Driving Protection Gear Market: Quantitative Industry Analysis, Current and Futu

Posted by Sakshi Mishra on December 31st, 2019

According to a new market report published by Transparency Market Research titled ‘Driving Protection Gear Market ((Product Type – Helmet, Armor, Gloves, Knee Protection, Elbow Protection, and Others); (Material Type – Leather, Synthetic, and Natural Fibers), (Vehicle Type – Two Wheelers and Four Wheelers), (Consumer Group – Men and Women); (Distribution Channel – Online and Offline)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, the global driving protection gear market is expected to reach US$ 10,111.7 Mn by 2026, expanding at a CAGR of 5.3% from 2018 to 2026. In terms of volume, the market is expected to reach 315,621‘000 units by 2026, expanding at a CAGR of 2.7% from 2018 to 2026. The market is segmented by regions into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.

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The driving protection gear market in Asia Pacific is the largest in the world and is expected to grow at a healthy rate over the forecast period. Helmets are the most significant driving protection gear in the Asia Pacific region and hold a major market share among various driving protection gear products. China, Japan, and India are major markets in the Asia Pacific driving protection gear market. India is the largest two wheeler market in the world, followed by China. China is the largest four wheeler market in the world. Rising millennial population, increasing disposable income, and a change in lifestyle is increasing the demand for premium motorcycles in India. In India, as per Society of Indian Automobile Manufacturers (SIAM), motorcycles above 150cc are classified as premium motorcycles. From FY13 to FY17, premium motorcycle sales in India have increased at a CAGR of 31.0% and the demand is expected to continue in future. The market share of the premium segment is less in the overall motorcycle sales, which is about 12-15.0%; hence, there is room for growth of premium motorcycle sales in India. Consumers of these high-end super bikes are brand conscious and prefer branded driving protection gear products. Therefore, global driving protection gear market players in India have a good growth opportunity. Asia Pacific countries have a large number of small and medium third-party driving protection gear product manufacturers.