2022 pins a promising future for the Helmet Industry and its players.
With 2021 coming to an end, the industry has witnessed new policies favorable for its growth, which was previously missing.
The Indian two-wheeler helmet industry is projected to grow at a double-digit rate, owing to increasingly stringent regulations for both commuters and manufacturers of helmets in the country.
In India, the two-wheeler helmet industry is forecasted to grow at a CAGR of around 25% through 2022.
Market growth is anticipated on account of varied factors.
Now, when there is better awareness around safety and an increase in consumer spending on discretionary items, the sale of two-wheeler helmets will resultantly grow in the coming years.
Also, due to the increase in the number of road accidents, this industry is under the spotlight.
On an average, there are 500,000 road accidents on Indian roads and more than 30% of two-wheeler riders are involved, therefore there has been a growing emphasis on helmet legislation by many state governments in India.
Additionally, with the economy opening up in 2021 and social distancing becoming new normal, people have shifted back to their mode of transportation rather than using public transportation.
Two-wheeler being the most convenient way to ride in India has also led to an increase in sales and demand for helmets.
Also with regulations such as the Govt. banning non-ISI helmets, there is an added incentive for the organised helmet manufacturer. This organised segment will grow along with sales.
Furthermore, with the removal of weight restrictions, there have already been safer helmets infused in the Indian market leading to the availability of better choices for commuters. The organised players are already encashing this opportunity and will continue to do so in the future.
While Covid-19 had initially disrupted the Indian economy in a major way but it has also led to many innovations.
Helmet manufacturers have increased their existing product portfolio with newer models and have also got into the production of face shields, goggles and masks.
I would also like to add that India being the world’s biggest two-wheeler market is also the biggest market for scooter and motorcycle helmets. There are 20 Million two-wheelers sold annually and more than 250 Million two-wheelers plying on Indian roads. Therefore, the Indian helmet market is the world’s biggest market.
2021 was an encouraging year for the Indian two-wheeler helmet market and it has pinned a positive future.