Bicycle Lights Market Size, Share & COVID-19 Impact Analysis, By Voltage (Upto 12V, 36V, 48V), By Mounting Type (Headlight, Taillight), By Technology Type (Conventional, Electric), By Point of Sale (E-commerce, Retail Shops), and Regional Forecasts, 2022-2029

The global bicycle lights market size was valued at USD 305.4 million in 2021. The market is projected to grow from USD 326.64 million in 2022 to USD 569.38 million by 2029, exhibiting a CAGR of 8.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with bicycle lights experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a rise of 27.0% in 2020 as compared to 2019.

Bicycle lights or bike lights are lights attached to bicycles, improving the bicycle's and its rider's visibility to other road users under poor ambient illumination. It also illuminates reflective materials such as traffic signs. Powerful lights are required for mountaineering and adventure purposes. This contributed to the sales of high-powered bike lights in a region where mountaineering adventures take place extensively. Moreover, many countries require one or more lights fitted to bicycles at night. According to the regulations of bike lights in some countries, the bike lights must be white in front and red at the back, similar to motorcycles and cars.

The bicycle lights market growth is proportional to the development of the bicycle market. The bicycle market grew exponentially during the COVID-19 period. Rising traffic congestion and urbanization, coupled with the growing environmental concerns among the public, surged the demand for bicycles. Also, the pandemic made people realize the importance of health and fitness, which led to people taking up cycling for fitness and commuting purposes. All these factors propelled the bicycle market, eventually fueling the market growth.

COVID-19 IMPACT

Increased Sales of Bicycle Lights Fueled the Market Growth Amid COVID-19

The COVID-19 pandemic led to the adoption of many unprecedented measures to slow down the spread of the virus. Such measures have significantly impacted the entire transportation system and individuals’ travel behaviors. As a consequence, bicycle demand has been affected positively during the pandemic.

However, during the early months of the pandemic, bicycle and bicycle accessories industries struggled with supply chain issues. Bike shop shelves were empty due to a sudden influx of bicycle demands coupled with manufacturing and supply chain delays. Despite markets returning to pre-pandemic conditions, keeping products in stock and flowing through the supply chain for bicycle companies will be challenging.

Additionally, the increased demand has been propelled by consumers’ growing inclination toward both personal fitness and mobility. Due to social distancing norms and protection against the virus, restrictions were imposed on movement and access to gyms or sports arenas. This led to people taking cycling as an alternate way of exercising and personal transportation.

For instance, according to the All India Cycle Manufacturers’ Association, bicycle sales increased by more than 25% in June 2021 as compared to the same month in 2019. Regular road bikes and premium fitness segment bicycles have seen a surge in sales.

For instance, the World Economic Forum stated that e-bike sales were up 145% in 2020 as compared to 2019. VanMoof, a Dutch e-bike maker, has been seeing "unlimited demand" since the pandemic began, resulting in a 10-week order backlog for its commuter electric bikes.

Now, as the demand for bike lights depended upon the sales of bicycles, the market exhibited a growth trend similar to the bicycle market. For instance, according to the import data of bicycle lights in Canada, the year-on-year growth in 2018-2019 was -12%, while in 2020-2021, it became close to 45%. Hence, COVID-19 influenced the bike lights market positively during FY 2020-2021 period.

LATEST TRENDS

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Increasing Adoption of Electric Bicycle to Fuel the Bike Lights Market Growth

The rise in worldwide fuel prices, pollution, and traffic congestion, particularly in metropolitan areas, has increased the appeal of an electric bicycle on every continent.

In addition, electric bicycles have gained significant attention from various governments as reliable and efficient daily commute vehicles, which help reduce the carbon footprint.

Governments worldwide are taking steps to minimize carbon footprints by supporting the use of electric bikes, cars, and bicycles, as people become more conscious of the dangers of driving vehicles that depend on fossil fuels. For instance, as of May 2021, the French Government announced an incentive of USD 2,600 for purchasing an electric bicycle. Other countries in Europe, such as Lithuania, Finland, the U.K., and the Netherlands, have also implemented similar policies to support the use of such green commuting options.

