Bicycle Lights Market : Current Analysis and Forecast (2022-2028)
Emphasis on Application Type (Mountain Bicycle, Commuting Bicycle, Road Bicycle); Voltage Type (Up to 12V, 36 V, 48 V); Mounting Type (Headlight, Taillight)); and Region/Country
Global Bicycle Lights Market is expected to grow at a significant rate of around 8% during the forecast period. The bicycle lighting market is gaining momentum due to factors such as the increasing importance of rider safety, the acceptance of cycling as a sport, and the growing cycling culture. With increasing focus on reducing traffic, individuals are opting to use bicycles. As the demand for bicycles increases, so does the demand for bicycle accessories, including lighting fixtures. Moreover, bicycle lights continue to increase year by year, especially from emerging countries in Asia Pacific, Middle East and Latin America, and remains an important target market for bicycle lights suppliers. Rising disposable income coupled with a growing urban population are key factors in the size of the global bicycle lights market. The recent trend of increased interest in comfort and safety, luxury and high technology in the automotive sector will drive the popularization of bicycle lights. The global bicycle lighting market continues to offer promising growth rates during the forecast period to 2030. This is supported by increasing research and development efforts by major players in the bicycle lighting field. Market forecasts anticipate sustained demand and drive investment flows into the sector.
LORD BENEX , lupine lighting systems gmbh, Trek Bicycle Corporation, Princeton Tec, DiNotte Lighting USA , Cygolite, Kryptonite , Lezyne , Garmin Ltd, BBB Cycling are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst voltage type, 36 V bicycle lights category to witness higher CAGR during the forecast period”
Based on voltage type, the market is segmented into Up to 12V,36 V, and 48 V. 36 V category is to witness higher CAGR during the forecast period. 36V lights are mostly found on urban bikes, city bikes and some mountain bikes. In recent years, the import and export of bicycle lights have increased rapidly, mainly in Europe and the United States. Moreover, 36V lighting has gained momentum over the past three years, especially in the United States and some European countries, after strict enforcement of these lighting regulations. Therefore, the 36V segment market is projected to grow at the highest CAGR during the forecast period.
“Amongst mounting type, the taillight category to have highest CAGR in the market in 2020”
Based on mounting type, the market is categorized into headlight and taillight. Among these, Taillights are usually located under the driver’s seat and operate in steady or flashing mode. Countries such as Germany and the Netherlands forbid flashing LED lights on bicycles. However, many accidents involving cyclists have occurred because drivers cannot see cyclists on the road, so taillights are essential for driver safety. Therefore, the taillight segment is expected to exhibit the highest CAGR during the forecast period.
“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global bicycle lights market. This is mainly attributed to the increasing recreational expenditure and the rising number of off-roading events driving the region’s bicycle lights market. Moreover, Professional cyclists are a major consumer in the region. This growth has been attributed to increased awareness of cyclists’ safety through safety campaigns and regulations requiring cyclists to use lights at least in the dark. In addition, cycling is very useful in activities, such as nature exploration, hiking, and other outdoor exploration. Thus, growing participation in outdoor recreational activities has been a major driving factor in the market. Moreover, it is expected that the market will continue to grow at a steady rate during the forecast period owing to the high-income levels of the consumers in the region coupled with rising awareness about the importance of spending time in outdoor recreational activities for a balanced and healthy life.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global bicycle lights market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Bicycle Lights Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global bicycle lights market were the three major steps undertaken to create and analyze the adoption of bicycle lights in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global bicycle lights market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the bicycle lights market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the bicycle lights market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as voltage type, mounting type, and application type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the bicycle lights market. Further, we conducted factor analysis using dependent and independent variables such as voltage type, mounting type, and application type of bicycle lights. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bicycle lights market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bicycle lights market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the bicycle lights market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global bicycle lights market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global bicycle lights market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of voltage type, mounting type, and application type in the global bicycle lights market.
The main objective of the Global Bicycle Lights Market Study
The current & future market trends of the global bicycle lights market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the bicycle lights market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of voltage type, mounting type, and application type.
- Define and analysis of the regulatory framework for the bicycle lights
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the bicycle lights market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the bicycle lights market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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