Bike Camera Market To Surge From $2.03 Billion In 2024 To $2.74 Billion In 2028 At A CAGR Of More Than 7% As Per The Business Research Company's Bike Camera Global Market Report 2024
LONDON, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The Business Research Company’s Bike Camera Global Market Report 2024 predicts a robust trajectory, projecting the market to escalate from $1.86 billion in 2023 to $2.03 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 9.1%. The bike camera market report attributes this growth in the historic period to the increasing popularity of cycling, rising concerns for cyclist safety, adventure and sports cycling trends, community and social media engagement, and legal and insurance considerations.
Key Insights:
- Projected Growth: The bike camera market is set for strong growth, expecting to reach $2.74 billion by 2028, with a CAGR of 7.8%. Factors driving this surge include integration with smart cycling accessories, the rise in bike commuting and urban cycling, influence of cycling events and competitions, environmental advocacy, and bike tourism.
- Trends in Forecast Period: Noteworthy trends in the forecast period encompass the emergence of 360-degree cameras for comprehensive coverage, integration with navigation and GPS systems, the rise of subscription-based cloud services, a focus on rugged and weather-resistant designs, and the incorporation of voice control features.
- Impact of Increased Bicycle Demand: The increased demand for bicycles is expected to fuel the growth of the bike camera market, providing evidence of accidents or incidents on the road, aiding in insurance claims or legal proceedings.
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Stakeholder Utilization:
- Cyclists and Commuters: Enhance safety and security during rides by leveraging bike cameras to record incidents, navigate with integrated GPS systems, and enjoy comprehensive coverage with 360-degree cameras.
- Manufacturers and Innovators: Capitalize on the rising demand by focusing on rugged and weather-resistant designs, integrating smart accessories, and exploring subscription-based cloud services to stay at the forefront of the market.
- Insurance and Legal Professionals: Leverage bike camera footage as valuable evidence in insurance claims and legal proceedings, aiding in accurate assessments and resolutions.
Major Companies: The report features key players in the bike camera market, including Sony Corporation, Garmin Ltd., Shimano Inc., Nikon Corporation, SZ DJI Technology Co Ltd. (Dajiang Innovations), GoPro Inc., Coleman Company Inc., TomTom N.V., Polaroid Corporation, Sena Technologies Inc., SJCAM Ltd., and many more.
Strategic Partnerships: In August 2023, GoPro Inc. partnered with Grand Prix Motorcycle Racing (MotoGP) to become the official wearable action camera. This collaboration promises an exciting blend of the world's most adaptable camera with the world's most entertaining sport.
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Regional Insights:
- North America: Emerges as the largest region in the bike camera market in 2023.
Market Segmentation:
The bike camera market covered in this report is segmented –
1) By Type: 4K, 1080P, 720P, Other Types
2) By Sales Channel: Online, Offline
3) By Application: Personal, Commercial
Conclusion: The Bike Camera Global Market Report 2023 serves as an essential guide for industry players, enthusiasts, and professionals seeking to navigate the burgeoning landscape of bike cameras. As the bike camera market pedals towards a billion-dollar future, stakeholders can leverage this comprehensive report to make informed decisions, innovate, and contribute to the thriving world of cycling.
Bike Camera Global Market Report 2024 by The Business Research Company provides insights on the bike camera market size, bike camera market segments, bike camera market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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