Many electric bikes presently come equipped with lights. Bicycle manufacturing companies such as Trek Bike Corporation provide lights that operate in daytime and nighttime. Daytime running lights are designed with an unambiguous flash, focus, and range to help the cyclist to be visible from a significantly relevant distance day and night.

In Denmark, installing at least one headlight and one tail light that is visible from 300 meters for any bicycle (especially for e-bikes) is legalized. Hence, the growing penetration of e-bikes in developing and developed economies will only contribute to the growth of the bike lights market.

DRIVING FACTORS

Increasing Governmental Focus on Building Cycling Infrastructure and Favorable Regulations to Augment Market Growth

Cycling infrastructure includes dedicated paths, sidewalks, bike racks, shelters, lockers, changing rooms, showers, traffic signs, and overall urban design to facilitate bicycle commuting routes. This only encourages people to take cycling up for fitness and leisure rather than just as a daily commute option. This eventually will fuel the bicycle lights sales. Various government authorities are also focusing on mandating lights, at least while riding in the dark.

The U.S. and the U.K. are some of the countries with the earliest adoption of regulations related to these lights. Following are the regulations that complement the bike lights business:

In the U.S., following regulations are in place regarding bike lights:

1) Federal regulation requires that all bicycles sold to be equipped with reflectors.

2) Bicyclists must use a bright white headlight when riding in the dark, according to the regulation of the majority of the states. The light beam should extend at least 500 feet ahead.

3) By law, taillights are not compulsory in most states. However, if a bicyclist uses it legally, it must be red.

In the U.K., according to the Road Vehicles Lighting Regulations (RVLR) (2009):

 1) Lights and reflectors are required on a pedal cycle only between sunset and sunrise.

 2) Lights and reflectors are not required when the cycle is stationary or pushed along the roadside.

 3) When they are required, the lights and reflectors must be clean and working correctly.

Therefore, governments’ inclination toward cycling infrastructure development and rider safety regulations will propel the market during the projected period.

Increasing Penetration of E-Bikes in the Bicycle Market is Propelling the Global Biycle Lights Market

The growing recreational and outdoor exercise trends among the population in countries including Norway, the Netherlands, Germany, and the U.K. are driving the market growth in the region. According to research conducted among British bike commuters, 40% ride to work for health, 30% due to surging fuel prices, and 7% to lower their environmental impact.

Electric bicycles are gaining traction in major European countries such as the Netherlands, Norway, and Germany due to an increase in the trend toward electrification. Moreover, after the pandemic, bicycle sales have risen to stay fit. Consumers also select greener e-mobility options over buying a car or using public transport, propelling market demand.

Most of the e-bikes on the market today are equipped with standard bike lights. Many e-bikes are fitted with sensors that automatically switch on the LED bike lights when entering a low light scenario. Countries, such as Germany, have made it mandatory that every bicycle sold must be equipped with bike lights

RESTRAINING FACTORS

Lack of Current Biking Infrastructure Might Hinder the Global Market Growth

Biking infrastructure plays a vital role in the adoption of bikes for daily commute of people.

If the infrastructure is not up to date, people start losing interest in casual biking or adventure sports such as mountain bike riding and bicycle racing. According to a survey conducted in the U.S., extensive cycling or people’s desire to cycle more relied on the availability of bike lanes. More cycling for utilitarian trips entirely depends on higher levels of street connectivity.

Further, even in developed countries, such as Hong Kong, Russia, and Australia, people bicycling are discouraged due to traffic congestion and lack of infrastructure. Additionally, in India, in the city of Delhi, the bicycle tracks built during the 2008 Commonwealth Games are in ruins and are now used by motorcycle riders.

An analysis of traffic injuries in the U.S. indicated a two to three-times higher risk of death. Also, there is 8-30 times higher risk of injury while cycling in the U.S. compared to Holland and Germany.

Hence, biking infrastructure plays a vital role in the bicycle market. The current infrastructure/government norms related to bicycles are not supported in some major developing countries. However, initiatives from a few governments for the development will soon propel the demand for bicycles, increasing bicycle light sales in the forecast period.

