Global bike helmet market was valued at US$ 819.48 million in 2022 and is projected to attain a valuation of US$ 1,282.53 million by 2031, at a healthy CAGR of 5.35% during the forecast period.
The global market is expected to experience steady growth in the coming years, driven by an increasing emphasis on safety and a growing number of cycling enthusiasts. One of the primary factors driving the growth of the bike helmet market is the growing awareness of the importance of wearing a helmet while cycling. Governments around the world are implementing strict regulations regarding helmet use for cyclists, particularly in regions with high rates of bike accidents and fatalities. These regulations are designed to ensure the safety of cyclists and reduce the number of injuries and fatalities resulting from cycling accidents.
Get Free sample copy of this report @ https://www.astuteanalytica.com/request-sample/bike-helmet-market
The number of bike accidents and fatalities resulting from the failure to wear a helmet remains high. According to the World Health Organization (WHO), over 60% of bicycle-related deaths result from head injuries, and wearing a helmet can reduce the risk of head injury by up to 85%. As a result, there is a growing trend towards mandatory helmet use for cyclists in many parts of the world. In addition, the rapidly expanding sales of bikes are also encouraging the growth of the bike helmet market. With more people taking up cycling as a form of exercise, transportation, and recreation, there is an increasing demand for helmets to ensure their safety while riding.
Looking to the future, the market is expected to continue growing, driven by factors such as the increasing popularity of cycling and the ongoing emphasis on safety regulations. With advances in technology, there is also a growing trend towards the development of smart helmets, which incorporate sensors and other technologies to provide additional safety features such as monitoring the rider’s vital signs and detecting collisions.
Asia Pacific is the Second Largest Bike Helmet Market Despite Selling World’s 42% of Bike Helmet
The global bike helmet market experienced robust sales with a total of 29,426.74 thousand units sold in 2022. The two main regions contributing to these sales are Europe and Asia, with varying levels of market share and average selling prices.
Asia Pacific accounted for more than 42% of total helmet sales, which equates to about 12,273.76 thousand units in 2022. Despite having a larger share in terms of the number of units sold, Asia is considered the second-largest bike helmet market. This discrepancy is primarily due to the lower average selling price of bike helmets in Asia compared to Europe.
The lower cost of helmets in Asia could be attributed to various factors, including differences in manufacturing costs, pricing strategies, and consumer preferences. It is also possible that Asia has a larger market for more affordable, entry-level bike helmets, whereas Europe might have a higher demand for premium, high-quality helmets.
Taking a deeper look into the bike helmet market, we can analyze factors that contribute to the differences in market dynamics between Europe and Asia.
- Consumer preferences: European consumers may prioritize quality, safety, and premium features when purchasing bike helmets. This could lead to a higher demand for top-tier helmet brands with advanced safety features, resulting in higher average selling prices. In contrast, Asian consumers might prioritize affordability and basic functionality, thus leading to a higher demand for budget-friendly helmets with lower selling prices.
- Economic factors: Europe, in general, has a higher GDP per capita compared to many Asian countries. This disparity in income levels could explain why European consumers are more willing to spend on premium bike helmets, while their Asian counterparts may prefer more cost-effective options.
- Regulatory requirements: Europe may have stricter safety regulations and standards for bike helmets, which could contribute to the higher average selling price. Manufacturers selling helmets in Europe must ensure that their products meet these stringent safety requirements, which can increase production costs and ultimately impact the selling price.
- Market competition: The level of competition among bike helmet manufacturers and retailers in both regions could also affect pricing. A higher level of competition in Asia could lead to more aggressive pricing strategies and promotional offers, resulting in lower average selling prices.
- Distribution channels: The bike helmet market in Europe might be more focused on specialized bike shops and outdoor retailers, where customers are more likely to find premium helmet options. In contrast, the Asian market might have a wider variety of distribution channels, including general merchandise stores, e-commerce platforms, and local markets, which could contribute to a broader range of prices.
