Global Market for Premium Motorcycle Helmets is Projected to Reach US$366 Million by 2020
Increasing Demand from Developing Countries Drives the
Global Motorcycle Helmets Market, According to New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Motorcycle Helmets markets. Global
market for Premium Motorcycle Helmets is projected to reach US$366 million by
2020, driven by growth in motorcycle ownership particularly in
developing countries, and strict enforcement of safety regulations.
Motorcycles
fulfill a strong need for convenience, speed, and economy in personal mobility.
The past two decades have seen a complete transformation of the motorcycles
industry worldwide with demand often beating the market’s expectations. The
cultural divide between regional markets has a significant impact on the demand
for motorcycles. Often viewed as a mode of recreation in the developed world,
motorcycles symbolize a different outlook in developing markets where people
look up to them as the primary means of affordable transportation. Head injury
represents the primary cause of death among motorcyclists, which makes use of
helmets an important safety precaution. Helmets reduce the risk of serious head
injuries by limiting the impact of collision to the head. In a bid to curb the
growing number of crashes involving motorcycles, governments across the world
have legislated strict helmet laws.
Future growth in
the market will be driven by expanding world vehicle population and increase in
road accidents. While safety regulations have long been in existence, growth in
the market is being driven only by the fairly recent trend of making violation
of safety norms a punishable offense. Other major factors driving growth in the
market include rise in motorcycle ownership, rising awareness over the
importance of personal safety, and strict insurance claimant norms. Premium
motorcycle helmets are witnessing strong demand, supported by growing
preference for luxury motorcycle brands and rise in the number of fashion-conscious
riders with high disposable incomes.
Technological
advancements in design and material composition are expected to spur market
prospects. Introduction of newer materials like carbon fiber, and fiberglass
reinforced plastic have rendered helmets more lightweight and convenient to use.
Integration of electronics in helmets represents a major technology trend which
is currently exemplified by the growing popularity of Bluetooth helmets. Also
driving consumer interest is the development of helmets with head-up display
(HUD).
As stated by the
new market research report on Motorcycle Helmets, Europe
represents the largest market worldwide. Growth in the region is supported by
the rise in the number of motorcycle permits in several European countries and
growing number of “born-again” middle aged bikers. Asia-Pacific ranks as the fastest growing market with a
CAGR of 10.2% over the analysis period. Steady economic
development, rise in government regulations, burgeoning economies, growing
employment opportunities, expanding middle class, increasing consumer affluence
and mass exodus of rural inhabitants to urban cities along with rising demand
for lightweight street motorcycles as a convenient and affordable personal
mobility solution in both urban and rural areas represent key growth drivers in
the region.
Key players covered
in the report include Arai Helmet Ltd., Bell Helmets, Chih Tong Helmet Co.
Ltd., HJC America Inc., LAZER SA, Nolan Group S.p.A, NZI Helmets SA, SHOEI CO.
LTD., and Vega Helmet Corporation, among others.
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