Driving Protection Gear Market to Expand at a healthy CAGR of 5.5% During 2022-2029
The driving protection gear market is expected to reach US$ 10.5 Bn by 2029 from US$ 7.7 Bn in 2022 In terms of revenue, the market is poised to increment at a CAGR of 5.5% during the forecast period 2022-2029.
Over the years, growing concerns regarding road safety, increasing demand for superbikes, and rising motorsports popularity across the world have influenced the demand for driving protection gears. High competition for protective apparel from the unorganized sectors is a threat to the market growth.
Notwithstanding, the surging rate of mishaps and accidents have prompted a strong need to improve driving safety. Subsequently, governments across the globe are mandating the use of protective equipment such as helmets, gloves, and clothes, especially while riding two wheelers.
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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.
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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.
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.
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Key Segments of Driving Protection Gear Industry Survey
Driving Protection Gear Market by Product:
- Knee Protection
- Elbow Protection
Driving Protection Gear Market by Material:
- Leather Driving Protection Gear
- Synthetic Driving Protection Gear
- Natural Fiber Driving Protection Gear
Driving Protection Gear Market by Vehicle:
- Driving Protection Gear for Two Wheelers
- Driving Protection Gear for Four Wheelers
Driving Protection Gear Market by Consumer Group:
- Driving Protection Gear for Men
- Driving Protection Gear for Women
Driving Protection Gear Market by Distribution Channel:
- Online Sales of Driving Protection Gear
- Offline Sales of Driving Protection Gear
Driving Protection Gear Market by Region:
- North America Driving Protection Gear Market
- Latin America Driving Protection Gear Market
- Europe Driving Protection Gear Market
- East Asia Driving Protection Gear Market
- South Asia & Pacific Driving Protection Gear Market
- Middle East & Africa (MEA) Driving Protection Gear Market