The global motorcycle gear market worth USD 10.5 billion is expected to grow at a CAGR of approximately 6.84% during the forecasted period.
The Rise in the Frequency of Road Accidents and the Demand for Motorcycle Gear
Motorcycle gear is protective equipment or garment meant to prevent fatal injuries when riding a motorcycle. Motorcycle gear safeguards the rider against every type of accident that may occur. It ensures security and safety, as well as a superior ride experience. It is used to shield the rider from inclement weather such as snow, rain, wind, or cold. The rise in the frequency of road accidents, careless motorcycle riding, and reckless street bike racing, all of which result in road accidents, has increased the demand for motorcycle gear.
Helmets: Safety Gears for the Riders
Due to the rise in the number of motorcycle and premium motorbike riding enthusiasts, the global industry is predicted to increase significantly.
In 2018, protective gear accounted for more than 60.0% of worldwide revenue. It consists of gloves, a helmet, an elbow guard, a knee guard, and a spine guard. Helmets are used by riders to save them from injuries. According to the National Institute of Neurological Disorders, over a million people in the U.S. suffer from brain injuries every year. More than half of which are the consequence of motor vehicle accidents. As a result, raising awareness about head trauma boosts the demand for protective gear throughout the predicted period.
- Motorcycle sales have steadily increased in recent years, as customers in developing nations demand 300–400 cc bikes at low rates. The arrival of legendary bike brands, such as Harley Davidson, Aprilia, and Ducati, assisted market expansion in these nations.
- The rising enthusiasm for bike racing among Indian youngsters, appealing bargains from motorcycle manufacturers giving outerwear, gloves, and helmets as additional supplies, is boosting the riding gear industry in the nation. Social media has performed a significant role in raising brand recognition for a variety of riding gear brands. Millions of individuals participate in online forums where online influencers provide knowledge on various riding gears. The affordability of bike touring programs offered by multiple travel firms is another important motivator.
- The growing development in product offerings such as helmets with Bluetooth capabilities that allow people to answer calls, listen to music, and obtain driving instructions aided in growing demands for these gears.
Impact of Covid-19 on the Demand for Riding Gears
COVID-19 has a significant impact on the riding gear market. Many OEMs have manufacturing facilities in China, which was the epicenter of the COVID-19 outbreak. The manufacture of motorcycles, accessories, and riding gear was suspended due to global government lockdown regulations.
As there was no mobility, the use of motorcycles and riding gear was essentially non-existent. During the forecast timeframe, the riding gear industry is expected to grow at a 7.9 % CAGR. The COVID-19 pandemic had a detrimental impact on these figures and projections.
Following the COVID-19 pandemic, the market for bikes, and therefore riding gear, is expected to grow with the public's preference for private and safe transportation over shared transportation options as the industry recovers from the pandemic's losses.
Global Expansion of Motorcycle Gear and Accessories Market
According to the latest analysis, the expansion in Motorcycle Clothing in 2021 will be notably different from the preceding year. As of the most modest forecasts of the global motorcycle apparel industry, yearly revenue will increase by 20% in 2021. In terms of revenue, motorcycle gear will increase at 3.8% annually in the upcoming three years. According to the World Health Organization, wearing a helmet reduces the risk of mortality by 40% and the chance of serious injury by 70%. It would contribute to the expansion of the motorcycle gear industry, particularly the helmet market.
According to a WHO report, about 71% (three-quarters) of the population needs to wear a helmet. In India, for example, driving without a headgear(helmet) is penalized under section 177 of the Motor Vehicle Act 1988 and the Motor Vehicle Rules 1989. As a result, motorcycle riders prefer to ride while wearing protective gear, such as helmets, gloves, and safety jackets.
The motorcycles gear industry is expected to grow significantly in developed nations between 2020–2024 due to the rising demand for gear such as shoes, jackets, and helmets. Demand is driving the market upwards at a rapid pace. In addition, the increasing adoption of new technological applications will generate even more prospects for the motorcycle clothing industry in the forecasted year.
The Popularity of Motorcycle Helmets Across the World
The growth of motorcycle helmets in 2021 will be notably different from the previous year. Many governments and people have made significant investments in the industry to make a livelihood in the transportation sector. As a result, the rising population and increasing fatalities in many metropolitan areas will be the primary driving factor in motorcycle market expansion. Developing countries, particularly in the Middle East and Africa, are heavily investing in motorbikes.
