Growing Consciousness Towards Road Safety, A Big Boost For Indian Helmet Industry
With over 21 million two-wheeler sales recorded in the last fiscal (FY’19), the domestic two-wheeler market has grown rapidly over the past few years. Betterment of infrastructure in rural and semi-urban markets, rise in income levels and increased trend of scooter purchase have significantly contributed to the jump in two-wheeler sales.
While the Indian two-wheeler industry is currently going through a prolonged phase of slowdown, one of the allied industries -- the helmet market remains unaffected and continues to flourish with an annual growth rate of 20%.
The helmet industry has dramatically evolved over the past decade in India and continues to undergo rapid transformation. Over these years, the government and private sector have collaborated to bring about a drastic mind shift among the customers towards road safety, thereby, leading to increased adoption of helmets across urban and rural segments. In fact, the helmet industry is growing at a faster pace than the motorcycle segment in India today and the continuous cycle of replacement of existing helmets after every 4-5 years has added to this momentum.
Not only has this positively impacted the growth, but also the quality of helmets being produced in India. As per the growing trend, Indian consumers are becoming more quality conscious and need world-class products. STUDDS became the first Indian helmet producer to present its products to the global audiences under the brand name SMK in 2015, which has received an overwhelming response from most markets in Europe, Latin America and Asia.
In 2018, the helmet market was estimated to be 22 million and expected to grow at a CAGR of 20% in the next five years. However, a series of helmet enforcement laws have been introduced by the government that are aimed towards improving the road safety situation across the country. With such strong emphasis, there is a strong possibility that the growth will be much higher than the one forecasted.
Recently, a new helmet testing standard has been put in order which enables the manufacturers to make lightweight helmets for users. This, paired with the stringent ISI guidelines will add to the growing shift towards quality helmets.
Being the world’s largest helmet manufacturer, STUDDS is aligned with the government’s agenda and is committed to up its contribution towards saving many more lives on Indian roads. The demand for quality helmets is constantly on a rise and we are very soon going to double our production capacity to 12.5 million helmets so that we can serve the growing need of the consumers.
It would be safe to say that the future of the helmet industry in India looks bright. The segment has witnessed rapid evolution and has picked-up pace with the Indian government acting as a key catalyst. Although there still are a lot of safeguards to make in order to sustain the momentum, we are riding on the right track.
