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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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.
DAQRI, Sena Technologies Inc, Forcite helmet systems, Bell Sports Inc., TORC helmets, Lumos helmet
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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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.
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 errors and then replacement of such helmets is a hassle, so this also happens to be a restraining factor for the growth of the market. There are software and hardware compatibility issues which are other factors that restrain the growth of the smart helmet market.
Smart helmets are embedded with sensors mounted that collect data and information and help the user while riding the motorcycles or the bicycles so this is an opportunity for the growth of this market. It also provides with a GPS navigation system in order to assist the users, the helmet can be connected to the Internet to perform a wide range of functions like tracking the traffic ahead on the road so all of these are the opportunities for the smart helmet market. It is gaining popularity for various sports event organized by the bike riders across the globe as it provides safety, security and a comfortable journey to the rider.
The challenges before the smart helmet market are that in order to put in so many functions in the compact helmet has the restriction of space. The cost of configuration of such helmets is also high.
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The next Gen Forcite MK1S Smart Helmet has inbuilt Harman Kardon speakers, this helmet features an inventive road alert ecosystem where the rider receives alerts regarding speed traps navigation and traffic conditions.
Sena Technologies Inc, which is a company headquartered in California, launched a modular helmet which is equipped with Bluetooth communication system, smartphone connectivity, providing a great experience to its user.
BH51M Neo A cycling safety helmet which is connected to a smartphone was launched to buy LIVALL a leading manufacturer of helmets, it has a waterproof headgear which has hands free Operation, Lightning voice navigation and SOS alarm.
Signal indicator and brake function
Middle East & Africa (MEA)
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