Cycling Helmet Market to Accrue Skyrocketing Revenues at 5.35% CAGR from 2019-2024
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The global cycling helmet market is estimated to reach a value of USD 1,118.7 million by 2024. It can expand at a CAGR of 5.35% during the forecast period (2019-2024). Strict mandates rolled out governments on the use of helmets as a precaution is likely to drive the market growth during the forecast period. Rise in health-consciousness in urban areas can induce the market demand till 2024. Inclination towards fitness and alarming levels of obesity due to sedentary lifestyles led by customers can lead to adoption of cycling, which in turn can influence the global market.
The emergence of cycle races can be a viable catalyst for the market. In addition, near-adoption of cycling helmets by professional racers is likely to influence the purchasing decisions of amateur cyclists. This can lead to a spike in helmet sales during the assessment period. The reasonable prices of cycles as well as the options for bike leasing in cities as a mode of travel can bode well for the global market in the coming years.
But exorbitant costs of cycling helmets can impede the market growth.
The global cycling helmet market is segmented by type and application.
By type, it is segmented into MTB helmets, sports helmets, and road helmets. Road helmets are predicted to exhibit a stellar CAGR to touch a value of USD 415.5 million by 2024. This can be credited to the popularity of biking as a mode for commute among denizens of the Netherlands, the U.S., and the U.K. On the other hand, sports helmets are pegged to capture a larger share of the market in the coming years due to large number of cycling events and races held globally.
By application, it is segmented into sports/adventure and daily transportation. The daily transportation segment accounted for the larger share of the market due to the rise in number of biking lovers. On the other hand, the sports/adventure segment can induce demand due to the surging number of customers leaning towards adventure sports.
The Middle East & Africa (MEA), South America, Europe, Asia Pacific (APAC), and North America are the main regions considered during the compilation of the market report.
The North America cycling helmet market is touted to exhibit a modest growth rate during the forecast period with the U.S. being of the biggest contributors. Rise of health-consciousness levels and a surge of fitness enthusiasts can drive the latent potential of the region. The region can touch a valuation of USD 347.1 million by 2024.
The Europe region accounted for 36.35% share in 2018. It can receive a booster shot due to various cycling events held annually and citizens of the countries enthused about cycling. Within the region, Italy can exhibit a CAGR of 7.46% during the forecast period.
On the other hand, the APAC region can display a CAGR of 5.95% throughout the forecast timespan due to awareness of the benefits of cycling and rollout of mandates stressing on the need for protective gear.
Merida & Centurion Germany GmbH, Vista Outdoor Operations LLC, Urge Bike Products, POC Sweden AB, LAS helmets, Dorel Sports, Polisport Plásticos SA, Amer Sports, KASK S.p.a., SCOTT Sports SA., Trek Bicycle Corporation, Limar Srl, Giant Manufacturing Co., Ltd, Orbea, Uvex Sports, MET-Helmets, and Specialized Bicycle Components are helmet manufacturers profiled in the market report. Innovations of products with advanced safety and performance features is one of the primary strategies followed by these players for differentiation and carving a niche in the industry.
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The Lumos Matrix helmet launched by Lumos was embedded with a LED light which can light up the roads in case of any inactive streetlights.
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