The global driving protection gear market is set to enjoy a valuation of US$ 7.7 Bn in 2022, and is predicted to expand at a healthy CAGR of 5.5% to reach US$ 10.5 Bn by 2029.
Future Market Insights (FMI) predicts that the market for driving protection gear will grow from US$ 7.7 billion in 2022 to US$ 10.5 billion in 2029. During the projected period of 2022-2029, the market is expected to grow in terms of revenue at a CAGR of 5.5 percent.
The demand for driving protection gear has increased over time as a result of growing concerns about road safety, rising superbike demand, and expanding global popularity of racing. The expansion of the market is threatened by the fierce rivalry for protective clothing coming from the unorganised sectors.
Despite this, there is an urgent need to increase driving safety given the rising number of mistakes and accidents. Governments all across the world are now requiring the usage of protective gear, including as helmets, gloves, and clothing, notably
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Online and Offline Distribution Channels to Promote Market Growth
FMI study finds that sales of driving protection gear through offline distribution channels will continue to influence growth strategies. However, sales via online channel is likely to grow at a CAGR of 5.1% through to 2029. Growing consumers’ preference for shopping online along with availability of wide range of products at reasonable prices is boosting sales of driving protection gears. Rapid penetration of e-commerce along with the manufacturers’ strong focus towards multi-channel strategy is further expected to influence the driving protection gear market growth.
Smart Helmet: The Next-Generation Gadget
A rise in the number of deaths on road due to accidents has potentially raised the demand for helmets. In order to resolve the issue, manufacturers are developing smart helmets embedded with Bluetooth and sensors that can detect the rider’s speed. These developments have increased the demand for helmets, creating a market size of US$ 2.2 Bn in 2018.
Across APAC, rise in the sales of premium motorbikes and superbikes has fueled the growth of the driving protection gear market. Besides, with an increase in the need for other protective gear, gloves and elbow protections are also expected to emerge as top selling products in the marketplace.
Europe’s Driving Protection Gear Market to Reach US$ 2.2 Bn by 2029
A rising number of electric vehicles, premium motorbikes, and sports cars in Europe are catapulting the driving protection gear market. France and Italy are projected to collectively generate higher revenue by the end of 2029, driven by increasing sales of premium bikes.
Nevertheless, East Asia and South Asia are indicating a strong increase in the demand for driving protection gears, due to rising production of two-wheelers in China and India. However, greater adoption of two wheelers in Middle East & Africa (MEA) and Latin America is expected to contribute to market growth.
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Key Players Prioritize Product Innovations
FMI opines that growth prospects for the driving protection gear are high in Europe. The high concentration of key players in France and Italy and their focus on increasing the production of smart protective gear is emerging a strategic move. Furthermore, the global driving protection gear market indicates a consolidated competition, with key players focusing on product innovation as their key strategy.
Key Segments of Driving Protection Gear Industry Survey
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Jul 27, 2022
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