The global AutotechStores size is expected to grow substantially because of the rising demand for cycles. The demand is attributable to the increasing cycling activities across the globe, thereby fostering the market growth. mentions this information in its report titled “Bicycle Lights Market, 2022-2029.“
Cycling activities are increasing due to the awareness among consumers regarding the health benefits of exercise and sports. It is a form of exercise that helps people stay active and fit. Cycles are used in sports, mountain biking, and other leisure activities. Lights are increasingly used in bikes because of the risks associated with riding bikes at night. Lights offer greater visibility and help eliminate the risk of accidents. It is thereby considered a necessary component in a bike. Governments of several countries have made it mandatory for bicycles to be equipped with a white light on the front and red light on the back to avoid accidents. Further, more people are using bicycles due to increasing congestions and traffic on roads, thereby fueling demand for bicycle lights.
Health Benefits offered by Bicycles to Bolster Market Growth
The market for bicycle lights is increasing due to the rising adoption of bicycles and the health benefits offered by them. Populations in countries are focusing on leading a healthy lifestyle during the COVID-19 pandemic and following a healthy routine. These bikes are environmentally friendly as they use manual force to drive. Therefore, the rising demand for bicycles shall fuel the market. Further, governments of various countries have necessitated the use of lights on bicycles to reduce road fatalities, which, in turn, can incite market growth.
Rising Safety Concerns of Riders to Propel the Market
Cycles are increasingly used for several sports activities, necessitating the adoption of lights. Lights act as a beam light during day time to enhance visibility. Additionally, lifestyle changes have attracted demand for cycles and facilitated growth for the lights. Bicycle lights are available at several online outlets such as Amazon.com, bicyclewarehouse.com, and others. Manufacturers offer multicolored led bicycle lights with the ability to control the intensity of the lights. For example, Fastped offers a tail light with multiple lights for low prices on several online shopping websites. In addition, the introduction of cycling competitions has fostered the demand for lights in recent years. Therefore, the rising adoption of cycles and the availability of lights on online portals can drive the bicycle lights market growth.
However, the high prices of the lights and other bicycle accessories can hamper the market growth.
Rapidly Increasing Urbanization to Spur Market Opportunities in Asia Pacific
Asia Pacific is projected to dominate the bicycle lights market share because of rapidly increasing urbanization. The development of smart cities in India and China is expected to attract consumer demand for cycles and facilitate market growth. The high per-capita income of people in the region can boost the adoption of bicycle lights.
Europe is the second major shareholder of the global market. Government backing for tourism is likely to nurture the demand for lights. For example, the development of cycling lanes and the rise in infrastructure and tourism activities are likely to boost the market growth in the region.
Incorporation of Advanced Technology by Companies to Reinforce their Industry Stance
Companies in the competitive space have made several technological advancements in bicycle lights to improve their market position. Manufacturers such as Like-Bikes offer handlebar lights to increase the visibility of bicycles during the night. In addition, companies such as Fastped offer multicolored lights for relatively low prices compared to their competitors to attract consumers and boost sales of the product. In addition, the key players are focusing heavily on the trends in the market to understand the market better and enhance their brand positioning.