SEGMENTATION

By Voltage Analysis

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Upto 12V Segment to Hold the Largest Market Share

By voltage, the market is segmented into upto 12V, 36V, and 48V. The upto 12V segment accounts for a significant share in the global market as the market is niche and is growing; as most of the lights available in the global market belong to this category. China is the highest exporter of these lights and generally makes cheap, simple lights with voltage capacities ranging mostly from 5V-12V. The second-largest segment is the 36V segment. 36V lights are primarily equipped in urban bikes, city bikes, and some mountain bikes. The export & import of bicycle lights in recent years have witnessed a drastic rise in sales, particularly in the U.S. and Europe. Furthermore, 36V lights have picked up pace in the last three years, especially in the U.S. and some European countries, after the strict implementation of these lights regulations. Hence, the 36V segment market is estimated to grow at the highest CAGR during the forecast period. The third-largest segment is the 48V type. Bike lights under this segment are primarily used in mountain, racing, and elite bicycle brands such as Raleigh Bicycles and Trek Bicycles. Some of the high-end lights require high voltage capacities as the LEDs produce light with more than 3,600 lumens. Also, some smart and intelligent bicycle lights with Bluetooth and app connectivity are categorized under this segment. Hence, the growth in bike adventure activities and consumers’ shifting preference for high-powered bike lights will lead to the development of the 48V segment during the forecast period.

By Technology Type Analysis

Conventional Segment to Hold the Largest Market Share

The market is segmented based on technology type into conventional and electric. Conventional bicycles can be categorized as bicycles having a pedal mechanism that does not require an external motor or mechanism except human peddling. The common types of bicycles based on the application include mountain, utility, hybrid, racing, and cruiser. Currently, the conventional segment holds the leading position in the global market. The growth of the conventional segment is mainly due to its cost-effectiveness over e-bikes, less repair and maintenance costs. However, the electric segment is anticipated to be the fastest-growing segment. A motorized bicycle with an integrated electric motor used to assist propulsion is known as an electric bicycle (eBike). It allows the rider to pedal with a motor option in case they need to relax and are therefore not categorized as an electric motorcycle. The increasing availability of technologically innovative electric bicycles attracts consumers to buy such bikes, propelling the electric segment. Thus, the electric segment is anticipated to grow at the highest CAGR during the projected period.

By Point of Sale Analysis

E-commerce segment to Hold the Largest Market Share in the Global Market

The global market is categorized by point of sale into e-commerce and retail shops. E-commerce refers to engaging with sellers to buy and sell products and services. In other words, a process for conducting transactions online is also known as e-commerce. The increasing popularity of e-commerce, consumers’ preference to get the product home delivered, and robust last-mile infrastructure in developed economies are anticipated to propel the growth of the e-commerce segment. The e-commerce segment is anticipated to grow at the highest CAGR during the forecast period. The process of selling and buying goods in brick-and-mortar stores is known as retail shopping. Retail shopping is exceptionally profitable for the stores, as according to Forrester, 30-40% of consumers using this method buy more at the store. Though e-commerce is booming, many consumers prefer to get their bikes equipped with lights in the shops. Sometimes the bike lights are company-equipped, and consumers prefer to buy the bicycles from the shop. Hence, these factors will propel the growth of the retail shops' segment.

By Mounting Type Analysis

Taillight Segment Is Anticipated to be the Fastest-Growing Segment

In terms of mounting type, the market is segregated into headlight and taillight. The headlight segment has the highest bicycle lights market share in the global market. Headlights are lamps attached to the front of the bicycles. They can be pointed without steering the handle, giving clear visibility on poor visibility or very dark roads. Taillights are usually positioned under the rider’s seat and operate in steady or flashing mode. In countries, such as Germany and the Netherlands, flashing LED lights on bicycles is banned. However, taillights are essential for rider safety as many accidents involving bicyclists happen due to the inability of car drivers to see the bicyclists on the road. Hence, the taillight segment is expected to exhibit the highest CAGR during the projected period.

