Stringent road safety regulations laid down by governments and awareness regarding personal safety fuel growth for the smart helmet market globally. According to the report: Global Smart Helmet Market Research Report 2021, by Valuates Reports, the market is estimated to reach $ 536.4 million by 2026, from $ 240.6 million in 2019.
The market will grow at a CAGR of 12.0% during 2021-2026 as the growing adoption of advanced wearable technology is expected to boost the smart helmet market growth further.
The smart helmet market is segmented by type (full face helmet, half helmet, other), by application (industrial, firefighting, other). Major players in the smart helmet market include Bell Helmets, Sena Technologies, Daqri, Forcite Helmet Systems, Jarvish, Livall, Babaali, Lumos Helmet, Nand Logic and Nexsys.
According to Valuates Reports, the smart helmets market is growing due to rising safety and security concerns and technological improvements in smart gadgets. It has been reported that head injuries are the leading cause of death among motorcyclists. Increased motorcycle manufacturing, along with an increase in the number of people dying as a result of head injuries, will drive demand for sophisticated safety equipment such as the smart helmet around the world, the report stated.
The increased focus on decreasing cell phone use while riding has provided a significant opportunity to develop and sell creative, feature-rich, and advanced smart helmets. Growing product uptake among bike riders, combined with rising motorcycle sales, is expected to provide considerable market growth prospects soon.
Due to improvements in technical engineering fields, the global smart helmet market is predicted to grow in demand. Although the primary purpose of smart helmets is to improve rider safety, they have also found applications in other technical domains.
Valuates states that the site engineers' usage of smart helmets to obtain access to landscape maps and 3D photos has been critical to industry growth. Geologists may also employ smart helmets when evaluating risky terrain, it added.
Lucrative segment
Valuates Reports opines that the full-face helmet segment is expected to be the most lucrative segment during the forecast period.
Wearing a full-face helmet protects the user's head from any potential road hazards or accidents. The full-face helmet helps to prevent the wind and debris from hitting the eyes and potentially impeding the view thanks to its articulating face mask.
By application
The motorcycle and bicycle segment is expected to be the most lucrative segment during the forecast period, the report said.
Smart helmets are becoming more popular among motorcycle and bicycle riders to avoid accidents and collisions. An increase will aid the expansion of this market in the motorcycle and bicycle segment in outdoor recreation activities such as off-road and on-road cycling and motorcycling and increased motorcycle production.
North America
In terms of region, North America is expected to be the most lucrative segment, Valuates Reports observed.
Governments and non-governmental organisations in the region are launching educational initiatives to promote and educate people about the importance of wearing helmets. With the shifting trends in the motorcycle market, regional motorcycle manufacturers have begun to release bikes at more inexpensive costs. It has provided helmet manufacturers with a once-in-a-lifetime opportunity to diversify their product lines and suit the ever-changing consumer demand for smart helmets.
The market is likely to increase during the projected period due to the research and development initiatives conducted by helmet manufacturers in the region to maintain road safety, the report added.
Courtesy: Valuates Reports. NB: Photo is representational. Courtesy: Bell Helmet.