The aftermarket channel consists of almost 2/3rd revenue share in the two-wheeler lighting market by sales channel and it is likely to retain this dominance for some time to come. The Europe aftermarket two-wheeler lighting market alone is on track to be worth just under US$ 340 million by the end of the study, making it too lucrative to ignore.
Rockville, WA -- (SBWIRE) -- 08/16/2018 -- Lighting plays an extremely important role in automotive safety as it alerts the rider to the presence, size, and position of other vehicles, pedestrians, and obstructions. This is especially important in the case of two-wheelers as it can mean the difference between life and death. The future of the two-wheeler lighting market looks very bright indeed as manufacturers are experimenting with various new technologies that improve the light output while simultaneously reducing energy consumption. The two-wheeler lighting market is also poised to benefit from discerning customers that seek the perfect balance between form and functionality.
According to Fact.MR, the two-wheeler lighting market is anticipated to grow to a value of approx. US$ 440 million by 2022 – recording a modest CAGR of 2.8%.
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The 12V segment is estimated to account for a revenue share of more than 3/5th of the two-wheeler lighting market by volts segment in 2017. A value of just under US$ 1.4 billion at the end of the forecast period makes it far more attractive than its 14V counterpart. Europe alone represents a quarter of the regional contribution and is expected to remain a lucrative market. The 14V segment on the other hand, is much smaller by comparison. However, companies would be advised to target APEJ over Europe in the 14V segment of the two-wheeler lighting market as the former is likely to outpace the latter at the end of 2022.
The motorcycle segment comprises a quarter of the revenue share in the two-wheeler lighting market by vehicle type in 2017 and it projected to become more prominent in the days ahead. This is because the motorcycle segment caters to a diverse set of use-cases – luxury, economical, as well as sporty. While Europe is currently the largest region in terms of motorcycle sales, APEJ will record a much higher CAGR of 4.3% which will allow it be neck-and-neck with Europe by the end of the forecast period.
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A market opportunity exceeding half a billion dollars is enough to make key stakeholders in the two-wheeler lighting market look very closely at the moped segment. Mopeds are desired for their comfort, convenience, and ease of use and are particularly well-suited to teenagers, women, and senior citizens. Companies are advised to design stylish rear indicators, front indicators, side indicators, headlamps and tail lamps as moped customers desire the perfect combination of form coupled with functionality. The APEJ region can be considered a critical market for mopeds as the continent has a much larger younger population as compared to Europe and North America and these customers would be well-served by mopeds.
Scooters contribute approx. half the revenue share in the two-wheeler lighting market in 2017 and companies are recommended to focus their attention on either Europe or APEJ as both these strategic regions are poised to exceed US$ 255 million by the end of the study. However, the CAGR of APEJ is nearly double that of Europe, making it a far more exciting prospect.
The aftermarket channel is several times larger than the OEM channel in the two-wheeler lighting market and it would be understandable if companies decided to target it exclusively at the cost of OEM channels. A market opportunity of almost US$ 1.4 billion in 2022 is big enough for all companies to not only sustain, but thrive.
The two-wheeler lighting market report has profiled leading companies in the two-wheeler lighting market. These are Koninklijke Philips N.V, Ichikoh Industries, Valeo SA, Stanley Electric, OSRAM GmbH, Magneti Marelli, Koito Manufacturing, Hyundai Mobis, General Electric, and HELLA KGaA Hueck.
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