Driving protection gear manufacturers are increasing the production of premium quality product offerings, supported by the increased sales of high-end motorcycles.
DUBAI, UAE / ACCESSWIRE / July 23, 2020 / The driving protection gear market is likely to surpass a valuation of US$ 10 Bn during the forecast period ending in 2029. FMI states that the coronavirus is likely to create short-term challenges for driving protection gear manufacturers, as the lockdown measures have disrupted production and supplies. However, increased consumer preference towards personal transport options to avoid the coronavirus pandemic will help a steady revival of the industry as lockdown restrictions are relaxed.
"Two-wheeler vehicle ownership rates have gone up rapidly around the world. Motorcycle ownership has also increased among women, and younger demographics in emerging economies. These factors are key to sustained production and sales of driving protection gear during and after the duration of the coronavirus pandemic," states the FMI analyst.
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Driving Protection Gear Market- Critical Takeaways
- Helmets are a highly sought-after protective gear product, supported by government regulations and integration of advanced communication tools in new offerings.
- Offline distribution channels account for most sales of driving protection gear supported by the introduction of retail outlets in emerging economies.
- Asia-Pacific is a large, fast-growing market for driving protection gear owing to higher disposable incomes and awareness on road safety factors.
Driving Protection Gear Market- Drivers
- Higher consumer awareness on road safety, coupled with the rising numbers of motorcycle enthusiasts are key growth factors.
- Increased manufacturer expenditure on research and development on material and design innovations are creating key growth opportunities.
- The growing trend of product premiumization is anticipated to propel demand for driving protection gear.
Driving Protection Gear Market- Restraints
- Lack of road safety awareness, particularly in rural areas is hindering adoption rates.
- Consumer bias towards cars, and low two-wheeler ownership in developed economies is hindering market growth.
Coronavirus Impact on Driving Protection Gear Market
The global driving protection gear market is expected to face significant challenges in terms of suspension of production facilities and disruptions to supply chains during the coronavirus lockdowns. In addition, the decline in sales of two-wheelers during this period will also negatively impact the market. However, fears over the contagion are likely to revive demand for personal transport, while reducing use of public transport options, which in turn will prove lucrative to the driving protection gear market in the long term.
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Competitive Landscape
Manufacturers in the driving protection gear market are investing in product launches with improvements to functionality, and customization for a wider consumer demographic. For instance, Royal Enfield has revealed its new range of driver protection gear, aimed particularly towards female riders. OMP Racing S.p.A., Alpinestars S.p.A., Troy Lee Designs, Dainese S.p.A., EVS Sports, Fox Head Inc., Leatt Corp., Scott Sports SA, and Lemans Corp. are some of the leading driving protection gear manufacturers.
About the Study
The study offers readers a comprehensive assessment of the driving protection gear market. Global, regional and national-level analysis of the latest trends influencing the driving protection gear market is covered in this FMI report. The study provides insights according to product (helmet, armor, gloves, knee protection, elbow protection, and others), material (leather, synthetic, and natural fibers), vehicle (two wheelers and four wheelers), consumer group (men and women), and distribution channel (online and offline), in seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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SOURCE: Future Market Insights
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