The new report by Expert Market Research titled, ‘Global Bicycle Lights Market Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global bicycle lights market, assessing the bicycle lights market based on its segments like types, application types, products, sales channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): About USD 323.1 million
- Forecast CAGR (2023-2028): 45%
- Forecast Market Size (2027): Nearly USD 522.8 million
The growing market for bicycle lights is being driven by the rising adoption of bicycles as a preferred means of transport. This can be associated with the rise in the number of health and environment-conscious consumers. With evolving health concerns, the growing need for physical exercise, and evolving urban mobility, the surging adoption of bicycles is positively influencing the growth of the market.
Moreover, owing to busy lifestyles, many people cycle in early mornings, late evenings, or during the nighttime, thereby invigorating the demand for bicycle lights to avoid accidents. Moreover, the market growth can further be linked to the growing interest in mountain biking. This is pushing forward the demand for optimal lighting solutions to ensure the safety of the rider.
Industry Definition and Segmentation
Bicycle lights are lights attached to bicycles to illuminate the path, cycle, and rider of the bicycle. These lights function by enhancing the visibility of bicycles and riders and are thus vital in preventing road accidents. Bicycle lights allow riders to detect reflective items, objects on the roads, and road signs, among others. These lights serve the same purpose as lights on an automobile.
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On the basis of type, the market can be divided into:
Based on application type, the market divisions include:
- Mountain Bicycle
- Commuting Bicycle
- Road Bicycle
The market, based on product, can be classified into:
- LED Lamps
- Low-cost battery lights
- Halogen lights
- HID lights
- Filament lights
On the basis of sales channel, the market can be divided into:
- Online Stores
- Offline Stores
The regional markets for bicycle lights include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The rise in the global market for bicycle lights is being supported by the rising demand for LED lights to enhance the power of taillights. LED lights are pocket friendly, can be recharged, and are much easier to install, owing to which they are increasingly becoming popular, hence adding to the market growth. Moreover, the increasing preference for compact and small LED lights can further be linked to the rising popularity of lightweight bicycles to boost the output of bicycles. The market is further expected to be boosted by the preference and introduction of lights that eliminate glare for other vehicles on the road.
Key Market Players
The major players in the market are Augusta Benelux B.V., CatEye Co., Ltd., Blitzu, Knog Pty Ltd, Lezyne USA Inc., NiteRider Technical Lighting, Serfas Inc., Trek Bicycle Corporation, Topeak Inc., and Giant Manufacturing Co. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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