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Driving Armor Market Segmented By product type that is Full Protection and Half/Partial Protection also by material type such as PVC, Lycra fabric, Synthetic
Increased sales of motorcycles throughout the world has pushed the riders to adopt driving safety products such as driving armor. In recent past, an increased adoption of driving armor has been observed owing to safety consciousness among riders. The number of riding enthusiasts is increasing worldwide.
The rise in sales of two-wheelers has gained momentum across the world. According to the European Association of Motorcycle Manufacturers (ACEM), the number of motorcycles registered in the EU was 830,694 units in the first nine months of 2018.
Moreover, lower prices are proliferating sales of driving armor market across the world. Driving armors usage is limited to a particular group of consumers who ride high capacity motorcycles. Growing safety awareness has led the driving armor market forwards and pushes for higher sales across the globe.
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Motorcycle crash, injuries and deaths are considered as primary drivers for driving armor market. Rise in the sale of motorcycles around the globe has created demand for motorcycle safety products. Driving armors are considered as one of the major life saving product for motorcycle safety - market. Growing awareness of road safety has pushed the riders to wear driving armor.
Moreover, motorcycle crash which leads to permanent injury or death, especially in case of superbikes, creates demand for driving armors in the market. Driving armors are often considered as the lifesaving motorcycle safety product. As per Insurance Institute for Highway Safety (IIHS), the number of motorcycles registered in the U.S. has increased from 8,047,435 in 2012 to 8,392,682 in 2017, increasing at a CAGR of less than 1% which in result, further creates demand for driving safety products such as driving armor.
The number of motorcyclists killed in crashes and accounted for 4,985 in 2018 in the U.S. only. The fatal injuries and deaths are very high in the global scenario. Motorcycle deaths are estimated as 28% of total accidents worldwide. Apart from the motorcycle sales, crash and death numbers another growth factor for driving armor is the increasing sales on online platforms. The preferential shift of consumers towards online platforms are primarily driven by competitive vendor prices and availability of products.
Moreover, product delivery at doorstep also attracts consumers towards online platforms. To gain a competitive advantage over rivals, the driving armor manufacturers are focusing on product innovation and development. Advancement in technology also brings additional advantage to the manufacturers towards hi-tech product innovation which is expected to change the future landscape of the driving armor market.
Most of the countries, especially European countries use CE approved driving armor such as jackets which are CE EN 1621-1 approved. Offline sale through physical stores hold the highest market share in driving armor market however online sales are expected to expand at a higher CAGR during the forecast.
The driving armor market is primarily driven by developed regions such as North America, Europe. Growing awareness about safety products and rising upper middle class have pushed the driving armor market for higher sales. Though lack of awareness restricts the driving armor market for further growth into developed regions such as East Asia, South Asia, Latin America, and Middle East & Africa.
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The driving armor market has experienced a significant demand in the market owing to its number of sales of motorcycles worldwide and growing awareness on road safety. The sales of driving armor are high in developing countries as compared to other regions. East and South Asia together contribute a significant value share into the global driving armor market.
Europe is accounted for the highest value share in 2019, while East Asia has registered a significant volume growth over the forecast, 2019-2029. France, Italy, Germany, and the UK are considered to contribute a significant share in the European driving armor market. East Asia market is primarily driven by China and Japan owing to the high sales of motorcycles.
South Asia is also expected to hold a significant share in the global driving armor market. India remains the major country to contribute the highest share in driving armor market amongst all countries in the region. The Middle East & Africa (MEA) and Oceania are expected to grow with a modest growth rate during the forecast.
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The global driving armor market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on innovation and new product development. Some of the key players in driving armor market are Alpinestars S.p.A, RYNOX GEARS , First Mfg Co,., Dainese S.p.A, Klim, Leatt Corporation, EVS Sports, Troy Lee Designs and others.
