In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Smart helmets are autonomous and user friendly in nature. The helmet can be connected to internet to perform wide range of functions such as traffic monitoring, GPS guidelines, In-built headphones etc. Smart helmet contains flexible inner layer which becomes hard during an accidental situation along with this the device is designed to provide complete safety measures which includes sending an emergency message to friends and family in critical situations with a single press. Smart helmets are gaining popularity in various sports events as well as by bike riders across the globe. Smart helmets have multiple features such as engine control system, inbuilt cooling fan, inbuilt bluetooth system, accidental alert system, cell phone charging with the solar power use. These features are attracting the consumer’s interest towards the adoption of smart helmet technology, the product is designed to provide security, safety and comfort journey to the rider. Smart helmets for cycling is a basic workout monitor, measuring heart rate and calorie consumption. It connects via bluetooth to smart watches or apps to monitor the statistics.
The emerging trend of using sophisticated smart wearable for personal safety along with the rising concerns of consumers for road safety is expected to create a huge demand of smart helmets in the upcoming 5-6 years.
Global smart helmet market is anticipated to expand with a healthy compound annual growth rate over the forecast period owing to the growing personal safety concerns among the users. North America is anticipated to hold the largest consumer base for smart helmets followed by Europe owing to the strict government regulations for road side safety in the region. U.S is expected to be the dominant market for smart helmets in the North American region.
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Asia Pacific is expected to be fastest growing region in smart helmet market owing to the large scale production of motorcycles along with the rising personal disposable income of consumers which will increase the affordability to buy such helmets in the region.
By End User
Global Smart Helmet Market is further classified on the basis of region as follows:
Increasing safety and security concerns along with the technological advancements in smart devices is strengthening the demand for smart helmets across the globe. It has been notified that motorcycles are considered as an economical convenience of mobility and head injury is the primary cause of death in motorcyclists. Increasing production of motorcycles coupled with the rising figures of accidental death by head injuries will further propel the demand for advanced safety devices across the globe.
Adoption of smart helmet technology in construction industry is positively driving the global smart helmet market. The helmets are featured with 3600 wireless camera, allowing a full view of worker surrounding. Key market players such as DAQRI are focused on designing construction wearable featured with geo-fencing and collision detection systems; this will boost the demand for smart helmets in construction industry over the forecast period.
Introduction of lighter weight smart helmets which are manufactured by advanced material combination of carbon fiber and fiberglass reinforced plastic and integration of electronics in helmets are major technological factors which are anticipated to propel the market growth over the forecast period i.e. 2017-2024.
High cost associated with the product, lack of awareness regarding smart helmets in developing countries is major factors that may hinder the growth of smart helmet market over the next few years.