New York, US, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR),"Bike Helmet Market Information by Type, by Application, and Region - Forecast till 2028”, the market is estimated reach USD 1.12 Billion by 2028. Moreover, the market size will soar at a rate of 5.35% between 2021 and 2028.
Market Synopsis
A bike helmet greatly brings down the chances of a head injury by nearly 70%, which makes it mandatory to be worn with other gears. However, most cyclists still do not wear one, putting their lives in danger. 63 percent of deaths are associated with not wearing a bike helmet. It helps cut down the severity of injuries in accidents.
The right size of the bike helmet helps protect the brain and the head, preventing internal as well as external damage. This is particularly important when it comes to kids given that their brains are still in the development stage.
Cycling has become one of the most popular trends over the years, as the most preferred form of exercise in linen with the surge in obesity and other diseases worldwide. Rising environmental concerns also foster the number of cyclists across the globe, which in turn has elevated the sales of a variety of bike helmets. Apart from this, strict laws pertaining to the use of bike helmets will further enhance the market size in the following years.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 1.12 Billion |
| CAGR | 5.35% (2021–2028) |
| Base Year | 2019 |
| Forecast Period | 2021-2028 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | rising trend of cycling as a means of exercise to minimize obesity and improve health |
| Increased bicycle riding activities |
Market Competitive Landscape:
Some of the biggest companies in the bike helmet industry are
- KASK S.p.a. (Italy)
- Limar Srl (Italy)
- Dorel Sports (Canada)
- Vista Outdoor Operations LLC (US)
- Orbea (Spain)
- SCOTT Sports SA. (Switzerland)
- Trek Bicycle Corporation (US)
- MET-Helmets (Italy)
- Specialized Bicycle Components (US)
- Uvex Sports (Germany)
Market USP Covered:
Market Drivers:
Bike manufacturers are witnessing booming sales of premium, high-end motorcycles, especially in developing countries like India and China, two countries with the highest number of two-wheeler riders. India, with a highly extensive bike industry, has been noting a change in consumer taste, with growing preference for more sporty machines. This has resulted in a notable boom in sales of motorcycle brands like Harley-Davidson, Triumph, Ducati, to name a few. Reports confirm that in 2019, sale of close to 30 million two-wheelers was recorded in India compared to the 18.5 million in 2016. These figures showcase how lucrative the bike market is in several emerging countries. Needless to say, it has left a strong impact on the bike helmet sales in the process.
An exciting trend taking over the bike helmet market is augmented reality, a technology that offers an immersive experience of the real-world environment to the wearer, sometimes across several sensory modalities, such as auditory, visual, somatosensory, factory, and haptic. This latest technology has sparked the interest of many a consumers, emerging quite popular among bikers. As a result, top brands are now offering helmets with augmented reality. Skully Technologies Ltd. is one such company that has launched motorcycle helmets equipped with AR as well as head-up displays, which has proved to be quite successful among consumers.
Another growth influencer has been the e-commerce sector, as more and more consumers are inclining towards online platforms to buy products. Besides, the surge in media coverage pertaining to several global sports events like Commonwealth Games, FIFA World Cup and the Olympic Games and brands continuously conducting advertising campaigns have bolstered the sales. The rise in the number of professional cycling has been noteworthy, with more and more millennials gaining interest in physical activities and outdoor sports. Consequently, this has been favorable for the bike helmet industry.
Market Restraints:
Despite the impressive business scenario in various regions, the global industry can encounter confront challenges in the form of store networks, stocks, and poor promotions in emerging countries. Subsequently, the volatility in business will limit the market growth in the years to follow.
Browse In-depth Market Research Report (122 Pages) on Bike Helmet: https://www.marketresearchfuture.com/reports/bike-helmet-market-8022
COVID 19 Analysis
The COVID-19 outbreak’s negative impact has led to a series of extreme repercussions on people’s health status globally. The aftermath is in line with the considerable social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Bike helmets are non-essential goods that have seen a serious downfall in their demand since the pandemic started. Also, with the focus mostly on containing the spread of the virus and the added financial burden on businesses, the bike helmet market can see slowed-down growth in the years ahead.
Market Segmentation
By Type
Different types of bike helmets available in the global market include sports helmets, MTB helmets, and road helmets. Highest sales are noted by road helmets across the globe, with rigid regulations mandating the use of these helmets for everyday travel across various countries. But the highest CAGR should be captured by the sport helmet segment in the coming years, given the soaring number of sports activities, particularly in developed economies.
By Application
The major applications of bike helmets as listed in the report are sports/adventure, and everyday travel. The daily travel segment has accounted for the biggest share in the market as helmets are increasingly being used by every-day by riders due to the surge in accidents and resultant injuries. Also, the stringent government mandates regarding bike helmets have prompted higher sales among on-road bikers. However, between 2020 and 2028, adventure sports will pick up high momentum, leading to significant demand for helmets in sports/adventure. As a result, the sports/adventure category can procure a strong growth rate over the ensuing years.
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Regional Insights
As the most profitable market for bike helmets, Europe will soar rapidly at a rate of 7.46 percent from 2020 to 2028. Italy contributes significantly and can be the fastest-advancing market in the region, as sports activities garner popularity among the youth. More and more manufacturers are offering smart and far more advanced helmets that their counterparts, in line with large-scale investments in R&D. The latest innovation include LEDs fixed on bike helmets to be used at nighttime. With surge in product innovations and new launches by major companies, the European market will stand strong throughout the evaluation period.
The Asia Pacific market shall exhibit the highest growth rate of 5.95 percent between 2020 and 2028, in view of booming sales of premium motorcycles and accessories such as helmets. This factor goes hand in hand with the rising consumer preference for better protection, comfort, and convenience that are offered by high-end helmets. Escalating purchasing capacity of the consumers also fosters the sales of these types of helmets in the region. Enhanced awareness regarding cycling safety along with the rigid government regulations mandating wearing helmets add to the market value. Also, the surge in road accidents in India has people purchasing helmets for better safety levels.
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