownership is augmenting the Global Bicycle Infotainment System Market to exhibit at a CAGR of 15.92% by 2026
“According to the new market research report published by Inkwood Research, the global Bicycle Infotainment System market was around $ 588 million in 2017 and is anticipated to increase $ 2202 million by 2026. The market is growing at a CAGR of 15.92% during the forecasting period.”
“Browse 19 market Data Tables and 32 Figures spread over 129 Pages, along with an in-depth TOC on global baby food & infant formula market forecast 2018-2026.”
Bicycle infotainment system is an electronic structure that helps in tracking speed, time, distance, elevation etc. with a range of GPS or sensors or both while riding the bicycle. It consists of software and hardware unified in a single system. The bicycle infotainment system is used in road bikes, mountain bikes, and others. The system is categorized by its robustness, design, and capability to withstand shocks while the bicycle is moving. The rising health concern, increasing use of the bicycle in emerged nations, technological advancement, and growing requirement for navigation and real-time tracking are contributing the growth of the global bicycle infotainment system market.
High expense related to infotainment systems, a major source of distraction, and easy access to alternatives like smartphones integrated with GPS technology are some of the factors declining the market growth of the bicycle infotainment system globally.
On Board kits – Key product in the global bicycle infotainment system market
On board infotainment units are hardware devices that are used to provide audio/visual entertainment, connectivity, and navigation in the bicycle. The on board kits is dominating the product segment by holding the largest share in the year 2016. Development in technology in on board kits and systems utilized in the bicycles, increased utilization of navigation devices, owing to the advantages provided to the riders and the availability of tremendous on board infotainment units are major factors driving the on board kits market over the forecast period.
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Road bike is the largest application of the global bicycle infotainment market
Road bikes possess turned handles and lean tires. They are essentially utilized on the road, owing to the efficiency and extreme speed. Road bikes are majorly deployed with infotainment systems to navigate, track health status, distance, and effective planning of the route. Road bikes segment contribute the largest market revenue and is also the largest application of the global bicycle infotainment market. The growing government initiatives towards the adoption of bicycles is majorly uplifting the road bikes market in the coming years.
North America is the most prominent region for the bicycle infotainment market globally.
North America is the leader in the global bicycle infotainment system market by holding the colossal share in the year 2016. The region also contributed the highest revenue to the global market. The growth of the market in this region is primarily attributed to the growing disposable income, advancement in technology, and rising adoption of the infotainment system. Furthermore, demographic shift of the people towards environment-friendly transport, supportive government policies, and superior infrastructure for biking are promoting the growth of the market in North American countries.
The players are embracing various strategies such as partnership, merger & acquisition, agreements, contracts, product launch to sustain its position in the dynamic global bicycle infotainment market. Some of the established players in the market are Garmin, Hammaerhead, Cateye, Beeline, Wahoo Fitness LLC, Cobi and others.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.