Global Bike Helmet Market is estimated to be valued at USD 1,118.7 Million by 2024 and is expected to register a CAGR of 5.35% during the forecast period. Bike helmets are personal protective equipment for the prevention of head injuries. There are different types of helmets such as road, sports, and MTB helmets, depending on the application.
Europe was the largest market for bike helmets in 2018 and the regional market is expected to maintain its dominance during the review period. In Europe, the market in Italy is projected to exhibit the highest growth rate of 7.46% during the forecast period. North America held a significant market share and was the second-largest market for bike helmets in 2018. However, the Asia-Pacific market is projected to register the highest CAGR during the forecast period. Increasing safety concerns regarding the rising instances of bike accidents is a key factor for market growth in this region.
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There are various safety standards in different countries for bike riders. Thus, the presence of safety regulations and laws concerning helmets is expected to fuel the growth of the market for bike helmets. Moreover, the increased number of cycles on the road has led to a high accident rate which has influenced the sales of bike helmets across the globe. Also, with the increasing popularity of professional cycle racing, the sales of bike helmets are expected to rise during the forecast period.
The global bike helmet market has been segmented on the basis of type, application, and region.
By type, the market has been divided into road helmets, sports helmets, and MTB helmets. The road helmets segment accounted for the largest market share in 2018. Stringent regulations mandating the use of helmets in daily transportation in most countries have boosted the growth of the segment. Moreover, regulations for helmet manufacturers to offer lighter and safer products will drive the growth of the segment. However, the sports helmets segment is projected to register the highest CAGR during the forecast period. The growing trend of sports activities, especially in developing countries, is driving the growth of the segment.
Based on application, the global bike helmet market has been classified as daily transportation and sports/adventure. The daily transportation segment accounted for the larger market share in 2018. The increasing number of accidents and government mandates for the use of bike helmets for on-road bikers is driving the growth of this segment. However, the increasing popularity of adventure sports is expected to propel the growth of the sports/adventure segment in the coming years. Thus, the sports/adventure segment is projected to exhibit the higher CAGR during the forecast period.
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