Browse summary of the report and Complete Table of Contents (ToC): https://www.astuteanalytica.com/industry-report/bike-helmet-market
Road helmet Dominate Market with More than 38% Market Share, more than 70% of Sales Come from Offline Channel
The bike helmet market can be segmented into type, application, and distribution channel. In terms of type, road helmets are expected to hold the largest market share at 38% during the forecast period, due to the increasing popularity of road cycling events worldwide. Mountain bike helmets are also projected to experience significant growth during this period, driven by the rising number of mountain biking enthusiasts.
Regarding application, the sports segment, which includes road cycling, mountain biking, triathlon, and other competitive events, is predicted to hold the second-largest market share at 30% due to the growing popularity of cycling as a recreational and competitive sport. However, the recreation segment is expected to be the dominant force behind market growth, as more people turn to cycling for eco-friendly transportation options, driving demand for helmets designed for commuting and leisure cycling.
Online Bike Helmet Market to Witness Healthy Growth and Sale More than 13.49 thousand Units By 2031
The online channel is projected to experience substantial growth over the next decade, with sales expected to surpass 13.49 thousand units by 2031. This expansion can be attributed to several factors, including the increasing popularity of e-commerce platforms and the growing demand for eco-friendly transportation options. However, the offline segment is anticipated to dominate the market with more than 70% revenue share, thanks to the presence of specialty stores and cycling shops.
Between 2023 and 2031, the online bike helmet market is expected to register a compound annual growth rate (CAGR) of 8.5%. This growth can be attributed to the rise in the number of cycling enthusiasts, both as a recreational activity and as a means of commuting. As more people turn to bicycles for transportation, the demand for bike helmets is set to increase, further driving the online market’s expansion.
E-commerce platforms have become increasingly popular in recent years, providing customers with a wide range of options, competitive pricing, and the convenience of home delivery. By 2029, the global e-commerce market is estimated to reach a staggering $7.4 trillion, with the online bike helmet market expected to claim a significant share of this figure.
The COVID-19 pandemic has also played a crucial role in accelerating the shift towards online channels, as people turned to e-commerce for their shopping needs amid lockdowns and social distancing measures. This trend is likely to continue even after the pandemic, with a forecasted 35% increase in the online market share by 2031.
Top 10 Players Hold Over 25% Market Share of Global Bike Helmet Market
Competitive analysis involves evaluating and comparing the strengths and weaknesses of competitors operating in the same market. In the case of the bike helmet market, the highly competitive and fragmented nature of the industry indicates that there are many players vying for market share.
In a market where the top 10 players namely Moon Helmet, Vista Outdoor, Dorel Sports, Trek Bicycle Corporation, Abus August Bremicker Söhne Kg, POC Sports, MET-Helmets, Micro Precision Engineering, Optim Wafer Services, and Specialized Bicycle Components, Inc., hold over 25% market share. It is likely that there is intense competition for customers and sales. This could result in aggressive pricing strategies, high levels of advertising and marketing spend, and ongoing efforts to differentiate products and build brand loyalty.
To succeed in such a competitive environment, companies will need to focus on factors such as product quality, design, and innovation, as well as customer service and support. They may also need to explore new distribution channels and marketing strategies to reach customers and increase sales.
Some of the Top Market Players Are:
- Moon Helmet
- Vista Outdoor
- Dorel Sports
- Trek Bicycle Corporation
- Abus August Bremicker Söhne Kg
- POC Sports
- MET-Helmets
- Specialized Bicycle Components, Inc.,
- Lazersport
- Giro Sport Design
- KASK s.p.a
- Scott Sports
- Louis Garneau
- Strategic Sports
- Shenghong Sports
- Other Prominent Players
Directly Purchase a copy of report with TOC @ https://www.astuteanalytica.com/inquire-before-purchase/bike-helmet-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact us:
Aamir Beg
BSI Business Park, H-15,Sector-63, Noida- 201301- India
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
Email: sales@astuteanalytica.com
Website: www.astuteanalytica.com