The air bag vest is defined as a device for personal safety worn by motorcyclists while riding. Connected by cord to the horse’s saddle, the device gets automatically inflated by gas from carbon dioxide cartridge in about 100-300 milliseconds, providing the motorcyclist with an air cushion around their neck, chest, spine and shoulders in case the rider gets separated from the bike or when the rider meets an accident. The vest protects the parts of body of the rider which are vulnerable in a motorcycle accident. Initially there were tethered systems, but after years of development, wireless airbags were introduced into the market. The wireless airbags are not cheap but they are believed to provide best motorcycle safety gear to the rider.
The motorcycle airbag vests market is anticipated to record a CAGR of around 27% over the forecast period 2020-2028. A key factor driving the growth of this market is the increasing awareness and safety among people. Rising awareness related to safety equipments to be installed on bikes along with protective gears is driving the growth of motorcycle airbag vests market. Moreover, rising demand for the premium segment of motorcycles in most of the countries on year on year basis is intensifying the competition among different key players for which many companies with OEM’s (Original Equipments Manufacturers) are collaborating with airbag vest manufacturers, which is a significant factor fueling the market growth of motorcycle airbag vests.
The market for component type is segmented into crash sensors, airbag modules, airbag ECU and inflator. The airbag vests segment will continue to account for the leading share in the market on the back of reducing chances of injury to the motorcyclist in case of accidents as vests are designed for all round protection and superior comfort.
Most of the countries in the world are facing a challenge of dealing with the safety of two wheelers. The affordability is one of the factors which are increasing the popularity of motorcycles all over the globe. In addition, the increasing incomes and enthusiasm of people towards motorsport is expanding the demand for high performance motorcycles which is anticipated to foster the growth of the market.
The technology associated with the airbags is gaining concern in the domain of motorcycles as they are related with the safety of motorcycles. The continuous effort from the research and development department is focusing on minimizing accidents along with the protection of riders from injury by launching full length airbag and deploying smart sensor technologies. Factors, such as increase in the number of young riders and rough prepared roads are leading to high chances of accidents, which propels the safety of motorcycle commuters. Moreover, the airbag system is recognized as one of the most basic things when it comes to the safety of riders in case of accident. These are factors anticipated to drive the market growth.CLICK TO DOWNLOAD SAMPLE REPORT
The major factor hampering the growth of the market is the lack of awareness among customers about the product. The motorcycle airbag vests are available in two types: wired airbag vest and wireless airbag vest. Currently, there are only few suppliers of airbag vests in the market and only few of them provide with wireless airbag vests. Additionally, most of the users of motorcycles fall under the category of mid range motorcycles; therefore, they do not find it worth to spend such an amount of their income on airbag vests. Moreover, the price of the airbag vest is the major concern for the customers as the cost of motorcycles and its insurance is already high. Hence, in order to achieve high sales for the airbag vests, suppliers need to reduce the cost of the product.
Further, in the present year 2020, the market is foreseen in difficulties as COVID-19 has created a negative impact on the global economy. The fall in the purchase of motorcycles will impact the Indian market and other markets worldwide.
Our in-depth analysis of the motorcycles airbag vest market includes the following segments:
On the basis of regional analysis, the segmentation of motorcycle airbag vest market includes five major regions, named as, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market for motorcycle airbag vests in North America is anticipated to hold the largest share in the market owing to the growth in automobile industry along with the presence of leading automobile manufacturers, rising demand for premium class motorcycles and high investments done by OEMs (Original Equipment Manufacturers). Additionally, the government regulations for the safety of riders are boosting the growth of the market in North America. The market in Asia Pacific is anticipated to grow at a higher rate on the account of the living standard of the people and countries in this region has high potential for the high-performance motorcycles.
The motorcycle airbag vests market is further classified on the basis of region as follows:
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