New York, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The global bicycle lights market size is slated to expand at ~8% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 700 billion by the end of 2033, up from a revenue of ~USD 300 billion in the year 2022.Further, the rising number of bicycle users worldwide on account of increasing health benefits is projected to hike the growth of the market. As per a study in 2021, cycling and physical activity such as walking could avoid early deaths of about 1200 people per annum. Bicycle riding can decrease the mortality rate and preterm deaths by 12% to 15% per year when traveled 3 to 4 kilometers respectively.
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In addition, the percentage of people participating in cycling competitions globally is propelling the market growth in the coming years. In the U.S. the number of cycling participants in 2021 touched above 50 million and in European nations such as Germany and Danish, the percentage of contestants reached over 7% and 10% respectively in cycling sports. The increased usage of bicycle accessories including bicycle lights, carriers, and LED lights to improve the features of the bicycle is projected to drive the size of the market.
Growing Health Consciousness Regarding the Benefits of Cycling among People is Anticipated to Fuel the Growth of the Bicycle Lights Market
People have concentrated more on healthy lifestyle changes since the pandemic and purchasing e-bikes is a part of that revolution. Obesity issues, high cholesterol rates, and heart issues in the elderly and adults are growing the demand for cycling. Awareness of cycling benefits in reducing excess fat and shaping a healthy lifestyle is propelling the market growth in the coming years. The rising preference of people to ride a bicycle across the town rather than spending hours on thread mill is propagating the market extension. China is one of the largest bicycle consumers with over 400-500 million bicycles according to statistical reports of 2023. All these factors fuel the need for bicycle accessories to enhance the visibility of riders during the forecast period.
Bicycle Lights Market: Regional Overview
The Surging Demand for Eco-Friendly Transport Systems on Account of Rising Population and Traffic Issues is Proliferating the Market Expansion in Asia Pacific Region
Asia Pacific Region market is envisaged to garner a significant market share of 35% during the forecast period. The ratio of population in the region is expanding drastically with time which is impacting the number of vehicles on the road. The expanding population led to a rise in traffic which is protruded to drive the bicycle lights market growth.
Despite the traffic, people also started focusing on the environmental effects of automobiles, and the raised concern among people about pollution has given rise to the application of cycles for short distances. As per the survey in 2022, about 20% of the Indians in the urban locality use bicycles for short-distance transport of 2 kilometers and in China over 30% of people utilize bicycles. Bicycle lights are the main accessory for nighttime traveling in such heavy traffic which is reckoned to intensify the market in the region.
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The High rate of Cycling Activities in the Region Owing to the Large Number of Trails and Riding Practices is Boosting the Market Growth in the Europe Region
Europe region market is projected to hold a sustainable market share of 26% during 2023-2033. The ratio of mountain climbers is going up in the region and is likely to strengthen the market size. The installation of bicycle lights aids the riders while travelling on mountainside a night time to visualize the path. The bicycle lights minimize the risk of going wrong tracks in the hilly areas which is dangerous for bicycle operators.
This strengthened the utilization of bicycles in the region thereby enhancing the market growth during the forecast period. In 2022, Germany has over 80 Million bicycles while every household owns an average of 2 bicycles. Besides, the amplifying rate of various bicycle purchases for different purposes is evaluated to improve the size of the market in the coming years in the region. For instance, the Netherlands has about 2% of the world’s bicycles and the country has more bikes than people as of 2023.
Bicycle Lights Segmentation by End-User
- Kids
- Men
- Women
The kid's segment in bicycle lights market is predicted to have a significant market share of 60% in the forecast time owing to the usage of cycles for school, playground, or as a hobby. Kids aged 5 and above own bicycles which is intended to propel the market segment growth. Also, the cycling competitions held in schools and colleges are raising the use of bicycle lights worldwide. Also, many children go on bicycles instead of school buses or public transport to go to special classes. A study conducted on more than 7000 children revealed that children who walk or ride a cycle to school have healthy body weights compared to children using vehicles. Bicycle lights are mandatory in some countries to travel on roads with traffic to avoid accidents. In Denmark as of 2023, 25% of all families in Copenhagen with two kids have at least one cargo bike.
Bicycle Lights Segmentation by Mounting Type
- Headlight
- Taillight
- Rear Safety Lights
- Side Safety Lights
The Headlight segment in bicycle lights market is anticipated to register a market share of 33% during the forecast period on account of the primary preference to view the front of the bicycle. The market segment growth is attributed to the fostering adoption of folding bicycles and e-bikes worldwide. The increased number of cyclists doing world tours who move at all times of day is likely to hike the growth opportunities of the market segment. In 2023, e-bike sales in the Netherlands attributed to more than 50% of all the new bike trades.
A few of the well-known indsutry leaders in bicycle lights market that are profiled by Research Nester are Lenzyne, USA Inc., Fenixlight Limited, Gaciron Technology, Cateye Co., Ltd, Focus Technology Co., Ltd, Lord Benex International Co., Ltd, Knog Pty Ltd, Vista Outdoor Inc., NiteRider Technical Lighting Systems, Garmin Ltd, and others.
Recent Development in the Bicycle Lights Market
- Lenzyne, USA Inc., declared the release of an extended range of high-quality light for e-bikes with novel eco-friendly packaging. The new lights are much more bright and powerful with about 2000 lumens. All the new E-bike Fusion series launched by Lenzyne are integrated with these compact and maximized lights that are only available in OEM (original equipment manufacturer).
- Fenixlight Limited recently revealed an ultra-bright bicycle light called Fenix BC26R. The new rechargeable light gives up to 1600 lumens light and provides 65 hours of battery time with 50 lumens. It is useful for long-distance cycling consumers who require a high intensity of light source at night.
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