Asia-Pacific Leads the Motorcycle Gear Market
Motorcycles are highly popular in North America and Europe due to growth in pleasure rides, bike racing events, and increased traffic jams. It has resulted in a surge in demand for riding equipment such as headgear, shoes, jackets, and gloves.
The U.S. leads the world's largest motorcycle gear business, North America, and is predicted to continue to do so during the projection period. The growing number of motorcycle riders, combined with developments in manufacturing hubs, is fuelling the country's prosperity. The American Motorcyclist Association (AMA) just launched a new motorcycle training program.
The AMA not only establishes standard regulations and procedures that make racing fairer and safer, but the AMA Government Relations Department also works for motorcycle riders' rights on a national scale while promoting local racing. The training programs have an impact on persuading young people to join in motocross racing activities. The motocross gear makers in the U.S. also have a greater opportunity for expansion.
The Asia-Pacific region has the biggest motorcycle market. However, revenues have stalled in large countries such as India, China, and Bangladesh. China is the core of Asia-Pacific's fastest-growing motocross gear industry and is predicted to generate profitable prospects for major market participants. The surge in demand for different riding and protective motocross gear, such as helmets, jerseys, jackets, and boots, to mention a few, is stimulating the sales of Chinese motorcycle gear providers.
The increased number of motorcycles training schools, racing championships, and equipment producers is predicted to make China very profitable until 2031. Motorcycle sales in Bangladesh have quadrupled since 2016, with investments by Indian OEMs and favorable government regulations, and have surpassed 600,000 units by 2019.
The Latin American helmet market is predicted to expand during the next few years. In the event of an accident, motorcycles or bicycles are less safe than vehicles. The helmet's purpose is to reduce the possibility of severe head and brain trauma change to force or head injury. Over the last few years, policy measures targeted at lowering road traffic accidents have varied widely across diverse places and nations. Wearing a motorcycle helmet reduces the chance of mortality by over 40% and the risk of serious injury by more than 70%.
Some of the world's top motorcycle companies, including Honda, Hero, and Bajaj, are headquartered in Asia-Pacific. These businesses sell their products in regions like Latin America and Africa. OEMs like Royal Enfield and TVS penetrated the riding gear business and showed the gears in dealerships, improving the consumer buying experience.
Due to enhanced product awareness and penetration in India, China, and Singapore, Asia-Pacific was the biggest market in 2018. Increased urban discretionary income with an ability to explore and live a fulfilling life has resulted in a rise in expenditure on motorcycle protection gear. From 2019–2025, it shall increase demand for safe motorcycle riding gear.
The Competitive Edge
Due to the sheer presence of a significant number of regional and microlocal companies throughout the globe, the motorcycle gear industry is fragmented. AGV, FLY Racing Jackets, Alpine Stars, Fox Racing Inc., Joe Rocket Jackets, Rynox Gears, HKM Sports Equipments GmbH, and Spartan Pro Gear dominate the motorcycle gear industry. Alpine designers also manufacture race outfits for the Formula One World Championship Grand Prix.
In recent years, this business has seen several developments and partnerships. Recent advancements include airbag jackets and vests, HUD visors, and Bluetooth connections.
Several start-ups are sprouting in developing markets to attain high-quality equipment at low rates. Motoziel, ViaTerra, and BluArmor are a few instances of Indian start-ups. Myntra, an Indian e-commerce company has partnered with MotoGP to provide riding gear for Indian bikers. On its website, Royal Enfield has added a new window where buyers may personalize their gear.
Companies are increasing their worldwide presence and releasing new goods to reach customers and increase their market competitiveness. AGVSports America LLC, for example, is a freshly founded firm with headquarters in Dallas, Texas.
AGV launched its ‘Trade and Save’ program for clients in March 2019. Customers who own AGV helmets may trade them in for a new one and save up to 20% off for a limited time. The offer is applicable for all the Dainese locations.
The new ARAI Quantic Sports Touring helmet will be available in December 2020, expanding Arai Helmet's product line. It is the first Arai full-face helmet to be exposed to the new, highly stringent ECE R22-06 standard, which is in addition to Arai's strict in-house testing procedure.
Global Motorcycle Gear Market: Segmentation
The global motorcycle gear market has been segmented based on product, region, key players, and opportunities:
- Protective Gear
By Gear Distribution Channels
- North America
- Latin America
- The Middle East and Africa