LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global bicycle lights market to grow at a CAGR of close to 9% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global bicycle lights market for 2017-2021. The report also lists aftermarket and stock fitted as the two major end-user segments, of which the aftermarket segment accounted for 85% of the market share in 2016.
“The global bicycle lights market will experience significant growth during the forecast period owing to the increase in demand for bicycles and rising need for safety among bicyclists. As more bicycles hit the road, people become more conscious about the safety features of the bikes,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global bicycle lights market:
- Popularity of bicycle rental programs
- Rise in fuel prices resulted in increased adoption of bicycles
- Cities going car free
Popularity of bicycle rental programs
As bicycles do not cause air pollution and help maintain fitness, they are increasingly gaining popularity among customers. A number of cities worldwide are capitalizing on the demand for bicycles and offering renting and sharing programs at low cost. In France, for instance, cities including Marseille, Bordeaux, Lyon, Toulouse, La Rochelle, Montpellier, Strasbourg, and Avignon offer bike-sharing programs. Seattle, Washington, is the largest metropolitan city in the north-western US to have successfully adopted a bike rental system.
“Easy accessibility of sports bicycles helps promote short-term bicycle rental programs, and as these are affordable options, commuters are preferring to adopt these programs. This is boosting the use of bicycles, thereby driving the bicycle lights market,” says Siddharth.
Rise in fuel prices resulted in increased adoption of bicycles
Fuel prices have increased significantly in the past few years and continue to fluctuate. With the rise in fuel prices, the demand for battery-powered sports bicycles and mountain sports bicycles has increased. Bicycles are equipped with gears, which help manage speeds better and make them easier to drive through mountain areas, overpasses, and rough roads.
Many people in Europe prefer riding a bike to work, especially with city governments constructing bike-friendly streets. A growing number of commuters in China are using battery-operated bikes. Thus, the increase in fuel price is resulting in increased adoption of bicycles in day-to-day life, which augurs well for the growth of the global bicycle lights market during the forecast period.
Cities going car free
In order to reduce pollution, cities are aiming towards a full ban on the use of cars, especially within cities as it helps in reducing CO₂ emissions and creates space for pedestrians. This will lead to an increase in the use of cycles, which in turn, will drive the demand for lighting, as it helps in the reduction of accidents caused due to low light conditions. The increase in visibility range of the rider can also reduce the reaction time of the rider and is thus helpful in preventing accidents. Thus, increased use of cycles will drive the market for bicycle lights, as they are an important safety feature in bicycles.
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