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The smart helmet market size is estimated to grow at a CAGR of 14.87% between 2023 and 2028. The market size is forecast to increase by USD 640.3 million. The growth of the market depends on several factors such as the increase in governmental schemes for manufacturing and supporting the production of smart helmets, the increase in the number of head injuries and fatalities, and the increasing number of smart city projects to drive the smart helmet growth.
The report offers extensive research analysis on the Smart Helmet Market, with a categorization based on Component, including communication, camera, navigation, and others. It further segments the market by Type, encompassing full face, half face, and hard hat. Additionally, the report provides geographical segmentation, covering North America, Europe, APAC, South America, and Middle East and Africa. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
Smart Helmet Market Forecast 2023-2027
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Our researchers studied the data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The purpose of the helmet is to reduce the risk of serious head injuries or force injuries. The policy changes implemented in the last few years to lower traffic accidents vary greatly amongst regions and nations. The risk of death is reduced by nearly 40% and the risk of serious injury is decreased by more than 70% when a motorcycle helmet is worn. The effectiveness of motorcycle helmets in reducing head trauma. The effectiveness of motorcycle helmets in reducing head trauma is partially attributed to the quality of the helmets.
Furthermore, expanded policy laws to promote the use of safety helmets have, in turn, given helmet manufacturers a number of incentives to develop advanced helmets. For instance, in June 2022, the World Health Organization provided the details that approximately 1.3 million people die each year due to road traffic crashes whose ages ranged from 5-29 years. Hence, the increase in the utilization of helmets and advancements in smart helmets can increase the growth of the market during the forecast period.
Smart helmets have sensors and other mounted tools that capture data and details and assist people. These helmets are equipped with GPS mapping devices and a video camera for user assistance. These helmets can be connected to the internet in order to perform a number of functions, including heart rate monitoring, GPS navigation, built-in headphones, and traffic monitoring if features have an inner coating that is reinforced in the event of an accident.
For example, in May 2022, Sena Technologies, Inc. launched their full-face smart helmet, which used advanced noise control technology and ideal speaker position which allows the riders to effortlessly listen to music via their smartphone as they offer Bluetooth 5.0 connectivity, 4-way Bluetooth intercom which were compatible with smartphones apps and integrated with speakers and microphones. Hence, technological advancements drive market growth during the forecast period.
The modern rider-assisted systems for motorcycle applications have made life easier for riders. The development in technology is increasing the satisfaction level of users across the world and driving the demand for mid-segment and premium motorcycles. However, these features can also lead to rider distraction, which can be hazardous. Hence, providing user satisfaction and, at the same time, avoiding driver distraction is a challenge for the vendors of connected helmets.
Furthermore, a few advanced connected helmets can display the name and number of the callers, which can help riders determine the emergency. However, the riders may use this feature in normal cases or may not recognize the urgency, which can lead to distraction. This created the need to balance user satisfaction and rider distraction for connected helmet vendors. Hence, the need for continuous innovation, along with the focus on keeping rider distraction in check, will impede market growth during the forecast period.
The communication segment is expected to grow significantly during the forecast period. The global market for smart helmets is divided into categories based on technology, including integrated video cameras, Bluetooth connectivity, signal indicators, brake functions, and integrated communication systems. There are many communication components in smart helmets, one of which is the integrated communication system component.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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