ID: PMRREP13813| 187 Pages | 6 Oct 2025 | Format: PDF, Excel, PPT* | Automotive & Transportation
The global cycling power meter market size is expected to reach US$440 million by 2025. It is expected to reach US$600 Million by 2032, growing at a CAGR of 6.1% during the forecast period from 2025 to 2032, driven by rising adoption of data-driven training among amateur and professional cyclists, continuous product innovation (accuracy, battery life, connectivity), and expanding demand from gravel, mountain biking, and indoor training communities.
| Key Insights | Details |
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Cycling Power Meter Market Size (2025E) |
US$440 Mn |
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Market Value Forecast (2032F) |
US$600 Mn |
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Projected Growth (CAGR 2025 to 2032) |
6.1% |
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Historical Market Growth (CAGR 2019 to 2024) |
4% |
Cyclists increasingly rely on power meters for precise training metrics. What was once a professional niche has now expanded to amateurs, supported by training platforms and coaching tools. By 2032, more than half of incremental market growth is expected to come from athletes upgrading from basic sensors to dedicated meters, ensuring consistent performance measurement. This demand underpins long-term revenue resilience even in mature markets.
Manufacturers are investing heavily in accuracy, dual-sided measurement, longer battery life, and broader ecosystem integration (ANT+, Bluetooth, and app compatibility). Recent innovations include rechargeable units with runtime exceeding 50 hours, Apple Find My integration, and compatibility with multiple cleat systems. These advances not only justify premium pricing but also expand adoption across gravel and MTB riders, adding 10–15% incremental growth potential over the next five years.
The industry has entered a phase of consolidation, marked by OEM integrations and acquisitions. A landmark example is Giant Group’s acquisition of Stages Cycling in 2024, securing intellectual property and distribution rights. OEM partnerships allow power meters to be bundled into new bike builds, reducing customer acquisition costs by up to 40% and expanding the mid-market segment. This shift creates a more stable path to scaling compared to relying solely on aftermarket sales.
Most power meters remain priced between US$400 and US$1,200, which limits adoption among casual and recreational cyclists. Cost remains the primary barrier, with forecasts suggesting that unless more affordable models become widely available, global penetration will remain limited to single-digit percentages of the cycling population by 2030.
The market is fragmented due to the variety of mounting formats (pedal, crank, hub, spider, and bottom bracket) and inconsistent compatibility across drivetrain and cleat systems. Firmware support and service availability further complicate adoption, particularly in regions with limited after-sales infrastructure. Warranty and return costs can reduce gross margins by several percentage points for vendors, discouraging wider rollout in secondary markets.
Pedal-based and left-only crank solutions represent the entry point for new adopters. If these affordable categories expand from mid-teen percentages of total sales to 30–40% by 2032, the total addressable market could grow by 25–35%. Brands focusing on cost engineering and factory-installed partnerships are best positioned to capitalize on this trend.
The global rise of indoor platforms, such as Zwift and TrainerRoad, has created demand for consistent measurement of indoor-outdoor performance. Power meters that synchronize seamlessly with smart trainers offer dual benefits: hardware sales and recurring software service revenue. This convergence could contribute an additional 5–10% of revenue from recurring subscriptions and platform tie-ins, making it an attractive diversification strategy for vendors.
Crank and spider-mounted power meters currently account for the largest share of market revenues. Their dominance is due to widespread OEM integration in premium road bikes and strong adoption by professional and enthusiast riders. These solutions are valued for their high accuracy, reliability in various riding conditions, and seamless compatibility with drivetrain systems from SRAM, Shimano, and Campagnolo. For instance, SRAM’s Quarq DZero spider-based power meters are standard on many professional racing bikes, offering consistent dual-sided data output. High-end customers prefer this format due to its lab-grade accuracy (±1.5% or better), long battery life, and durability. As a result, this segment is expected to maintain its leadership position through 2032, even as pedal-based systems gain popularity.
