Bicycle Lights Market by Product, Type, and Geography - Forecast and Analysis 2023-2027

Bicycle Lights Market Forecast 2023-2027

The global bicycle lights market size is estimated to grow by  139 million units between 2022 and 2027, accelerating at a CAGR of 7.86%. Health, environmental, and economic benefits of cycling driving the market growth. Furthermore, the growing trend of bicycle sports events such as the Tour de France, Giro D'Italia, Vuelta an Espana, and Olympic Games is propelling the market growth. Bicycling is an easy exercise that helps to stay fit and prevent diseases such as heart disorders, obesity, mental illness, cancer, diabetes, and arthritis. Therefore, consumers prefer riding bicycles which is driving the market growth.

What will be the Size of the Bicycle Lights Market During the Forecast Period?

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Market Segmentation by Product, Type, Geography

This report extensively covers market segmentation by Product (head light and tail light), Type (aftermarket and stock fitted), and Geography ( Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.

Product Analysis

The market share growth of the head light segment will be significant during the forecast period. The head light segment was valued at 170.67 million units in 2017 and continued to grow until 2021. The bicycle light vendors provide a variety of headlight products with different features like high lumens, rechargeable batteries, and multiple modes. For instance, Light and Motion offer the Urban 1000 bike headlight with a rechargeable battery and various modes, while CATEYE offers the Volt 1700 high-power headlight with 1700 lumens. This is expected to augment the demand for bicycle headlights globally, which, in turn, will drive the growth of the market in focus during the forecast period.

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Type Analysis

The increasing adoption of refurbished bicycles is encouraging market participants to enter the refurbished bicycle business model, thereby increasing the aftermarket of bicycle lights. The ease of the availability of the product and the increasing popularity of the do-it-yourself (DIY) concept are the main factors driving the market, as many regions such as the UK, Germany, and the Netherlands impose fines on violating the mandatory installation of bicycle lights. However, users do not consider bicycle lights as an important feature, but with strict rules and regulations, there is an increase in the aftermarket products to be fitted in the bicycles. However, currently, these features are being incorporated in bicycles as a factory fit, which will limit the aftermarket for the products, therefore slowing down the usual growth rate of the global aftermarket type segment during the forecast period.

Geographical Analysis

Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe is the largest market, mainly because of its strict rules pertaining to the use of bicycle lights after sunset and in between sunrise, leading to heavy fines in case of violation. Moreover, the EU imposed a heavy tax on the import of bicycles without lights. However, the cost of the lights is lower than the tax imposed. Thus, both manufacturers, as well as importers deploy lights on bicycles. Moreover, European countries are shifting toward car-free cities, thus, driving the bicycle market in the region. Cities such as Paris, Copenhagen, and Hamburg have gone car-free, owing to the congestion in traffic and the increase in pollution rate. Commuting by bicycle is high in these cities. This drives the market, as it is mandatory to use lights to increase the visibility range of the rider. 

Market Dynamics and Customer Landscape

 The Market is experiencing significant growth, driven by safety and security concerns among cyclists, similar to those faced by vehicle owners. As vehicle thefts and fraudulent insurance claims rise, cyclists are increasingly turning to bicycle lights for added protection on the road. Just as dashboard cameras provide evidence in car accidents, bicycle lights serve as a form of recorded footage in road mishaps, deterring fraudulent claims and enhancing safety. Prominent automotive dashboard camera manufacturers are expanding into the bicycle lights market, offering features like real-time monitoring and location tracking for owners' fleets. With regulations tightening and insurance costs on the rise, the demand for bicycle lights with advanced safety features such as lane departure warning systems and blind spot detection is expected to grow, ensuring the safety of cyclists and reducing accidents on the road. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Government initiatives to promote cycling are a major factors propelling the market growth. Cities in the US, UK, Germany, and Sweden promote cycling due to traffic constraints. They adopt bike master plans and invest in bike infrastructure. The UK offers the "Cycle to Work" scheme with up to USD 1,263 for bikes and gear. China, Japan, UK, the Netherlands, and New Zealand launched schemes to reduce air and noise pollution. PM2.5 concentration in China increased in early 2020. Governments promote cycling for daily commutes through various schemes such as: 

• In March 2022, in India, the 'Power to Pedal' campaign, with the aid of Greenpeace, dispensed bicycles to girl laborers from Delhi's Zamrudpur network and Bangalore's Munnade and Laggere garment labor unions, which was supplemented with cycle training. This increased their freedom of movement, independence, and access to the city while also overcoming mobility-related inequalities, which are exacerbated by gender and class.
• In May 2020, the UK government announced a USD 2.51 billion plan to boost cycling and walking both during and after the COVID-19 lockdown.
• In November 2018, the Government of New Zealand raised USD 15.93 million to encourage school children to cycle. According to the scheme, 120 schools across the country received funding to install riding tracks and buy fleets of bicycles.

