Smart Helmet Market Size to Worth Around US$ 1537.9 Mn by 2030

According to Precedence Research, the global smart helmet market size is projected to be worth around US$ 1537.9 million by 2030 and expanding growth at a CAGR of 14.11% over the forecast period 2022 to 2030.

Tokyo, June 16, 2022 (GLOBE NEWSWIRE) — The global smart helmet market size was valued at US$ 468.67 million in 2021. According to the World Health Organization around 30 to 40 million people suffer injuries, resulting in a lifelong disability and about 1.3 million people die across the world due to road accidents. These accidents, as well as the fatal injuries, can be reduced by up to 37% by the use of the helmets. Increased sales of two Wheeler bikes, particularly in the growing economies, the middle class families and enhanced protection provided in order to reduce the fatalities and injuries there is demand for helmets. Growing demand for the motorcycles and bicycles has led to an increase in the market size of the smart helmets.

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Regional Snapshot

North America has seen a tremendous growth for the smart helmets and it is expected to grow during the forecast period as the government and NGOs are initiating camps to promote the usefulness of the helmet. The changing trends in the motorcycle industry, the manufacturers in this region are also launching bikes at affordable prices so this has also increased the sales of the motorcycles. Also it provides some opportunity for the helmet manufacturers to widen the range of products that they offer in order to meet the continuously changing demands of the market. The developing nations and the middle class people are the consumers of the motorcycles and bicycles. In order to ensure their safety and in order to avoid fatalities the awareness of the use of smart helmets is important.

India is the largest economy in terms of the adoption of two Wheelers and has resulted to give a major share in this market. The European market is expected to grow at a moderate pace. The people in this region are aware regarding the personal safety and they’re adopting the advanced variable technologies. In other Middle East countries or in Latin America, due to stringent government policies people are adopting smart helmets.

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Scope of the Report

Report highlights

The smart helmet market size is expected to grow owing to the various rules and regulations imposed by the government bodies. The governments and NGO’s are creating awareness among the public regarding the fatalities or injuries caused by damage to the head while riding the motorcycles or bicycles, so this has indeed increased the sales of the smart helmets. As the smart helmets are easy to use, technologically advanced, providing GPS navigation, connectivity to the Bluetooth mobile phones, and various other functions, it is set to drive the market during the forecast.

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Market Dynamics

Drivers

The advanced helmets are light in weight, which are manufactured from a combination material of carbon fibers and fiberglass. The governments across the nations have made stringent rules for safety regulations. These rules and regulations are expected to drive the market. A noncompliance to these rules leads to charging a fine or imprisonment. So in order to avoid it people are buying the smart helmets. Most of the fatalities post motorcycle accidents are due to a hit on the brain. Apart from the safety reasons, there’s an increased utilization of bicycles across many nations and this also happens to drive the smart helmet market. The motorcycle and the bicycle drivers are at a great risk of being injured in a crash because they are almost always surrounded by vehicles and buses that are fast paced. The market of the Asian countries is driving the sales of the smart helmets as there is a rise in the sales of the motorcycles or two Wheelers.

Restraints

The production cost of the smart helmets is relatively high. So it happens to hinder the market growth. The cost increases owing to the design of the advanced helmets. So the smart helmets are incorporated with night vision goggles. They have head up screens, video camera units and ways for communication. So all of these technological advancements in the helmet tend to rise the manufacturing cost and in turn it becomes expensive. As these technological advancements in the smart helmets are new, there are also chances of…