Bike Helmet Market size to grow by USD 325.36 million from 2022 to 2027, Technavio
NEW YORK, March 25, 2024 /PRNewswire/ -- The global bike helmet market size is set to witness substantial expansion, projected to reach USD 274.15 million with a compound annual growth rate (CAGR) of 5.46% from 2023 to 2027. Factors such as the burgeoning number of mountain bicycle clubs and events, along with increased government initiatives promoting cycling, are driving this growth. These findings are outlined in a comprehensive report analyzing the bike helmet market from 2023 to 2027.
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Key Market Trends and Drivers
The market's growth trajectory is underpinned by several factors. One significant trend is the burgeoning demand for personalized cycling helmets, especially among corporate users, associations, and clubs. This trend has spurred from developed regions like the Americas and Europe to emerging markets like China and India.
Moreover, the rise in road helmets segment is remarkable, marked by the evolution of elongated shapes with vents, constructed with expanded polystyrene (EPS) foam. Regulations mandating the use of such helmets in regular transportation have significantly contributed to segment growth, alongside increasing demands for lightweight and safer options.
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Challenges and Opportunities
However, the market faces challenges, notably from escalating prices of raw materials. Anticipated increases in raw material costs, particularly polycarbonate foam, are expected to impact the market's widespread adoption. This challenge is compounded by fluctuations in prices of materials such as polystyrene, polycarbonate, PET, and nylons, further hindering market growth.
Regional Outlook
Europe is expected to contribute significantly to the market growth, accounting for 44% during the forecast period. This growth is fueled by the region's high living standards, preference for premium cycling apparel, and government-sponsored programs promoting outdoor activities, including cycling.
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Key Companies and Strategies
Several companies are strategically positioning themselves in the market through alliances, partnerships, mergers, acquisitions, and product/service launches. MET SPA, for instance, focuses on designing and manufacturing off-road and on-road helmets, with offerings like Urbex Mips and Intercity Mips.
Analyst Review
The global motorcycle helmet market continues to witness significant growth, driven by increasing concerns about road safety and the rising number of motorbike and sports bike enthusiasts worldwide. According to the United Nations Motorcycle Helmet Study and data from the Centers for Disease Control and Prevention (CDC), road traffic injuries remain a critical issue, prompting governments and organizations to implement various interventions, especially amid lockdowns and social distancing guidelines.
Despite challenges, such as fluctuations in automotive sales, particularly in regions like the Asia-Pacific, companies like Vicis and Schutt are innovating to meet the demand for safer helmets. Additionally, the emergence of electric motor scooter services has expanded the market further.
Regulatory bodies like the National Highway Traffic Safety Administration (NHTSA) and the Indian government are actively involved in promoting road safety through technological advancements. Smart helmets, equipped with advanced features like built-in communication systems and augmented reality displays, are gaining traction among riders seeking enhanced safety and convenience.
Luxury motorcycle manufacturers such as Honda, Ducati, Suzuki, Yamaha, and Repsol Honda are also investing in research and development to integrate advanced safety features into their products. The National Center for Biotechnology Information warns against counterfeit helmets, emphasizing the importance of genuine, certified helmets in mitigating the risk of head injuries.
Various helmet types, including full-face and open-face helmets, cater to the diverse needs of riders and passengers. Moreover, the distribution channels have evolved with the increasing prevalence of online channels alongside traditional offline distribution channels.
Tiivra and Spark Minda are among the leading players in the market, offering a wide range of helmets to meet different preferences and safety standards. As motorcycle events and championships continue to attract enthusiasts globally, the importance of proper head protection cannot be overstated.
The World Health Organization advocates for the widespread adoption of helmets as an effective measure to reduce the severity of head injuries in road accidents. With ongoing advancements in helmet technology and increased awareness about road safety, the bike helmet market is poised for further growth, ensuring safer riding experiences for all.
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Market Overview
The global motorcycle helmet market continues to witness growth, driven by a heightened focus on road safety, particularly among motorbike and sports bike enthusiasts. Road traffic injuries remain a significant concern, prompting initiatives like the United Nations Motorcycle Helmet Study and efforts by organizations such as the Centers for Disease Control and Prevention (CDC). Lockdown interventions and social distancing guidelines have further underscored the importance of protective gear, spurring demand for high-quality helmets. Amid fluctuations in automotive sales, the market for bike helmets remains resilient, as consumers prioritize safety. As awareness grows and regulations tighten, the motorcycle helmet market is poised for steady expansion, ensuring safer rides for enthusiasts worldwide.
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Related Reports:
Based on Technavio's market sizing methodology, the motorcycle connected helmet market size is predicted to reach 1,238.93 thousand units from 2021 to 2026 at a CAGR of 4.73%. This report further entails motorcycle connected helmet market segmentation by application (freestanding and embedded) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The e-bike market size is expected to increase by 9.7 million units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.81%. The report extensively covers the e-bike market segmentation by type (SLA batteries and Li-ion batteries) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). One of the major factors driving the global e-bike market is the declining cost of Li-ion batteries.
Table of contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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