Motorcycle Helmet Market Size Worth $3.5 Billion by 2030: The Brainy Insights
The introduction of a multifunctional smart motorcycle helmet is anticipated to offer the market significant potential opportunities. Vendors are including cutting-edge communication technologies like Bluetooth in helmets, which is anticipated to create new business opportunities throughout the forecast period. Europe region is expected to experience the greatest CAGR of 7.8% on the worldwide market between 2022 and 2030.
Newark, Feb. 16, 2023 (GLOBE NEWSWIRE) — The motorcycle helmet market was estimated at around 2.5 billion in 2021, growing at a CAGR of nearly 6.4% during 2022-2030. The market is projected to reach approximately USD 3.5 billion by 2030.
The motorbike rider is more comfortable owing to the helmet’s reduction of wind noise and weather protection. This element raises the need for motorcycle helmets, which fuels the market’s expansion. The primary problem impeding the market’s growth is a lack of awareness regarding traffic safety. To decrease the amount of traffic accidents, governments are enacting tight legislation and taking action. As a result, it generates lots of opportunities for the major industry players active over the forecasted period. A detrimental effect of COVID-19 has been seen on the motorcycle helmet market. People during the lockdown were compelled to stay at home due to travel restrictions and the adoption of lockdown by governments in numerous nations. This had a significant impact. As a result, sales of motorcycle helmets drastically decreased. Additionally, the global economic slump limits consumers’ purchasing ability. Global motorcycle sales have fallen as a result of COVID-19, which will lead to lower sales of motorcycle helmets in 2020.
According to National Highway Traffic Safety Administration (NHTSA) figures, there were approximately 5,014 motorcycle fatalities in incidents in 2019. This is a little drop from the 5,038 fatalities in 2018. In 2019, motorcyclists had a nearly 29-fold higher mortality rate per mile travelled than passengers in passenger vehicles. While in 2020, there were about 5,579 motorcycle fatalities. Therefore, governments all over the world are taking the necessary actions to prevent the rising number of fatalities brought on by traffic accidents. For instance, in order to enhance traffic safety, the Indian government has passed legislation requiring helmet use in second- and third-tier cities.
Download Free Sample – https://www.thebrainyinsights.com/enquiry/sample-request/13206
Many motorcycle riders view motorcycle helmets as crucial pieces of safety equipment. In order to entice customers to wear a helmet, numerous motorcycle helmet manufacturers have also developed high-end features. Few manufacturers have helmets that can display GPS maps and the speedometer on the visor using built-in Augmented Reality (AR). The desire for technologically advanced items is growing, which has prompted several entrepreneurs to enter the motorcycle helmet market and provide cutting-edge goods. For Cite has released the MK1 smart motorcycle helmet in July 2019. It features a distinctive LED visual communication strip and extra functions such an HD wide-angle camera, Bluetooth port unit, Voice over Internet Protocol intercom (VOIP), and a handlebar-mounted control unit. Due to the expanding middle class and young population around the world, motorcycles are among the most popular two-wheeled vehicles.
A person can travel faster and without the need to rely on public transportation by investing in a motorcycle. These cars are primarily used by men and enable them to move through traffic more quickly, which increases demand for motorcyclists. This boosts the use of motorcycle helmets, which is closely correlated with the sales of two-wheelers.
Around 60% of the global market in 2021 was accounted for by the full-face segment, which held the greatest market share. Compared to half- and open-face helmets, this style of helmet completely encloses the rider’s head and face, improving safety. The enactment of strict road safety laws and regulations in a number of nations, including the U.S. and Canada, has increased demand for full-face helmets. Full-face helmets have been increasingly popular in recent years thanks to a number of novel features, including Bluetooth connectivity and superior visibility. As a result, the full-face segment produced a sizable amount of income in 2021.
Throughout the market’s forecast period, the open-face segment is anticipated to increase at a profitable rate. The segment is expected to experience a CAGR of 6.8% between 2022 and 2030. A full-face helmet without a chin bar is referred to as an open helmet. This helmet weighs less overall than a full-face helmet because it doesn’t have a chin. Given that open-face helmets appear to be more well-liked by children and adults, demand for open/half-face helmets is anticipated to increase during the projection period. Additionally, merchants are utilising the e-commerce platform to increase motorcycle helmet sales online through significant product discounts and promotions.
During the projected period, the passenger (Pillion Rider) segment is anticipated to increase at a profitable pace. Pillion riders are expected to experience a CAGR of 7.3% between 2022 and 2030. The Traffic Police has made it essential for passenger riders to wear helmets alongside the riders in order to maximise safety for two-wheeler riders. For instance, India’s main cities now require pillion riders to wear helmets, which will help the category develop during the forecast period.
Over the projection period, Asia Pacific is anticipated to become the area with the quickest growth. Due to the massive two-wheeler market in nations including India, China, Indonesia, and Vietnam, Asia Pacific had the biggest market share in 2021 more than 65%. To achieve maximum customer penetration in the area, major manufacturers including DaineseSpA, HJC Europe S.A.R.L, Shoei Co. Ltd, Arai Helmet Ltd, and Schuberth GmbH are launching new goods.
By 2021, the Chinese motorcycle helmet market would hold a sizeable market share of about 25% of the Asia Pacific market. The number of motorcycles in the country has decreased as a result of efforts to decrease the use of gasoline-powered two-wheelers and minimise pollution in some of the major cities. However, as more people are wearing helmets, the demand for them has increased.
Interested to Procure the Research Report? Inquire Before Buying – https://www.thebrainyinsights.com/enquiry/buying-inquiry/13206
|Report Coverage||Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Market Size(unit)||USD Billion|
|Segments Covered||By Type
List of the prominent players in the Global Motorcycle helmet market:
• Dainese SpA
• HJC Europe S.A.R.L
• Shoei Co. Ltd
• Arai Helmet Ltd.
• Alpine Stars S.p.A
• Schuberth GmbH
• BELL HELMET
• STUDDS Accessories Limited
• Royal Enfield
• Caberg S.p.a.
The global motorcycle helmet market is segmented as follows:
• Full Face
• Open Face
• Off-Road/ Racing
• Passenger Rider
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
Procure The Research Report – https://www.thebrainyinsights.com/report/motorcycle-helmet-market-13206
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
Head of Business Development
Email: [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.