Bike helmet market to grow by $325 million between 2022 to 2027, report says
The global bike helmet market is estimated to increase by USD 325.36 million in the coming five years, according to a new report by Technavio. This growth is due to several factors, including the rise of off-road cycling clubs and events and increased government initiatives to promote bicycles as a mode of transportation in countries such as the United States, Sweden and Germany.
Technavio, a global technology research and advisory company, forecasts that the market’s momentum will progress at a compound annual growth rate of 5.91% percent between 2022 and 2027, predominantly in the road sector.
As governments are rolling out initiatives to promote bicycling as an alternative to automotive transportation, regulations to mandate helmets are becoming increasingly common. Helmet laws, along with an increase in traffic fatalities, are fueling the demand for road helmets, Technavio points out, as is the rising purchasing power of the world’s middle class.
According to the report, Europe will account for 30% of the global bike helmet market growth during the forecast period, with France, Italy and the UK appearing to be the major contributors in the region.
Integrating cycling into the multimodal transport policy is one of the top priorities of the European Union, which calls for integrating active mobility in the existing city management programs such as City Vitality and Sustainability (CIVITAS) and the European Mobility Week campaign.
The report states that government-sponsored initiatives, readily available cycling products, and the increase in popularity of cycling as a sport, fitness activity and lifestyle are all contributing factors to the increasing demand for bicycle helmets.
One of the standout trends in the helmet market, according to the report, is customization. Whether it’s colorways, designs or logos, Technavio believes that customized helmets for clubs, associations, and even corporate users, are a growing fad.
“Developed nations in the Americas and Europe and even developing nations such as China and India are experiencing a surge in the demand for customized products,” the report reads. “Moreover, customized helmets are much more expensive in terms of price than standard cycling helmets, compelling major suppliers in the premium market to provide individualized goods that are aesthetically appealing.”
Market challenges include the rising prices of raw materials as well as the increased demand for technology such as helmet aerodynamics, which tends to increase the individual product price tag.
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