Pedal-based power meters are projected to record the highest CAGR in the forecast period. Their appeal lies in ease of installation, portability across multiple bikes, and declining unit costs. For example, Garmin Rally RS/XP and Favero Assioma Duo are popular among both road and gravel riders due to their accurate dual-sided measurement and app integration. A key growth driver is the introduction of MTB- and gravel-compatible pedal systems, such as the Favero Assioma PRO MX-2 (SPD cleat system launched in 2024), which addresses the previously underserved off-road cycling segment. Pedal-based systems are also becoming the preferred entry point for amateurs, as single-sided versions are available for under US$500, a price point significantly lower than crank or spider solutions. This affordability, coupled with cross-compatibility and growing presence in e-commerce channels, ensures rapid adoption.
Road cycling continues to dominate demand for power meters, accounting for 59% of the market share in 2025. Competitive road cyclists, triathletes, and high-performance enthusiasts are the primary adopters, with usage deeply ingrained in their training regimens, professional racing, and endurance events. Road-focused products, such as the SRM Origin power meter and Garmin Rally RS200, are tailored to maximize efficiency and provide detailed, real-time feedback for structured training. In addition, road cycling remains the central focus of most OEM integrations, as global manufacturers bundle power meters with carbon road bikes priced above US$4,000. The dominance of road cycling reflects its cultural and commercial significance in markets such as North America and Europe, where professional tours, amateur races, and sportive events create sustained demand.
The mountain and gravel cycling segment is emerging as the fastest-growing application, expected to surpass double-digit growth by 2032. The surge is fueled by the increasing popularity of off-road and adventure cycling, along with product innovations specifically designed for rugged terrains. For instance, the Favero Assioma PRO MX-2, compatible with SPD pedals, has expanded the adoption of power meters into MTB and gravel disciplines for the first time. Gravel-specific crank systems, such as Quarq DFour DUB, are also gaining popularity among riders who combine long-distance endurance with mixed-terrain challenges. As gravel racing and adventure cycling gain traction in the U.S., Europe, and Asia Pacific, this segment is projected to outpace road cycling in growth rates, adding a substantial new addressable market for manufacturers.
North America is the largest regional market for cycling power meters, with the U.S. projected to hold 37.8% of the global market share in 2025. The region’s leadership is rooted in a strong cycling culture, encompassing both recreational and competitive aspects, particularly in endurance sports and triathlons. High disposable incomes and the increasing use of indoor training platforms, such as Zwift and TrainerRoad, continue to accelerate adoption among both amateur and professional cyclists.
Retail and direct-to-consumer (DTC) channels complement each other, with platforms like Amazon and specialist retailers like Competitive Cyclist ensuring broad product access. Major players, including Garmin, Wahoo Fitness, SRAM/Quarq, Stages Cycling, and Favero, dominate the competitive landscape. Garmin, for instance, upgraded its Rally pedal line in April 2024 with extended battery life and advanced cycling dynamics, reinforcing its aftermarket leadership.
The acquisition of Stages Cycling by Giant Bicycles in 2023 marked a shift toward integrated OEM solutions, particularly in the e-bike sector. The U.S. market also benefits from events such as the Ironman Series and USA Cycling Nationals, which drive performance-oriented purchases. Looking forward, the integration of power meters in high-end e-MTBs and endurance bikes by brands such as Trek and Specialized is set to expand usage beyond athletes, bridging the gap between training and daily commuting.
Asia Pacific is the fastest-growing regional market for cycling power meters, driven by manufacturing strength, rising disposable incomes, and growing enthusiasm for recreational and competitive cycling. China and Taiwan serve as global production hubs, supplying crank arms, pedal systems, and electronic components for international brands. Taiwan’s status as the base for Giant and Merida, two of the world’s largest bicycle manufacturers, reinforces its strategic value, particularly in OEM partnerships and high-end bike integration.
