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Bike Camera Market Estimated Growth Trends, Size, Share And Analysis Report 2024-2033
Bike Camera Market Estimated Growth Trends
According to The Business Research Company's, The bike camera market size has grown strongly in recent years. It will grow from $1.86 billion in 2023 to $2.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increasing popularity of cycling, rising concerns for cyclist safety, adventure and sports cycling trends, community and social media engagement, legal and insurance considerations..
The bike camera market size is expected to see strong growth in the next few years. It will grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to integration with smart cycling accessories, rise in bike commuting and urban cycling, influence of cycling events and competitions, environmental advocacy and bike tourism.. Major trends in the forecast period include emergence of 360-degree cameras for comprehensive coverage, integration with navigation and gps systems, rise of subscription-based cloud services, focus on rugged and weather-resistant designs, incorporation of voice control features..
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Market Drivers and Trends:
The growing popularity of bike commuting is expected to propel the growth of the bike camera market going forward. Bike commuting refers to using a bicycle as the primary mode of transportation for traveling to and from work or other destinations, promoting a healthier and more sustainable urban mobility option. The rise in bike commuting encourages safety-conscious cyclists to invest in bike cameras for documenting rides and protecting themselves in case of accidents or incidents, leading to increased bike camera sales. For instance, in May 2023, according to Cyclist's Touring Club Company Ltd., a UK-based charitable membership organization, approximately 315,000 individuals (7% of those 16 or older) used bicycles for transportation in 2021, compared to 227,000 (5%) in 2019. Further, approximately 10% of the population (5.7 million people) cycled a few times or once or twice during 2021, an increase from 8% in 2020. Therefore, the growing popularity of bike commuting will drive the growth of the bike camera market.
Major companies operating in the bike camera market focus on developing innovative products, such as the INNOVV H5 Helmet Camera, to gain a competitive advantage. INNOVV H5 helmet cameras are compact and durable action cameras with 360-degree panoramic views and real-time stabilization attached to helmets or headgear to capture hands-free, high-quality video footage in action sports, adventure travel, and safety documentation. For instance, in May 2022, INNOVV Tech Co. Ltd., a China-based manufacturer of helmet cameras, launched the INNOVV H5 Helmet Camera, a portable, modular system with a built-in, high-performance Sony 4K sensor, image stabilization, and a variety of user-selectable imaging capabilities to enhance or optimize video recordings throughout its range of resolution settings for 4K, 2.7K, 1080, and 720P. The camera can be mounted on helmets or various platforms, and it features automatic recording, easy controls, and a dedicated app.
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Major Key Players of the Market:
Major companies operating in the bike camera market report are 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., Mio (MiTAC Europe Limited), RevZilla Motorsports LLC, Insta360 (Arashi Vision Inc.), Cycliq Products Pty. Ltd., Veho Tech Inc., Contour LLC, SVP, Drift Innovation Ltd, MOHOC Inc., Runcam, Sound Around Inc, Campark, Dargon Touch, YI Technology Inc., INNOVV Tech Co. Ltd.
Bike Camera Market 2024 Key Insights:
• The bike camera market is expected to grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Bike Commuting Boom Fuels Growth In Bike Camera Market
• Innovative Products Like Innovv H5 Helmet Camera Drive Competitive Advantage In Bike Camera Market
• North America was the largest region in the bike camera market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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