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The global bicycle lights market size is estimated to grow by 139 millionn units between 2022 and 2027 accelerating at a CAGR of 7.86%.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.
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 bicycle lights market growth.
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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.
Government initiatives to promote cycling are a major factor 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:
The increasing popularity of bicycle rental services is a primary trend in the market. Enterprises offering application-based bicycle rental services include:
The high cost of raw materials is hindering the bicycle lights 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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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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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 UK, Germany, and 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.
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.
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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 vendors, including:
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.
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 Bicycle Lights Market Customer Landscape
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.
Bicycle Lights Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.86% |
Market growth 2023-2027 |
139 mn units |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.42 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 32% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, See.Sense, Serfas, The Smart Bike Lights, TOPEAK Inc., and Trek Bicycle Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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