Dublin, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The "Connected Motorcycle Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The connected motorcycle market size has grown exponentially in recent years. It will grow from $0.16 billion in 2023 to $0.23 billion in 2024 at a compound annual growth rate (CAGR) of 44.2%. The connected motorcycle market size is expected to see exponential growth in the next few years. It will grow to $1.0 billion in 2028 at a compound annual growth rate (CAGR) of 44.3%.
The growth in the historic period can be attributed to the development of global positioning system (GPS) technology, early connectivity features, growth in smartphone usage, initial safety regulations, and pioneering smart vehicle initiatives.
The growth in the forecast period can be attributed to increasing concerns about road fatalities and accidents, regulatory mandates, consumer demand for safety and connectivity, evolving infrastructure, and competitive market dynamics. Major trends during this period include the rise of 5G-enabled connectivity, advancements in autonomous riding technology, personalized rider experiences, the proliferation of over-the-air updates, and increased adoption of artificial intelligence-driven safety systems.
The increasing demand for electric motorcycles is anticipated to drive the growth of the connected motorcycle market. Electric motorcycles are two-wheeled vehicles powered by electric motors and batteries instead of internal combustion engines. This rising demand is fueled by environmental concerns, rising fuel costs, technological advancements, government incentives, and urban traffic congestion.
Connected motorcycles enhance the functionality and user experience of electric motorcycles by providing vital tools for battery management, safety, maintenance, and overall efficiency, making them more practical and appealing to a broader range of users. For instance, the Office of Energy Efficiency and Renewable Energy reported in December 2023 that 1.1 million e-bikes were sold in the US in 2022, more than four times the number sold in 2021. Therefore, the growing demand for electric motorcycles is boosting the connected motorcycle market.
Leading companies in the connected motorcycle market are developing innovative technologies such as AI and sensor technology to maintain their market position. AI in connected vehicles involves using advanced computational algorithms and machine learning techniques to improve functionality, safety, and efficiency. Sensor technology involves using various sensors to gather data about the vehicle's environment, status, and operation. For example, in January 2024, Verge Motorcycles Inc., a US-based electric two-wheeler manufacturer, launched the Starmatter Software and Intelligence Platform to revolutionize motorcycling with AI, sensor technology, and game engines.
This platform offers real-time adaptive learning and personalizes the ride by analyzing rider behavior and environmental conditions. Its advanced sensor suite enhances safety with features such as collision detection, adaptive cruise control, and automated emergency braking. This integration not only elevates safety and performance but also transforms the overall user experience, setting a new standard in connected motorcycling.
Europe was the largest region in the connected motorcycle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected motorcycle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the connected motorcycle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Competitive Landscape and Company Profiles
- Bayerische Motoren Werke AG
- Overview
- Products and Services
- Strategy
- Financial Performance
- Verizon Communications Inc.
- Honda Motor Co. Ltd.
- Amazon Web Services Inc.
- Panasonic Corporation
Other Major And Innovative Companies
- International Business Machines Corporation
- Continental AG
- Suzuki Motor Corporation
- Yamaha Motor Co. Ltd.
- TE Connectivity Ltd.
- Kawasaki Heavy Industries Ltd.
- Harley-Davidson Inc.
- Vodafone Group plc
- Hero MotoCorp Ltd.
- Robert Bosch GmbH
- IAV GmbH
- KPIT Technologies Ltd.
- Triumph Motorcycles Limited
- Aeris Communications Inc.
- Zero Motorcycles Inc.
Key Topics Covered:
1. Executive Summary
2. Connected Motorcycle Market Characteristics
3. Connected Motorcycle Market Trends And Strategies
4. Connected Motorcycle Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Connected Motorcycle Market Size and Growth
5.1. Global Connected Motorcycle Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Connected Motorcycle Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Connected Motorcycle Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Connected Motorcycle Market Segmentation
6.1. Global Connected Motorcycle Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Sport
- Tour
- Roadster
- Heritage
- Adventure
- Other Types
6.2. Global Connected Motorcycle Market, Segmentation By Connectivity Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Integrated
- Embedded
- Tethered
6.3. Global Connected Motorcycle Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Driver Assistance
- Safety
- Entertainment
- Well Being
- Vehicle Management
- Mobility Management
6.4. Global Connected Motorcycle Market, Segmentation By Propulsion, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Immigration And Customs Enforcement (ICE)
- Electric
6.5. Global Connected Motorcycle Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Private
- Commercial
7. Connected Motorcycle Market Regional And Country Analysis
7.1. Global Connected Motorcycle Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Connected Motorcycle Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/bv51y9
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