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Bicycle Lights Market
By application, the commuting bicycle segment is anticipated to exhibit significant growth in the near future.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 2, 2024 /EINPresswire / -- The Bicycle Lights
market report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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The global bicycle lights market size was valued at $356.2 million in 2021, and is projected to reach $772.3 million by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
Growing environmental & health concerns, rising traffic congestion and increased fuel prices are the primary factors increasing the adoption of electric bicycles across the globe. Moreover, the factors such as fast & flexible operations and cost-effective & eco-friendly transport solution also growing consumer inclination toward the usage of e-bicycles. Furthermore, increase in the number of market players providing e-bicycles coupled with the increasing investments in R&D activities further propelling the adoption of e-bicycles. For instance, in December 2019, an electric bike-share startup Wheels, has redesigned its two-wheeled vehicle to include a special spot to hold a helmet. Thus, such factors collectively contribute in increasing adoption of electric bicycles, which in turn is expected to increase the demand for bicycle lights and will contribute in the growth of bicycle lights market during the forecast period.
The key players profiled in this report include
Cateye Co., Ltd., Lezyne USA Inc, BBB Cycling, Lupine Lighting Systems GmbH, Princeton Tec, Trek Bicycle Corporation, Gaciron Technology, Cygolite Co, Lord Benex International Co., Ltd, Garmin Ltd.
The report provides a detailed analysis of these key players of the global bicycle lights market . These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Factors such as government regulations to encourage adoption of bicycle lights, increase in fuel costs, rise in interest in cycling as a fitness & recreational activity, and rising adoption of e-bicycles are expected to drive the market growth. However, lack of bicycle infrastructure is the factor that hamper the market growth. Furthermore, improvement in bicycling infrastructure is the factor expected to offer lucrative opportunities for market growth.
Regional Analysis:
Based on region, Europe held the largest share in 2021, contributing to more than two-fifths of the global bicycle lights market share , and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 8.9% during the forecast period. The research also analyzes regions including North America, LAMEA, and Asia-Pacific.
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In recent years, UK government has implemented numerous regulations related to use of lights in bicycles which complements the bicycle lights business across UK. For instance, in UK, as per the Road Vehicles Lighting Regulations (RVLR): lights and reflectors are necessary to a pedal cycle only between sunset and sunrise; and rear reflector should be positioned between 25 cm and 90 cm from the ground, facing rearwards. In addition, government is also working toward enhancing bicycle infrastructure across the UK, which boosts the growth of the market in the country.
Based on application, the commuting bicycle segment accounted for the highest share in 2021, holding nearly three-fifths of the global bicycle lights market, and is expected to continue its leadership status during the forecast period. In addition, the same segment is estimated to grow at the highest CAGR of 8.7% during the forecast period.
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Based on technology, the LED segment held the highest share in 2021, accounting for more than 90% of the global bicycle lights market, and is expected to continue its leadership status during the forecast period. In addition, the same segment is expected to register the highest CAGR of 8.3% from 2022 to 2031.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.