Bicycle Lights Market Expected to Reach $772.3 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Bicycle Lights Market," The bicycle lights market was valued at $356.20 million in 2021, and is estimated to reach $772.3 million by 2031, growing at a CAGR of 8.2% from 2022 to 2031.

Europe includes countries such as the UK, Germany, France, Italy, and the rest of Europe. Rest of Europe includes such as the Poland, Switzerland, Sweden, Austria, Norway, and others. Factors such as increased adoption of electric bicycle in the region, availability of daily commuter bicycle with company fitted bicycle lights, and regulations which mandates every bicycle sold in the region to be equipped with bicycle lights, contributes in the growth of bicycle lights market in Europe. Moreover, in European cities such as Germany, the UK, France, Italy, and the Netherlands, infrastructure has been developed for public where bicycles can be used without the interference with heavy vehicle traffic, which further supplements the growth of the bicycle lights market in this region.

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.

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.   

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.

COVID-19 Impact Analysis

The COVID-19 pandemic impacted the bicycle lights market in a positive manner as the demand for bicycles was increased during pandemic period. Owing to social distancing guidelines, daily commuters started to use bicycle as which resulted in increase in sales of bicycle in few countries across the globe. For instance, as per the New York Times, the U.S. bicycle sales increase by 85% in March 2020.

However, post pandemic, people are adopting bicycles for personal fitness and mobility, which is fuelling the growth of the market. For instance, as per the All-India Cycle Manufacturer’s Association, the bicycle sales risen by more than 25% in June 2021 as compared to June 2019. Regular road bicycle and premium fitness segment bicycles have observed a surge in sales.

KEY FINDINGS OF THE STUDY

• By technology, the LED segment is anticipated to exhibit significant growth in the near future.
• By mounting type, the head light segment is anticipated to exhibit significant growth in the near future.
• By bicycle type, the electric segment is anticipated to exhibit significant growth in the near future.
• By application, the commuting bicycle segment is anticipated to exhibit significant growth in the near future.
• By region, Europe is anticipated to register the highest CAGR during the forecast period.

Key players operating in the global bicycle lights market include BBB Cycling, Cateye Co., Ltd., Cygolite Co, Gaciron Technology, Garmin Ltd., Lezyne USA Inc, Lord Benex International Co., Ltd, Lupine Lighting Systems GmbH, Princeton Tec, and Trek Bicycle Corporation.