Analysis by Mounting Type (Headlight, Taillight, Rear Safety Lights, and Side Safety Lights); by Bicycle Type (Road, Mountain, Sports); by Point of Sale (In-store, Online); and by End-user (Kids, Men and Women) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Our in-depth analysis of the global bicycle lights market includes the following segments:
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By Mounting Type |
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By Bicycle Type |
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By Point of Sale |
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By End-user |
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Growth Drivers
Growing Bicycle Usage for Sport Purposes and Day Trips – are expected to boost the bicycle lights market in the forecasted period. There is a surge in bicycle tourism & use of bicycle for sports & day trips in leisure time which will escalate the demand for bicycle & bicycle lights in the upcoming years. For instance, in Germany, a total of ~460 million cycling day trips were completed during leisure time in 2020.
Increasing Awareness of Cycling Benefits – according to the World Health Organization (WHO) estimations, by 2030, the number of deaths from non-communicable diseases (NCDs) will increase to 55 million annually. Cycling can reduce the chances of developing many health issues by increasing fitness and reducing stress as cycling in the areas with less pollution (PM2.5 level within 50-60µg/m3) for about an hour can produce significant health benefits.
Surge in the Number of Initiatives for Using Bicycle - for instance, as per the initiative of Smart Commute in Mumbai (India), the goal set till 2030 is that at least 50% of the city’s population commute to work by bicycle.
Growing Demand for Mountain Bikes (Bicycle) –it was projected that, globally, ~ 44 million units of mountain bikes were produced in 2020 and it is estimated to touch nearly 72 million units by 2026.
Challenges
The global bicycle lights market is segmented and analyzed for demand and supply by end-user into kids, men and women. Amongst these segments, the kids segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing demand of bicycle along with the surge in the use of bicycle by kids worldwide. For instance, as per the statistics of 2020, the proportion of children who owns bicycle in the age group of 5-10 year was ~ 50% higher than the proportion of bicycle-owners in the age group of 40-49 years in England.
Regionally, the global bicycle lights market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of some giant manufacturers in the region, growing demand of bicycle amongst the populace. For instance, ~37% of the population in China use a bicycle with bicycle use is being even more common in Japan with ~57% people using one.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing demand of bicycles as well as rising sports cycling along with rising investment on developing cycling infrastructure are some of the major factors anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.
Ans: Lack of safe cycling infrastructure along with availability of alternate high-speed transport solutions are some of the factors estimated to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Lezyne, USA Inc., Fenixlight Limited, Gaciron Technology, Cateye Co., Ltd., Focus Technology Co., Ltd., Lord Benex International Co., Ltd., Knog Pty Ltd, Vista Outdoor Inc. and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by mounting type, by bicycle type, by end-user and by region.
Ans: The kids segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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