Premium Motorcycle Helmets Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The premium motorcycle helmets market was valued at USD 749.26 million in 2021, and it is expected to reach USD 1,112.72 million by 2027, and it is anticipated to register a CAGR of 6.81% during the forecast period (2022 - 2027).

The market was negatively impacted by the COVID-19 pandemic in 2020. The premium motorcycle helmets are for a limited customer base due to their high cost and association with the premium motorcycle users. The purchasing power of people is affected due to the world economic slowdown. The global pandemic has resulted in low sales of premium motorcycles across the world, which led to a decline in premium motorcycle helmet sales. However, after the gradual opening of economies and ease in lockdown measures, the demand for motorcycles is picking up because of the change in consumer preference, as people are avoiding public transport, and the developing nations in the region have preferred motorcycles over other automobiles.

Few factors have helped in throttling the growth of the market, such as rising awareness of enhanced comfort and safety in consumers, the heightened popularity of owning a sports bike, and bespoke modifications in the aftermarket among the millennials, which also boosted the sales of premium helmets. An increase in the sales of premium motorcycles, especially in the Asia-Pacific region, and the end users’ preference and awareness toward enhanced safety and comfort offered by premium helmets are some of the factors driving the growth of the market.

• The demand for premium motorcycles experienced a significant slump from the motorcycle dealerships, which resulted in a fall in premium motorcycle helmets compared to multi-brand and authorized retailer channels. For instance, Harley-Davidson, a leading premium motorcycle brand, encountered a 4.29% drop in sales worldwide in FY 2020 compared to the previous year.
• However, a few factors have helped in throttling the growth of the market, such as rising awareness of enhanced comfort and safety in consumers, the heightened popularity of owning a sports bike, and bespoke modifications in the aftermarket among the millennials, which also boosted the sales of premium helmets.
• Other trends collectively contributing to consistent market growth include the introduction of multi-functional smart helmets, ongoing racing events, and the rising number of clubs and communities of bikers acting as a platform.

Scope of the Report

Premium motorcycle helmets have superior-quality materials, such as carbon fiber, fiberglass, plastics, and synthetic fibers that provide high tensile strength and enhanced security.

These helmets have high safety standards when compared to other regular helmets. The premium motorcycle helmets market is segmented by material type, distribution channel, end user, and geography. By material type, the market is segmented into fiberglass, carbon fiber, and plastics. By distribution channel, the market is segmented into offline (motorcycle showroom, helmet manufacturing showroom, and aftermarket) and online. By end user, the market is segmented into commuters and racers.

The report also covers market sizes and forecasts for Premium Motorcycle Helmets in 4 different regions. For each segment, market sizing and forecasts have been done on the basis of value (USD million).

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Key Market Trends

Safety Regulations Driving the Demand for Premium Helmets

According to the UNECE study on road accidents, motorcyclists are 26 times more likely to die in a traffic crash than drivers of passenger cars. Wearing an appropriate helmet improves their chances of survival by 42% and helps avoid 69% of injuries to riders.

A motorcycle crash may result in head injuries, through either direct contact with hard objects or as a result of excessive acceleration-deceleration. Most traumatic brain concussions are the result of closed head injuries when there is no open wound. The motorcycle helmet is designed to minimize the risks of all kinds of head injuries. Helmet standards and regulations have been developed to test the effectiveness of helmets in providing protection.

The motorcycle helmet safety regulators are involved in updating the safety standards for helmet manufacturers so that they are bound to provide the safest helmets to their customers and avoid any head injuries. The last three years have been much favorable for the growth of the market. Regional governments' initiatives have predominately elevated the safety standards, which proved favorable for the helmet business. For instance,

• The Government of India announced that there is a need for a superior and safer safety standard for helmets and may soon have another standard for helmets. The new standard of the helmet is expected to cater to the superior quality headgear, which is meant for high-speed riding.
• The Bureau of Indian Standards (BIS) removed the weight limit of 1.2 kg for two-wheeler helmets, which previously prevented the sales of imported helmets in the country. This is likely to allow several premium helmet brands to market and distribute the latest premium helmets in the country.
• The European standard for motorcycle helmet safety, ECE 22.05 test regime, got a major update, the first in over 20 years. The upcoming standard, called the ECE 22.06, may be implemented to keep up with the latest technology and research. The ECE 22.06 regulations may come into effect from June 2023, and manufacturers, retailers, and distributors may be able to sell the old ECE 22.05 regulation products till then. After June 2023, it is likely to become illegal to sell helmets, visors, and accessories that do not comply with the ECE 22.06 regulations. The main difference in the new regulations may impact the testing of helmets. The test is likely to be carried out at different speeds and at more points across the helmet's shell.

With the increasing cruising activities, like traveling using motorcycles to tourist spots and adventure rides, consumers are shifting their preference to premium quality helmets, as these offer higher safety and lower risk of head injuries during tours. With the factors mentioned above, it is expected that the demand for premium motorcycle helmets may grow during the foreseeable future.

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