Over the forecast period of 2022-2032, the global bicycle light market size is projected to grow at a CAGR of 7.1%. The market is anticipated to reach a valuation of over US$ 2,454.7 Mn by 2032, opines Future Market Insights (FMI).
The market for bicycle lights is set to be boosted by the increasing popularity of bicycles among people who are concerned about their health and the environment. Bicycle adoption is rising along with the urgent need for more environmentally friendly means of transportation, which is driving the market for bicycle lights. The market is also expanding due to the rising demand for robust and high-quality bicycle lights.
Due to the rising demand for safety and security, it is anticipated that the bicycle lights market would expand significantly in the next ten years. Bicycle adoption is also on the rise in many parts of the world as a result of expanding transportation needs.
The use of various types of bike lights has been progressively rising due to growing awareness of their importance among cyclists who use them for commuting, as well as those who ride on mountain trails where these lights are vital for visibility. Growth rates would be further influenced by increasing urban population and high levels of disposable income during the projection period.
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Key Takeaways from the Bicycle Light Market Study
By mounting type, headlights are estimated to account for more than 7% of the global bicycle light market share by the end of 2032.
Based on bicycle type, the e-bicycle segment is projected to hold more than 72% of the global bicycle light market share by 2032.
By sales channel, the OEM segment is expected to create an absolute dollar opportunity of US$ 1,115 Mn during the forecast period.
Over the forecast period, the bicycle light market in the U.S. is projected to create an incremental opportunity of nearly US$ 14.4 Mn.
By the end of 2032, East Asia is set to generate the largest bicycle light market share of around 2%.
"Owing to changing lifestyles and growing knowledge of health benefits, cycling has gained immense popularity as a sport & exercise activity in recent years. As a result, there are nowadays many technically advanced bicycles available with features like lights and reflectors for the convenience of riders,” says a Future Market Insights analyst.
Competition Landscape: Bicycle Light Market
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., and LEDbyLIT are some of the leading companies present in the global bicycle light market.
Key manufacturers are focusing on increasing their regional presence and are engaging in distributing their in-house products in local markets by expanding their dealer networks. Players are also collaborating with local distributors to supply their products globally.
Get More Exclusive Insights into Bicycle Light Market
The research report analyzes the market demand trend for bicycle light. The global market is based on COVID-19 impact, macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the bicycle light market report is studied and analyzed in the following segments such as mounting type, bicycle type, sales channel, and region. The bicycle light market report gives us qualitative and quantitative information about the companies.