Significant Market Trends

The increasing popularity of bicycle rental services is a primary trend in the market. Enterprises offering application-based bicycle rental services include:

• Brompton Bike Hire Ltd. (Brompton) offers bicycle rental services in the UK. This company offers folding bicycles for USD 2.75 a day. Users have to register and credit their account to reserve a bicycle online or by text message. They can collect the bicycle from one of over 40 docks across the UK.
• Toronto Island Bicycle Rental offers bicycles for rent in Toronto, Canada. It offers single bicycles for customers aged eight years and above.
• Beats Snow Sports Pty Ltd. (Beats Snow Sports) offers bicycle rental services in various countries, including Japan. Beats Snow Sports offers bicycle rental services in Japan through Rhythm Snow Sports Japan. The company offers mountain bicycles and on-road bicycles, standard road bicycles, and mountain bicycles, plus cross bicycles and bicycles for children.

Major Market Challenge

The high cost of raw materials is hindering the market growth. Raw material costs are crucial for market growth. Increased raw material prices raise costs for manufacturers, who then pass on some of the costs to customers through higher prices. Manufacturers struggle to maintain inventory and predict price fluctuations due to cost pressure. The LED lighting market may face growth restrictions due to rising raw material costs, including precursors, rolled steel, aluminum, electronic components, and plastics. Producer price indexes for these materials have risen by more than 80, increasing operational costs. Intense market competition has led to reduced profitability and competitive pricing. Despite decreasing prices for LED lights, they remain more expensive than alternatives, leading to efforts to improve efficiency and reduce costs. The high cost of raw materials may slow down the growth of the global LED lighting market, especially as the bicycle headlamp increasingly uses LED.

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Who are the Major Bicycle Lights Market market players?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Bicycle Lights Market.

The Smart Bike Lights - The company offers tail lights and front lights for bikes that help riders travel long distances. The company offers bicycle lights that have large capacity lithium-ion rechargeable batteries with a built-in fast recharging circuit that gets fully charged in approx 3 hours (minimum).

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:

• Augusta Benelux BV
• Blackburn
• Blitzu
• Bright Eyes Products
• CATEYE Co. Ltd.
• Cygolite
• Garmin Ltd
• Giant Manufacturing Co. Ltd.
• Goldmore
• Knog Pty Ltd.
• Lezyne USA Inc.
• Light and Motion
• Lord Benex International Co. Ltd.
• NiteRider Technical Lighting
• Reelight

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook 
  • Head light
  • Tail light
• Type Outlook 
  • Aftermarket
  • Stock fitted
• Region Outlook
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • North America
    • The U.S.
    • Canada
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Brazil
    • Argentina

Market Analyst Overview

The Market is witnessing steady growth, driven by factors such as poor visibility conditions, interest in cycling, and environmental concerns. With road accidents being a significant concern, the adoption of reflective items like rear lights, flashing lights, and rear reflectors has become crucial for ensuring safety during night rides. Active lighting systems, including battery-powered and rechargeable lights, provide enhanced visibility, while passive lighting solutions such as reflective materials and reflectors offer additional safety measures. The market offers a variety of bicycle lights, including halogen, xenon, and LED lights, catering to different preferences and requirements. With the rising popularity of electric bicycles and the need for eco-friendly transportation options, the Bicycle Lights Market is expected to continue growing, driven by advancements in technology and increasing awareness of health and environmental benefits.

Moreover, the market is thriving due to various factors including the adoption of bicycle lights for overall experience and safety, particularly taillights which enhance visibility. Battery-powered lights, halogen lights, and other types of bicycle lights cater to different needs and preferences of cyclists. With the increasing adoption of e-bicycles and the growing concern for fitness and recreational activities, the demand for bicycle lights is on the rise. However, the lack of bicycle infrastructure remains a challenge. Yet, the eco-friendly nature and cost-effectiveness of bicycle lights, especially in the face of rising fuel costs and traffic congestion, drive their adoption. Spur Technologies, Hero subsidiary, and other companies contribute significantly to the production, sales, and export of bicycle lights, promoting green transportation and health consciousness globally.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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