North America holds a significant share of the bicycle lights industry owing to the increasing use of bicycles in the region. The introduction of various regulations mandating the use of bicycle lights to prevent accidents is significantly contributing to the market growth. As the awareness regarding the high prevalence of health-related issues in the region is surging, consumers are increasingly preferring bicycles for commuting, which is propelling the market for bicycle lights. The increasing development of biking infrastructure in countries like the United States and Canada are also surging the demand for bicycle lights. For instance, in March 2021, the Canadian government announced an investment of $400 million to expand and build networks of pathways, bike lanes, and trails. Meanwhile, the Asia Pacific region is expected to grow robustly in the forecast period due to the increasing trend of cycling in developed regions like China and Japan.
Some of the leading companies in the market are Giant Manufacturing Co. Ltd. (TPE: 9921) and NiteRider Technical Lighting. The latter launched NiteRider Lumina OLED 1200 Boost, an innovative bike light, in 2017. The light features an organic light emitting display (OLED) display screen to show precise battery run time and boost operational efficiency. It also produces a wide stream beam pattern to enhance the visibility of paths. Moreover, it features convenient USB chargers to enable on-the-go charging of the light. The bicycle light meets the FL1 standards and provides excellent dust and water resistance. The development of such innovative products is surging the use of bicycle lights, which is providing impetus to the market growth.
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The major players in the global bicycle lights market are Augusta Benelux B.V., CatEye Co., Ltd., Blitzu, Knog Pty Ltd, Lezyne USA Inc., NiteRider Technical Lighting, Serfas Inc., Trek Bicycle Corporation, Topeak Inc., and Giant Manufacturing Co. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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