Studds Accessories Limited (SAL) is positioned as one of the largest organized two-wheeler
helmet manufacturers in India, commanding a market share of approximately 25%, they sold
around 71 lakh units last year.( source: CARE RATINGS )
Over 28.5 crore two wheelers (source : parhivahan ), representing a huge potential customer
base.( this demand would be double if regulations make it compulsory for back seat riders EX:
bangalore )
However, the primary growth driver remains regulatory enforcement, as a large segment of
the market views helmets as a compliance tool rather than a safety device. The key challenges
for Studds and the organized sector are the inconsistent implementation of BIS (Bureau of
Indian Standards) mandates across Tier 2, Tier 3, and rural areas, and intense competition
from the unorganized market selling cheap, non-compliant products
Studds Accessories Limited is the best-positioned player to benefit from the inevitable
formalization of the Indian two-wheeler helmet market. The potential for growth is immense,
with a two-wheeler population exceeding 28 crore.
The thesis remains that the helmet market in India is predominantly a regulatory play.
Success for Studds will not be driven by a sudden surge in consumer safety consciousness but
by the government’s sustained, nationwide effort to enforce the BIS Quality Control Order,
thereby eliminating the low-quality competition and forcing consumers into the organized,
safety-compliant segment.