The global connected motorcycle market is projected to grow from USD 39 million in 2019 to USD 912 million by 2027, at a CAGR of 48.3%
NEW YORK, Jan. 17, 2020 /PRNewswire/ --
The increasing focus on safety and driver assistance features is driving the growth of the connected motorcycle market.
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The global connected motorcycle market is projected to grow from USD 39 million in 2019 to USD 912 million by 2027, at a CAGR of 48.3%. The market is driven by the rising demand for safety and comfort of motorcyclists. Increasing initiatives by motorcycle manufacturers and road safety authorities to minimize fatal road accidents would increase the demand for connected safety features. OEMs are proactively including advanced rider assistance systems in their upcoming motorcycles to increase rider safety. Existing safety systems such as motorcycle stability control can be more effective if these systems can communicate with other road users to provide scenario-based safety features for motorcyclists. Asia Pacific is estimated to lead the connected motorcycle industry due to increasing motorcycle sales in the region.
Demand for vehicle management & telematics services is likely to drive the growth of the connected motorcycle market during the forecast period.
The demand for vehicle management solutions would increase during the forecast period due to the wide usage of low-cost Bluetooth modules in automotive and need for easy access to electric motorcycle battery status and timely diagnosis of high-performance engines.Low-cost Bluetooth modules can be easily integrated into budget segment motorcycles.
Hence, connectivity services are not limited to high-end premium motorcycles.Budget motorcycles would offer limited but essential services to attract new customers.
Also, electric motorcycles now have features that allow riders track real-time battery status and plan their trip accordingly.
Asia Pacific connected motorcycle market is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific region comprises major motorcycle markets such as China, India, Indonesia, Philippines, and Vietnam.The region accounted for more than 90% of the global motorcycle sales in 2018.
As two-wheelers are a preferred mode of transportation due to affordability and low maintenance, Asian countries such as India, Thailand, Indonesia, and Vietnam have a high motorcycle penetration.Mid and budget segment motorcycles dominate the market in these countries.
However, with a steady increase in disposable income and rising demand for high-performance motorcycles, the region has attracted a number of premium motorcycle manufacturers.The region is home to some of the most innovative motorcycle manufacturers such as Honda, Kawasaki, Yamaha, and Suzuki.
These OEMs are taking active participation in the Connected Motorcycle Consortium to develop connectivity services for motorcycles. Increasing collaborations to provide a safe and comfortable riding experience will boost the adoption of connected motorcycles in the region.
Europe is estimated to be the largest connected motorcycle market in 2019.
Europe is estimated to be the largest market for connected motorcycles in 2019.Leading OEMs such as BMW Motorrad and Triumph Motorcycles have introduced connected motorcycles.
These companies plan to launch an increasing number of connected motorcycles in 2020. Triumph Motorcycles plans to introduce connectivity services in upcoming models such as Street Triple RS, Tiger 900 GT, Street Triple R & RS, and Speed Triple S & RS.
The growth of connected motorcycle market in Europe can be attributed to several innovations and presence of premium motorcycle manufacturers in this region.Europe home to OEMs such as BMW Motorrad, Triumph Motorcycles, and KTM and component manufacturers such as Continental AG and Robert Bosch GmbH.
These manufacturers have collaborated to develop connected motorcycles.BMW has already launched connected motorcycles such as F 750 GS, F 850 GS, R 1250 GS, and R 1250 GS Adventure in the European market.
Other manufacturers are expected to follow suit with their connectivity services offerings.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the connected motorcycle market.
-- By Company Type: OEMs - 21%, Tier I - 69%, and Tier II & III - 10%,
-- By Designation: CXOs - 31%, Manager - 49%, and Executives - 20%
-- By Region: North America - 42%, Asia Pacific - 27%, Europe - 21%, LATAM - 6%, and Rest of the World- 4%
The connected motorcycle market comprises major manufacturers and service providers such as Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Vodafone (UK), Starcom Systems (UK), and Continental AG (Germany).
Research Coverage:
The study covers the connected motorcycle market across various segments.It aims at estimating the market size and future growth potential of this market across different segments such as service, hardware, communication type, network type, calling service, end user, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall connected motorcycle market.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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