REGIONAL INSIGHTS

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The market size of Europe in 2021 was valued at USD 158.94 million. Europe holds the largest market position as many daily commute bicycles come with company-fitted bicycle lights. Also, e-bike adoption is highest in Europe, and most e-bikes are equipped with lights. Germany, Denmark, and the Netherlands have made it compulsory for every bicycle sold to be equipped with bicycle lights.

The rest of the world holds the second largest market share in the global market. This region consists of the bike lights market in Latin America and the Middle East and Africa. Increasing expenditure on rider safety and rising adoption of bicycle lights from the Middle Eastern countries are anticipated to drive market growth across the region. For instance, cyclists must be equipped with the main headlight on their bicycles and red rear light and reflector in Dubai according to the Dubai’s Roads and Transport Authority.

The Asia Pacific market stood at USD 41.8 million in 2021. Chinese bicycle-sharing companies are aggressively targeting countries, such as India and Australia, to expand their operations. As a result, the demand for bicycles will rise in the forthcoming years. Furthermore, countries such as Indonesia, Thailand, and Malaysia are also rolling out the infrastructure necessary to encourage and support bicycle commutation. As observed from the export volume from 2017 to 2021, China is the world's biggest exporter of bicycle lights. All these factors contribute to the growth of the Asia Pacific market.

The North American market is projected to grow at a CAGR of 8.4% during the forecast period. Professional bicycle riders are the prominent consumers in this region. The growth is attributed to the increased awareness regarding bike rider safety through safety campaigns and regulations mandating bicycle riders to use lights at least in the dark.

KEY INDUSTRY PLAYERS

Trek is the Top Player in the Global Market Due to its Wide Product Portfolio and Strong Geographical Presence

Trek Bicycle Corporation is a private manufacturer & distributor of bicycles and their components. It was founded in 1976, and its parent organization Roth Distributing Co. operates brands such as Trek, Electra Bikes, Bontrager, and Diamant Bikes under it. In April 2022, Trek acquired 21 stores of David’s world cycle. Trek bicycles & accessories are sold through 1,700 individually owned bicycle shops in North America, subsidiaries in Europe, Asia, & South Africa, with distributors in 90 countries around the world. Most Trek bicycles & components are manufactured in countries including the Netherlands, Germany, Taiwan, and China.

LIST OF KEY COMPANIES PROFILED:

• Knog (Australia)


• Lupine (Germany)


• Trek Bicycle Corporation (U.S.)


• Princeton Tec (U.S.)


• Dinotte Lighting (U.S.)


• Cygolite (U.S.)


• Kryptonite (U.S.)


• Lezyne (U.S.)


• Garmin (U.S.)


• BBB Cycling (Netherlands)

KEY INDUSTRY DEVELOPMENTS:

• May 2022: Princeton Tec Launched the Remix Ultraviolet (UV) headlamps specifically designed for HVACR fluorescent leak detection. It is built with a sturdy asymmetrical single-arm bracket and an easily accessible battery door enclosure. It features a large push-button design with a powerful Max bright White LED and three Ultra bright high-intensity UV LEDs.


• May 2022: Dinotte lighting introduced a new Quad taillight with a built-in battery. It is a compact structure using a lithium polymer battery which provides 50% less charging time, 50% more illumination, and 25% more running time.


• May 2022: Garmin introduced the “Varia RCT715” rearview radar-activated tail light with a built-in camera. The built-in camera continuously records your surroundings during a ride and automatically saves footage if an incident is detected.


• April 2022: After analyzing the company’s growth rate, Lezyne announced to tie-up with various OEMs and major bike manufacturers to expand in global markets to solidify its base. It will also facilitate growth in the customer base and additional business diversification.


• In 2021: Knog produced Blinder V Bolt rear bike light using COB (Chip On Board) technology, which gives 100 Lumens output. The Blinder V Bolt is an integrated USB-A connector rechargeable bike light. It is 100% waterproof (IP67 rating), and when using the eco flash mode, it can last for more than 50 hours. It also has eight flash patterns, making it a unique bicycle light.

REPORT COVERAGE

An Infographic Representation of Bicycle Lights Market

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The research report provides a detailed market analysis and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the bicycle lights market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth.

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