Bicycle Lights Market : LED, Halogen, Xenon Industry Forecast, 2021-2031 - AMR

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 bicycles in the region, availability of daily commuter bicycles with company-fitted bicycle lights, and regulations that mandate every bicycle sold in the region be equipped with bicycle lights all contribute to the growth of the 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 use where bicycles can be used without interference from heavy vehicle traffic, which further supplements the growth of the bicycle lights market in this region.

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In recent years, the UK government has implemented numerous regulations related to the use of lights on bicycles, which has complemented the bicycle lighting business across the country. For instance, in the UK, as per the Road Vehicles Lighting Regulations (RVLR), lights and reflectors are necessary for a pedal bicycle only between sunset and sunrise, and the rear reflector should be positioned between 25 cm and 90 cm from the ground, facing rearwards. In addition, the government is also working toward enhancing bicycle infrastructure across the UK, which boosts the growth of the market in the country.

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.

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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.

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