Bicycle Lights Market Trends

Growth Drivers

• Growing Bicycle Usage for Sport Purposes and Day Trips – are expected to boost the 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

• Lack of Safe Cycling Infrastructure
• Availability of High-Speed Alternatives
• Poorly Managed Bicycle Fleet