A recent report published by Infinium Global Research on the motorcycle lighting market provides an in-depth analysis of segments and sub-segments in the global as well as regional motorcycle lighting market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional motorcycle lighting market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global motorcycle lighting market. According to the report, the global motorcycle lighting market is projected to grow at a CAGR of 12.75% over the forecast period of 2019-2025.
The motorcycle and motorcycle component market is a niche market due to the concentrated customer base in developed countries. The motorcycle components are evolving owing to diverse requirements from the customers. The motorcycle lighting is the significant and basic component of the motorcycles. Technological advancements have developed innovative products in the motorcycle lighting market complying with road safety regulations and consumer preferences. The motorcycle lighting market is highly competitive and fragmented in nature. Several local vendors compete with multinational suppliers to occupy their part of the market share. The key market players including UM Group, Varroc Group, Koninklijke Philips N.V., Hella KGaA Hueck & Co., ZKW Group and others are focusing on investing more in the development of innovative products and acquisition of local vendors and suppliers.
The improved sales of two-wheelers among middle-class consumers are the major factor driving the motorcycle lighting market. Affordability of the motorcycles due to their low prices, low maintenance cost, and fuel efficiency attribute to the high sales, particularly in developing regions. Moreover, the increasing focus of OEMs towards product differentiation is expected to boost the motorcycle lighting market. The OEMs are offering a wide range of innovative products satisfying the diverse demand of the customers. This, in turn, boosts the motorcycle lighting market. Furthermore, the growing demand for rider safety is further propelling the motorcycle lighting market. However, the higher prices of standalone technologies are the major factor hampering the growth of the motorcycle lighting market. Additionally, the use of lighting solutions for aesthetics and decorations is expected to provide opportunities for motorcycle lighting suppliers in the future.
In terms of region, the motorcycle lighting market in the Asia Pacific generates the highest revenue. The motorcycle lighting market in this region holds a large amount of share of the global market. The domination of the Asia Pacific region in the motorcycle lighting market attributes to the high disposable incomes and luxury preferences from the consumers. Moreover, the presence of the key market players in the region is expected to boost the growth of the motorcycle lighting market in the Asia Pacific.
The report on the global motorcycle lighting market covers segments such as product type, application, and sales channel. On the basis of product type, the sub-markets include LED, halogen, incandescent lamps, xenon, and other product types. On the basis of application, the sub-markets include head lights, tail lights, turn signal lights, and other applications. On the basis of sales channel, the sub-markets include aftermarket, and OEMs.
The report provides profiles of the companies in the market such as OSRAM GmbH, UM Group, Varroc Group, Koninklijke Philips N.V., Hella KGaA Hueck & Co., Koito Manufacturing Co., Ltd., ZKW Group, Cobo S.p.A., J.W. Speaker Corporation, Rinder India, Pvt. Ltd., and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of motorcycle lighting market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.