Technavio publishes a new market research report on the global motorcycle lighting market from 2017-2021. (Graphic: Business Wire)
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Technavio publishes a new market research report on the global motorcycle lighting market from 2017-2021. (Graphic: Business Wire)
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LONDON—Technavio analysts forecast the global motorcycle lighting market to grow at a CAGR of almost 13% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global motorcycle lighting market for 2017-2021. To calculate the market size, Technavio analysts considered the sales revenue of motorcycle lighting units shipped across all regions.
The motorcycle lighting market is highly competitive as vendors are introducing many new innovative technologies to improve safety and performance and enhance the appeal of the motorcycle. The increased focus on motorcycle safety and the increased demand for better road illumination by customers are the major drivers of the market growth.
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Technavio automotive analysts highlight the following four factors that are contributing to the growth of the global motorcycle lighting market:
- Success of lighting technology in automotive segment
- Growing focus on differentiation by automotive OEMs
- Growing demand for ambient lights driving motorcycle lighting market
- Rising long distance travel will increase acceptance of lighting for safety in touring segment
Success of lighting technology in automotive segment will drive demand in motorcycle segment
Economies of scale play an important role in leveraging the adoption of advanced technologies across all segments. For instance, the adoption of smartphones across the world increased significantly in the last 4-5 years owing to the reduced price. This price reduction was fueled by the advantage of economies of scale to the manufacturers.
Siddharth Jaiswal, a lead automotive electronics research analyst at Technavio, says, “The cost of hardware remains a primary consideration for automotive OEMs and suppliers. The OEMs can adopt new technology in a cost-effective manner by considering the wider application areas. In addition, when any technology is adopted in the automobile market, its volume grows, thereby decreasing the production cost.”
Growing focus on differentiation by automotive OEMs will drive demand for LED and OLED
Motorcycle designers are seeking to differentiate their products in the intensely competitive market by creating new variants of exterior and interior lighting. New technologies that provide greater flexibility and scalability across different applications and vehicle models are providing opportunities for the designers to create a unique style, look, and feel.
“These technologies are leveraged by designers to enhance the appeal of the motorcycle and increase the demand for heavyweight motorcycles. For instance, BMW is dedicated to the developments in the lighting technology for motorcycles,” adds Siddharth.
Growing demand for ambient lights driving motorcycle lighting market
Ambient lights are accessory lights used to enhance the visual appeal of the motorcycle. Light pipes, light rings, LED pin spot lights, and diffuser lenses are some of the accessory lights used in motorcycles. These are embedded into the motorcycle’s body, instrument panel, and seat frames. Vendors in the market are enhancing consumer appeal by employing ambient lights to create product differentiation and harmonize with the other components of a vehicle.
The aftermarket sales of ambient lighting systems are increasing due to the growth in the number of motorcycle enthusiasts that seek customization. LEDs have been used for lighting in motorcycles and are now witnessing newer applications in backlight switches and wheels.
Rising long distance travel will increase acceptance of lighting for safety in touring segment
The new types of lighting applications such as parking lamps and license plate lamp are an integral component in touring motorcycles. OEMs are developing new technologies for headlights and rear lights of heavyweight motorcycles. For instance, BMW Motorrad is introducing laser headlight technology and OLED technology for rear lights. This heavyweight segment is expected to account for the maximum revenue share of motorcycle lighting during the forecast period.
Top vendors:
- OSRAM
- Philips
- HELLA
- KOITO
- GE Lighting
Browse Related Reports:
- Global Motorcycle Infotainment System Market 2016-2020
- Global Motorcycle Adaptive Cruise Control Market 2016-2020
- Global Motorcycle Anti-Lock Braking System Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like automotive services, powertrain, and wheels and tires. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
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