Bicycle Light Market 2022
Rider safety and protection have emerged to be of paramount importance due to the growing bicycle sporting culture, continuous upsurge in bicycle fleet and rising demand for sports and mountain bicycles. Bicycle lights are expected to emerge as important products in the bicycle accessory market.
The growth of bicycle industries, owing to heavy traffic and congestion, has led to higher adoption of bicycle accessories, which help in providing safety to the rider and enhance the quality of riding experience. Bicycle accessories are expected to emerge as important components in the growing bicycle industries.
Moreover, bicycle lights have been perceiving a surge in demand more recently, owing to growth in the bicycle industry and easy availability of products. Increase in bicycle racing events and bicycle riding organizations has unfolded new opportunities for the growth of the bicycle lights market.
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FACTS AT A GLANCE
Companies: Garmin Ltd.,Cygolite,Cateye Co., Ltd.,GACIRON,Goldmore Co., Ltd.,Lord Benex,Knog,Smart Bike Light,NiteRider Technical Lighting Systems,Blackburn,Schwinn,Serfas,Lezyne,Sense.,LEDbyLITE
Coverage: All major geographies and key segments
Segments: Bicycle Light Market Segmented By mounting type that is Headlight, Rear Safety Lights, Side Safety Lights, and by bicycle type that is Road, Mountain, Sports.
Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
Rising Consumer Health Consciousness
Modern lifestyle and busy schedules force people to work without exercise and merely intake junk food, which in turn results in obesity or overweight. According to the World Health Organization, in 2014, over half of the adult population in 114 nations including Europe, Middle East, and the Americas was obese.
Meanwhile, a healthy and more nature-friendly lifestyle is gaining attraction and people are becoming more aware about the hazards caused by obesity across the globe.
Moreover, studies reveal that bicycling burns 500 – 700 calories per hour. Most of these countries have adopted bicycle riding as an effective way for burning fat and maintaining normal body mass. Thus, rising awareness among consumers increases the demand for bicycles, which fuels the growth of the bicycle accessories market over the forecast period.
Cyclist have to install bicycle lights to ride bicycle on a public road when dark and this necessity will surge the demand for bicycle lights over the forecast period and create an avenue for market growth.
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Online Sales Channel to emerge as a Major Trend
The demand for bicycle accessories is projected to be grow significantly during the forecast period. The ever growing bicycle industry both in developing and developed economies is the prime reason behind the growth of this market. Moreover, the increasing number of bicycle racing events is also expected to surge the demand for bicycle accessories (bicycle lights) over the forecast period. The growing trend of online sales channel is further expected to supplement market growth.
A major trend expected five years down the line involves market leaders, both OEMs & dedicated manufacturers, focusing on providing bicycle lights through the online sale channel and using it to market its products in the regional market. Manufacturers are offering products as per consumer needs, which in turn is escalating competition.
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