Japan represents a premium sub-market, where Shimano continues to lead in drivetrain-integrated and crank-based power meter solutions. The company’s 2024 Dura-Ace crankset update, featuring enhanced accuracy and Bluetooth support, has gained strong traction in Japan and Singapore. Meanwhile, China leads regional growth, bolstered by rising domestic cycling demand, supportive government policies for outdoor sports, and expanding e-commerce platforms such as JD.com and Tmall, which facilitate access to cycling gear.
In the Indian and ASEAN markets, power meter adoption is still in its early stages. However, the popularity of endurance events such as the Tour of Nilgiris (India) and the Cycling Malaysia Challenge signals a growing enthusiast base. Affordable solutions, particularly pedal-based meters priced under US$400, are making inroads with entry-level and mid-range cyclists. Startups, including Xcadey in China, are capitalizing on this trend, offering cost-effective crank-based alternatives to Western brands.
OEM-led integration is accelerating to incorporate power meters into its high-end road bikes in China and Taiwan. Regional investment priorities include expanding local manufacturing, building service networks, and tailoring product features to mid-income cyclists, ensuring continued momentum across the Asia Pacific.
Europe remains a mature but highly influential market. The region is home to some of the world’s most iconic cycling events, such as the Tour de France, Giro d’Italia, and Vuelta a España, which fuel demand for high-performance training equipment. Countries such as Germany and the U.K. account for nearly 40% of regional revenues, while France and Spain are critical hubs for competitive and recreational cycling communities.
Recent developments include Favero’s 2024 launch of the Assioma PRO MX pedal power meter, designed for mountain biking and gravel, which has been well-received in Germany and France, two markets with strong adoption of gravel cycling. Similarly, Rotor introduced an upgraded INspider crankset in early 2025, offering enhanced connectivity and lighter weight, targeting road cycling teams across Spain and Italy.
The U.K. is also expanding rapidly, with cycling federations and clubs embracing power-based training, particularly after investments into British Cycling’s high-performance programs. Spain’s gravel boom, driven by events such as the Gravel Earth Series, is spurring localized demand for MTB- and gravel-compatible meters. Investment priorities in Europe are concentrated on R&D, software integration, and aftermarket service networks. The gravel and road racing segment continues to be the focal point for product innovation, while OEM partnerships in e-bikes are emerging in the Netherlands and Scandinavia.
The global cycling power meter market is moderately consolidated, with major players such as Garmin, SRAM, Shimano, and Wahoo holding significant market shares. Pedal-based formats are attracting new entrants due to their lower barriers to entry, while crank/spider systems remain dominated by established OEM players. Market consolidation is expected to increase as OEMs acquire specialist brands to integrate electronics into complete bike builds, strengthening both product portfolios and distribution networks.
Dominant strategies include product differentiation (enhanced accuracy, dual-sided measurement, battery life), OEM partnerships to scale distribution, and the introduction of lower-cost options to broaden adoption. Leading companies also focus on securing recurring revenue streams through integration with indoor training platforms, connected apps, and smart cycling ecosystems.
The cycling power meter market size is US$ 440 Million in 2025.
The cycling power meter market is projected to reach US$ 600 Million by 2032.
Key trends are the rising adoption of data-driven training among amateur and professional cyclists and the growth of pedal-based power meters for MTB, gravel, and indoor training.
Crank/Spider-mounted power meters are the leading segment, accounting for the largest revenue share due to OEM integration and professional cyclist adoption.
The cycling power meter market is projected to grow at a CAGR of 4.5% from 2025 to 2032.
Major players include Garmin Ltd., SRAM / Quarq, Shimano Inc., and Wahoo Fitness.
| Report Attribute | Details |
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Historical Data/Actuals |
2019 - 2024 |
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Forecast Period |
2025 - 2032 |
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Market Analysis |
Value: US$ Bn |
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Geographical Coverage |
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Segmental Coverage |
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Competitive Analysis |
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Report Highlights |
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By Mounting Type
By Product Type
By Application
By Region
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