Two-wheeler Lighting Market to Grow at a Moderate CAGR of 3% through 2022 - States Fact.MR
Besides the increasing necessity to embrace the safety quotient, two wheeler lighting manufacturers are considering improved aesthetics and lower energy consumption of paramount importance.
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This parallel requirement has been compelling OEMs as well as two wheeler lighting system providers to incur the shift to high performance LED in the global two wheeler lighting market.
While the recent past has been observing growing adoption of LED especially in rear lamps, headlamps still record major reliance on halogen and projector two wheeler lighting.
Although LED is visibly gaining grounds in the global two wheeler lighting market, halogen will continue to represent the most preferred two wheeler lighting source over the years ahead.
According to a latest study presented by Fact.MR, the global two wheeler lighting market will possibly cross the valuation of US$ 400 Mn in terms of revenue, by 2022 end.
During 2017-2022, the global revenue of two wheeler lighting market is slated to grow a sluggish pace, exhibiting the CAGR of less than 3%.
Two wheeler lighting market analysis by the type of product reveals that front lamp and headlamp will represent a similar opportunistic scenario for two wheeler lighting market participants.
Headlamp is however slated to bag in a slightly higher revenue in two wheeler lighting market, by the end of 2022.
Front indicators and side lights are also projected to emerge as important product type segments over the examination period, in two wheeler lighting market.
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On the basis of vehicle type, motorcycle will continue to account for more than a quarter of the total two wheeler lighting market revenue throughout the forecast period.
While elevating motorcycle sales have been prominent fueling the two wheeler lighting market in the recent years, the report estimates higher impact of brisk motorcycle in the near future.
Catering to an extensive range of use cases including economical, luxury, and sports, motorcycle sales will remain on a higher side – majorly driving Europe and APEJ markets for two wheeler lighting.
The latter is presumed to outgrow the former through 2022, in terms of growth rate.
Moped is another attractive vehicle type for two wheeler lighting manufacturers, as it continues to gain traction owing to unmatched convenience, comfort, price point, and suitability for consumers of a wide range of ages.
Moped segment is anticipated to witness significant innovation in design, styling, and performance of headlamps, tail lights, front and rear indicators, and side indicators.
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Based on the voltage, 12V segment in the two wheeler lighting market registered over three-fifth share of the global market value in 2017.
While 14V segment in the two wheeler lighting market is poised to see steady growth over the course of assessment period, 12V is likely to approach the valuation equating US$ 1.5 Bn towards the end of 2022.
Leading players in two wheeler lighting market are expected to direct their investments in the 14V segment to improve penetration in APEJ over the next few years.
As aftermarket is expected to remain dominant over OEMs in terms of sales channel, leading stakeholders in the two wheeler lighting market are focusing more on expanding their strategic footprint targeting aftermarket sales.
However, the report also indicates a possibility of OEMs emerging as a lucrative sales channel in the two wheeler lighting market over the course of next few years.
While Europe and APEJ continue to secure top performing market positions, it remains to be seen whether emerging Asian economies hold the potential to outweigh European market for two wheeler lighting over the upcoming years.
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