Nov 24, 2020 (Heraldkeepers) -- Market Insight
MRFR (Market Research Future) expects the cycling helmet market 2020 to advance steadily at a rate of 5.35% between 2014 and 2024 (evaluation period). MRFR also anticipates the global market to procure a decent valuation of USD 1,118.7 Million by 2024. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on Cycling Helmet Market
With the escalating SARS-CoV-2 cases and the lockdown in place to control the situation, cycles' demand has shot up dramatically as people are now opting for a cheaper mode of transport. The high focus on maintaining social distancing and the growing reluctance to use taxis, buses, and other public transport has boosted the sales of cycles and various components like helmets in recent months. Another segment that has been showing massive interest in cycles and cycling helmets are the members of gyms and fitness clubs. With the closing down of these establishments due to COVID-19, cycling has become the primary source of exercise, creating favorable outcomes for the cycling helmet market.
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However, with the consistently rising sales of cycles and cycling helmets following the novel coronavirus outbreak, the demand and supply gap has widened significantly, and manufacturers are grappling to deal with the situation. Automation and robotics have emerged as the best solutions in the face of declining workforce as well as the increased fear of the pandemic. Manufacturers are fast adopting ways to strengthen their supply chains and are doing everything in this capacity to meet with the dramatic spike in the demand for cycles and helmets among people.
The prominent players in the global Cycling Helmet Industry are POLISPORT PLASTICOS SA (Portugal), Vista Outdoor Operations LLC (US), Specialized Bicycle Components (US), Dorel Sports (Canada), UVEX Sports (Germany), Trek Bicycle Corporation (US), MET-Helmets (Italy), LIMAR SRL (Italy), ORBEA (Spain), SCOTT Sports SA. (Switzerland), and KASK S.P.A. (Italy), Merida & Centurion Germany GmbH (Germany), Giant Manufacturing Co., Ltd (China), Amer Sports (Finland), POC Sweden AB (Sweden), Urge Bike Products (France), and LAS helmets (Italy).
Top Boosters and Barriers
Cycling remains one of the most popular activities and come under either recreational or sport category. Cycle helmets have more than one application; in addition to head protection, they help boost visibility, offer protection from adverse weather conditions, and also facilitate the use of communication devices. These helmets are available in different designs as well as colors, according to the customer's need and preference. One of the common materials that are used in cycling helmets is the EPS foam, which is present in the inside area and has a tough outer shell. The cycling helmet market's impressive growth can be primarily accredited to the surge in health consciousness and the rising inclination of the youth towards outdoor activities and fitness.
Frequent research and development of Cycling Helmet Industry have given rise to a number of advanced technologies, including SPIN, MIPS and WAVECEL. These technologies help bring down the rotational force in case of crash. With the integration of the latest technologies, today's cycling helmets are lightweight, have better aerodynamics, and provide more ventilation. Escalating environmental concerns has also bolstered the number of cyclists, while the increasing disposable income and the resultant rise in purchasing power also work in Cycling Helmet Industry favor. Soaring number of cycle riding events is another key growth booster in the global market and is bound to foster the demand for innovative cycling helmets in the following years.
Over the years, the surge in road accidents has been a key source of concern, which has been another reason for the skyrocketing sales of cycles. Strict government norms and laws have also been favorable for the cycling helmet market. Manufacturers are spending generously on R&D activities to introduce more innovative products like smart helmets. Another innovation in the global market has been smart helmets that are integrated with LEDs for primary use during the nighttime. To cite an instance, in June 2020, Lumos Ultra launched a smart cycling helmet that is integrated LED lighting. The helmet has a couple of smart features that ensures the rider's safety, one which includes rear and front bike lights, coupled with rear-mounted indicators that offers better vision to people behind the rider.
Cycling Helmet Industry can be categorized with respect to type and application. The primary types of cycling helmets available in the global market include sports helmets, MTB helmets and road helmets. The market for road helmets is the most lucrative and can continue growing significantly owing to the strict regulations across countries that mandate the use of cycling helmets during daily commutes. Moreover, manufacturers have to follow certain rules that dictate development of helmets that are safer and lighter. But, given the rising popularity of sports events and activities, particularly in emerging countries, the sports helmet market can progress at the fastest rate in the ensuing years.
Some of the top application areas of cycling helmet are daily transportation as well as sports/adventure. In 2020, the lead was taken by the daily transportation segment in view of the mounting number of road accidents combined with the rigid government rules with regard to the use of helmets for road cyclists. However, with adventure sports gaining traction across countries, the sports/adventure segment is touted to garner a better growth rate over the forecast timeframe.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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