Originally Published on: technavio |Bike Helmet Market Analysis Europe,North America,APAC,South America,Middle East and Africa - US,Japan,The Netherlands,Denmark,Germany - Size and Forecast 2023-2027
The bike helmet market is poised for steady growth with a projected Compound Annual Growth Rate (CAGR) of 5.91% from 2022 to 2027. During this period, the market is forecasted to increase by USD 325.36 million. This growth is influenced by several key factors, including the rising number of mountain bicycle clubs and events, government initiatives promoting cycling, and the increasing popularity of biking as an outdoor recreational activity.
The report provides a comprehensive analysis, covering market segmentation by type (road helmets, sports helmets, and mountain bike (MTB) helmets), application (daily transportation and sports/adventure), and geography (Europe, North America, APAC, South America, and Middle East and Africa). Additionally, the report delves into an in-depth examination of drivers, trends, and challenges, and it includes historic market data from 2017 to 2021.
Key Drivers of the Bike Helmet Market:
Rise in Government Initiatives Promoting Cycling: The significant driver behind market growth is the increasing focus by governments on promoting cycling. Countries like the US, Germany, and Sweden are encouraging the use of bicycles as a mode of transportation due to the growing issue of traffic congestion in cities. Initiatives such as the US Department of Transportation's Better Utilizing Investments to Leverage Development Transportation Discretionary (BUILD) grants are funding cycling projects. The European Union is also prioritizing cycling as part of its multimodal transport policy. Numerous government schemes in countries like Germany and Nordic nations are aimed at promoting eco-mobility through cycling. These initiatives are expected to drive the growth of the global bike helmet market.
Increasing Demand for Customized Cycling Helmets: An emerging trend in the market is the surging demand for customized cycling helmets. Customization has become increasingly popular among corporate users, associations, clubs, and individuals. The demand for customized products, including cycling helmets, has been growing in both developed countries and emerging markets like China and India. Customized cycling helmets often come with higher price tags and various options for designs, colors, branding, and materials. This trend has driven increased sales of cycling helmets globally.
Challenges in the Bike Helmet Market:
Rising Prices of Raw Materials: One of the major challenges facing the market is the increasing cost of raw materials, which can lead to higher prices for bicycle helmets. Helmets are constructed using materials like polycarbonate foam, which contributes to their aerodynamic design and protection capabilities. The prices of materials such as polystyrene, polycarbonate, PET, and nylon have been fluctuating, impacting the production costs and, subsequently, the prices of helmets.
Market Segment Overview:
The road helmets segment is anticipated to experience significant growth during the forecast period. It accounted for the largest share of the global market in 2022. Road helmets have evolved to incorporate elongated shapes with vents and are constructed using expanded polystyrene (EPS) foam.
Regional Growth Insights:
Europe is expected to contribute 30% to the overall market growth during the forecast period. In this region, there is a strong preference for premium cycling wear due to high living standards and strong brand recognition for premium cycling products. Government initiatives and campaigns promoting outdoor activities like cycling have further increased the demand for bike helmets. Programs that promote cycling for transportation are creating a surge in bicycle use, leading to an increase in bike helmet demand.
The COVID-19 pandemic has positively impacted bike helmet sales and production in Europe. As lockdown restrictions eased, more people turned to cycling as a means of transportation, leading to increased bike helmet sales. Furthermore, the introduction of vaccination campaigns in 2021 resulted in a decline in the number of COVID-19 infections and a relaxation of lockdown restrictions across Europe, aiding in the recovery of athletic activities and the rental of adventure sports equipment.
In summary, the bike helmet market shows potential for steady growth, driven by government initiatives, customization trends, and a preference for premium cycling wear. However, fluctuations in raw material prices pose challenges to the market's expansion.
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