Two-Wheeler Lighting Market at CAGR 3.3%, to Hit US$ 556.48 Million By 2030

New York, June 20, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Two-Wheeler Lighting Market” published by Consegic Business Intelligence, the market was worth USD 437.81 Million in 2022 and is anticipated to reach over USD 556.48 Million by the year 2030, growing at a CAGR of 3.3%.

Two-wheeler lighting systems comprise of diverse types of lights such as headlights, taillights, indicator lights, and sidelights to provide bright illumination in dim or low light conditions. Moreover, two-wheeler lighting systems are used to enhance safety on roads by providing enhanced visibility to the rider.

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The increasing demand for advanced lighting systems in two-wheeler to enhance road safety is driving the growth of the two-wheeler lighting market. The increasing number of road accidents and collisions is driving the demand for advanced lights systems to enhance visibility in conditions such as fog, pollution, and smog. For instance, in March 2023, Shark SAS launched the latest iteration of its Skwal motorcycle helmet platform called the Shark Skwal i3 featuring an integrated brake light in helmet that comprises of three-axis accelerometer to operate the light accordingly.

The integration of camera sensors in motorcycle headlights to detect potential hazards and obstacles on roads is expected to present potential opportunities for the growth of two-wheeler lighting market. The integration of CCD and CMOS sensors in headlights of bikes detects far objects on the road such as traffic lights and speed limit signs to maintain road safety. However, the complex integration of advanced lighting systems into the existing two-wheeler lighting systems is restraining the growth of the market.

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Two-Wheeler Lighting Market Growth Drivers:

• The rising sales of two-wheeler for urban mobility is propelling the market growth.
• The increasing adoption of advanced lighting systems in two-wheeler to maintain road safety is accelerating the growth of the market.
• The growing adoption of LED lights to enhance the aesthetic appeal of two-wheeler is accelerating the growth of the market.

Restraints

• The complex integration process of HID lights into the two-wheeler lightings systems is restraining the growth of the market.

Opportunities

• The integration of camera sensors in motorcycle headlights to detect potential hazards and obstacles on roads is expected to present potential opportunities for the growth of two-wheeler lighting market.

Global Two-Wheeler Lighting Market Segmentation Details:

Based on Vehicle Type, the motorcycle segment contributed the largest shares to the market growth in 2022. The increasing adoption of headlights, taillights, and indicator lights in motorcycles is driving the growth of the market. The adoption of advanced lighting systems to enhance the visibility of the rider by illuminating the path ahead is contributing to the growth of the two-wheeler lighting market.

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Based on Light Type, the LED segment accounted for the maximum revenue share in the year 2022. The shockproof and vibration-resistant nature of LED lights since there are no filaments and moving parts is driving the growth of the market. The aforementioned properties allow LED to withstand vibrations caused by the vehicle. Moreover, the cost-effectiveness, energy-efficiency and long-lifespan of LED lights is contributing to the growth of the market.

Based on Sales Channel, the OEM segment accounted for the maximum revenue share in the year 2022. OEM lighting systems ensure proper alignment, functionality, and aesthetics of the lighting systems to enhance the overall appeal and safety of two-wheeler. Therefore, the easy installation and integration of OEM lighting systems into the two-wheeler is driving the growth of the segment.

Based on Application, the headlight segment accounted for the maximum revenue share in the year 2022. The ability of two-wheeler headlights to provide illumination for the rider to see the road ahead, especially during low-light conditions or at night is contributing to the growth of the market. Moreover, the increasing adoption of HID lights and LED lights in headlights to provide sustained illumination is driving the growth of the market.

Based on Region, Asia Pacific accounted for the largest revenue share in the year 2022. The rising number of road accidents and collisions in the Asia-Pacific region is driving the demand for advanced lighting systems to enhance road safety. Moreover, the growing adoption of two-wheeler among consumers for urban mobility is accelerating the growth of the regional market.

Key Market Highlights

• Globally, two-wheeler lighting market is divided based on the vehicle type into motorcycles, scooters, mopeds, and others.
• In the context of light type, the market is separated into halogen, xenon, and LED.
• In the context of sales channel, the market is separated into OEM and aftermarket.
• Based on application, the market is separated into headlights, rear lights, indicators, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• Asia-Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in two-wheeler lighting market.

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Recent Developments

• In November 2022, Outbound Lighting launched Hangover” American-Made Helmet Light made up of thermally conductive advanced American-made materials for automotive lighting purposes.

List of Major Global Two-Wheeler Lighting Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Fiem Industries Limited

•  J.W. Speaker Corporation

• Koninklijke Philips N.V.

•  Motolight

• Osram Licht AG

• Stanley Electric Co. Ltd.

• UM Group

• UNO Minda

• Varroc Group

Global Two-Wheeler Lighting Market Segmentation: 

• By Vehicle Type

• Motorcycles
• Scooters
• Mopeds
• Others

• By Light Type

• Halogen
• Xenon
• LED

• By Sales Channel
  • Online
  • Offline
• By Application
  • Headlights
  • Rear Lights
  • Indicators
  • Others

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Key Questions Covered in the Two-Wheeler Lighting Market Report

• What is two-wheeler lighting?

- Two wheeler lighting is the lighting system used to provide bright illumination on road to enhance road safety. Two wheeler lighting systems comprises of headlights, taillights, and other lights to enhance visibility on roads.

• What are some of the most important applications of two-wheeler lighting and how do they impact the industry's growth potential?

- Two wheeler lighting systems are used to provide visibility at night or in low-light conditions. Moreover, two-wheeler lighting systems illuminate the path ahead and reflective objects on the road to avoid collisions. 

• Based on current market trends and future predictions, which geographical region will have the largest impact on the two-wheeler lighting growth in the coming years?

- Asia-Pacific accounted for the largest revenue share in the year 2022. The increasing adoption of two-wheeler due to the low maintenance and cost-effectiveness is driving the growth of the regional market. 

• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- North America is anticipated to register fastest CAGR growth during the forecast period. The increasing adoption of energy-efficient vehicles in North America is accelerating the growth of the market.

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