Driving Helmet Market: Overview
The recent past has observed an increased adoption of driving helmet owing to safety consciousness among riders. The number of riding enthusiasts is increasing worldwide. The rise in sales of two-wheelers has gained momentum across the world.
According to WHO, correct helmet usage can lead to 42.0% reduction in fatal injuries and 69.0% reduction in head injuries. Moreover, lower prices of driving helmet are proliferating sales of driving helmet market across the world. Helmets mostly contribute the worldwide sales of driving protection gear market as compared to other safety products such as knee & elbow protection, armor etc.
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Driving Helmet Market: Market Dynamics
The rise in the sale of motorcycles around the globe creates the demand for motorcycle safety products. Motorcycle driving helmets are considered as the primary product for the motorcycle safety products market. Growing awareness of road safety and stringent traffic regulation have pushed the riders to wear driving helmet.
As per Insurance Institute for Highway Safety (IIHS), the number of motorcycles registered in the U.S. has increased from 8,047,435 in 2012 to 8,392,682 in 2017, increasing at a CAGR of less than 1% which in result, further creates demand for driving helmet.
The number of motorcyclists killed in crashes and accounted for 4,985 in 2018 in the U.S. only. The fatal injuries and deaths are very high in the global scenario. Motorcycle deaths are estimated as 28% of total accidents worldwide. The governments of different countries have imposed regulations on motorcycle riding.
Most of the U.S. states require DOT-approved helmets, and the minimum age for riding a motorcycle has also decided. Apart from the motorcycle sales and traffic laws, another growth factor for driving helmet is the increasing sales on online platforms.
The preferential shift of consumers towards online platforms are primarily driven by competitive vendor prices and availability of products. Moreover, product delivery at doorstep also attracts consumers towards online platforms. To gain a competitive advantage over rivals, the driving helmet manufacturers are focusing on product innovation and development.
Advancement in technology also brings additional advantage to the manufacturers towards hi-tech product innovation such as smart helmet which is expected to change the future landscape of the driving helmet market. In 2018, the company Crosshelmet had launched a smart helmet named ‘Cross helmet X1’ with integrated head-up display, sound control, a rearview camera, safety light, touch panel, smartphone connectivity, etc.
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The driving helmets are equipped with features like head-up display, sound control, a rearview camera, touch panel, smartphone connectivity, etc. Premium products buying has becoming one of the increasing trend among consumers. Across the world, with rise in sale of superbikes, there is an increasing trend among consumers to buy brand specific driving protection gear products such as driving helmets.
Rise of millennial population and brand consciousness has led the driving helmet market forward. Consumers are preferring good quality driving helmet and other driving protection gear products. For example, in 2018, India based two wheeler manufacturer, Eicher Motors Ltd (owning the brand Royal Enfield) launched two premium driving helmets: Street Prime and Drifter priced at US$ 52 and US$ 49 respectively which can also be purchased online and are approved by ISI and DOT.
The product premiumization, especially in driving helmet category are seeing increasing demand in Asia Pacific. As per an independent study, the top 5 premium driving helmet companies offer helmets with beyond customer satisfaction index which was accounted an average of 784. Arai, Shoei, Icon, Harley Davidson, and Scorpion are the top companies offering driving helmets of premium quality.
Light-weight protection gear products are preferred globally and are witnessing increasing demand. Light-weight materials such as carbon fiber-reinforced plastic are increasingly used in manufacturing driving protection gear products such as helmets. India-based driving protection gear manufacturer Steelbird Hi-Tech India Ltd. (SBHT) launched carbon fiber-reinforced plastic helmets in India which are stronger, lighter, durable, and can tolerate high temperatures.
Driving Helmet Market: Market Segmentation
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Driving Helmet Market: Regional Outlook
The driving helmet market has experienced a significant demand in the market owing to its number of sales of motorcycles worldwide, stringent traffic laws, and growing awareness on road safety. The need for driving helmet is primarily derived from Europe, North America, and Asia Pacific Countries.
Together with East Asia and South Asia, surpasses the driving helmet market of Europe and North America. Europe is accounted for the highest value share in 2019, while East Asia has registered a high growth during the forecast, 2019-2029. France, Italy, Germany, and the UK are considered to contribute a significant share in the European driving helmet market.
East Asia market is primarily driven by China and Japan owing to the high sales of motorcycles. South Asia is also expected to hold a significant share in the global driving helmet market. India remains the major country to contribute the highest share in driving helmet market amongst all countries in the region. The Middle East & Africa (MEA) and Oceania are expected to grow with a modest growth rate during the forecast.
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Driving Helmet Market: Key Players
The global driving helmet market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on innovation and new product development. Some of the key players in driving helmet market are Alpinestars S.p.A, Dainese S.p.A, Fox Head Inc., SCOTT Sports SA, Sparco Spa, Leatt Corporation, EVS Sports, Troy, Lee Designs, Strategic Sports (Bvi) Limited and others.
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