The new safety headgear market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Safety Headgear Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the increasing number of road accidents," says a senior analyst for industrials at Technavio. Vendors should focus on growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover Technavio expects the safety headgear market size to grow by USD 1.13 billion during the period 2020-2024.
Safety Headgear Market Segment Highlights for 2020
- The safety headgear market is expected to post a year-over-year growth rate of -5.51%.
- Based on application, the market saw maximum growth in the motorcycle helmets segment. The growth of this segment is driven by the growing awareness among people about the implications of road accidents.
- The market growth in this segment will be significant over the forecast period.
Regional Analysis
- 50% of the growth will originate from the APAC region.
- The regulatory mandates for using motorcycle helmets will significantly influence the safety headgear market's growth in the APAC region..
- China and Japan are the key markets for safety headgear in APAC. This report provides an accurate prediction of the contribution of all segments to the growth of the safety headgear market size.
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Notes:
- The safety headgear market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The safety headgear market is segmented by application (Motorcycle helmets, Sports and recreational, and Others), geography (APAC, Europe, North America, South America, and MEA), and product (Bulletproof Safety Headgear and Conventional Safety Headgear).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including 3M Co., BAE Systems Plc, Bullard, Concord Helmet Safety Products Pvt. Ltd., Delta Plus Group, Dragerwerk AG Co. KGaA, Honeywell International Inc., MSA Safety Inc., Uvex Winter Holding GmbH Co. KG, and VOSS-HELME GmbH Co. KG
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