In terms of revenue, the Global Bicycle & Motorcycle Helmets Market is expected to reach USD 15.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.80% from 2022 to 2028.
Strict government restrictions and a rising number of two-wheeler enthusiasts are the key drivers that will propel the growth of the Bicycle & Motorcycle Helmets market during the forecast period.
Key Highlights from Report:
- Full-Face Helmets sub-segment dominated the growth of the Bicycle & Motorcycle Helmets market in 2021. They offer customers all the safety that a helmet can offer, saving your head in the event of an accident on the road or a direct collision with complex objects. Helmet manufacturers are adopting revolutionary technologies and using high-quality materials, including glass-reinforced plastic, polycarbonate, and carbon fiber, to reduce the stress on full-face helmets and improve their protection.
- Open Face is anticipated to develop at a considerable Compound Annual Growth Rate (CAGR) through the forecast period. Increasing antique appearance trend included advanced conversation gadget which incorporates Bluetooth in helmets; Manufacturers are adopting advanced materials which consist of carbon fiber and fiberglass to reduce the weight and make them safer. These elements are anticipated to help the growth of the marketplace thru the forecast period.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. India is the fastest-growing motorcycle market in the world due to many two-wheeler buyers in the country. The growth of helmets is not only being led by passenger motorcycles but also by more extensive and more expensive two-wheelers. In addition, the expansion of infrastructure in rural areas is driving sales of two-wheelers, and, in return, the demand for helmets is expected to increase.
In established countries, two-wheelers are mainly used for leisure events and are therefore more often owned alongside cars. In addition, motorcycles are often used as a simple means of transportation in emerging countries. The bicycle is also gaining a foothold in the commercial sector. They are mainly used for grocery delivery and e-commerce product delivery. In addition, post-lockdown demand for bikes has increased remarkably as the bike-sharing business has reached momentum. This coupled with the growing awareness of on-road protection, is expected to drive the growth of the motorcycle helmet market over the forecast period.
One of the biggest challenges to the growth of the motorcycle helmet market is the lack of road safety awareness in emerging markets. The number of traffic fatalities is increasing worldwide; however, there is still a lack of traffic awareness among drivers. According to the WHO, the number of road deaths worldwide rose from 1.15 million in 2000 to 1.35 million in 2016. The lack of awareness of road transport is more significant in developing regions and least developed countries. According to UN reports, users of inferior helmets suffer more severe injuries in accidents. Therefore, the lack of road safety awareness in developing and low-income countries is a significant obstacle to the growth of branded driving protective gear products.
Asia Pacific held the most significant shares in 2021. The Asia-Pacific region dominated the market with a share of more than 45% of total sales in 2018 due to the presence of a large number of two-wheeler owners in developing countries such as India, Indonesia, Vietnam, and China. In addition, major manufacturers such as Caberg S. P. A., Arai Helmet Ltd, HJC Europe S. A. R. L, Dainese S. P. A., and Shoei Co.Ltd. Constantly launch innovative products to attract a large number of customers.