LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global bicycle day-time running lights (DRL) market to grow at a CAGR of over 16% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global bicycle DRL market for 2017-2021. The increase in concern for safety by the bicycle rider is the main driving factor leading to the growth of DRL in the global bicycle scenario. Although it is not a mandate to use DRL in bicycle, except in Germany, various studies have shown reduction rate of crashes using DRL in a bicycle.
The increase in concern for safety by the bicycle rider is the main driving factor leading to the growth of DRL in the global bicycle scenario. Although it is not a mandate to use DRL in bicycle, except in Germany, various studies have shown reduction rate of crashes using DRL in a bicycle. The market is growing directly with the growth of bicycle market. Various initiatives for making the cities car free, increase in safety standards, increase in fuel prices, and increase in the number of road accident by bicycles during daytime are contributing to the growth of the market.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio analysts highlight the following three factors that are contributing to the growth of the global bicycle DRL market:
- Adoption of bicycle as a means of commute
- Increased need for safety features in bicycles
- Sustainable mobility initiatives by cities globally
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Adoption of bicycle as a means of commute
Europe and the Americas are encouraging the use of bicycles for work with initiatives like making separate lanes for bicycles. For example, New York City added hundreds of miles of bike lanes in the recent years, which is also being closely followed by other cities. Battery-operated bicycles are more viable to be used for commute. For instance, in China, the battery-operated bicycle is experiencing high adoption.
Amey Vikram, a lead auto accessories research analyst at Technavio, says, “With more number of cities encouraging bicycle as a preferred means of personal mobility, we expect a structural shift from passenger cars to bicycles. Add-ons to this trend are rising traffic congestions in cities and increasing government efforts in making bicycle lanes, which will boost the sales of bicycles and, in turn, bicycle DRLs.”
Increased need for safety features in bicycles
DRL in bicycle helps in increasing the visibility of the cyclist to the other vehicles on the road, thereby, helping in minimizing accidents. In various studies, it was found that 8 out of 10 bicycle accidents happen during the daytime. In the US, about 40% of the bicycle accidents are caused due to rear-end collisions.
Thus, DRL finds its use in increasing the safety quotient of bicycles. It has been found that the use of DRL reduces the accident rate to about one-third of the cycles that do not use DRL. Although there is no mandate for the use of DRL as a safety standard, its benefit is certainly acknowledged.
Sustainable mobility initiatives by cities globally
The world is getting increasingly concerned about a healthy environment. Advances in technologies are aiming to reduce the vehicular emissions. Many cities, nowadays, are going car free to reduce the CO2 emission, and also help in providing space for pedestrians.
The Norwegian capital plans to invest extensively in public transportation by replacing 35 miles of roads with bike lanes. Norway has also passed a bill to ban the sales of gas-powered cars by 2025. The Spanish capital city, Madrid is planning to make the cars extinct from the city to free up the 500 acres of its city center by 2020.
- Trek Bicycle Corporation
Browse Related Reports:
- Global Magnesium Alloy Wheels Market 2017-2021
- Global Automotive Tire Socks Market 2017-2021
- Global Aftermarket for Motorcycle Full Exhaust Systems 2017-2021
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.