Pune, India, June 10, 2021 (GLOBE NEWSWIRE) -- The global “connected motorcycle market” size is expected to gain momentum by reaching USD 70.0 million by 2028. Fortune Business Insights in its report, titled “Connected Motorcycle Market, 2021-2028.”, mentions that the market stood at USD 44.1 million in 2020 and is likely to exhibit a CAGR of 5.9% between 2021 and 2028. This is attributed to the rising number of two-wheeler accidents worldwide and the increasing adoption of advanced technologies by companies to develop innovative and safety-compliant products during the foreseeable future. For instance, according to a report by the nonprofit National Safety Council, around 42,060 deaths were reported in vehicle crashes in 2020, an overall increase of 8% compared to 2019.
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Market Segmentation:
Driver Assistance Segment to Remain at Forefront
Based on service type, the market is classified into driver assistance, infotainment, safety, insurance, vehicle management, and telematics.
- On the basis of service type, the driver assistance segment held the largest global connected motorcycle market share during the forecast period. This is owing to the increasing focus on adoption of warning systems in motorcycles to avoid road fatalities by the manufacturers worldwide. The segment held a market share of about 28.5% in 2020.
Based on the propulsion type, the market is bifurcated into ICE and electric motorcycles. Moreover, based on the connectivity type, the market is trifurcated into integrated, embedded, and tethered. On the basis of communication type, the market is categorized into the vehicle to vehicle (V2V) and vehicle to infrastructure (V2I). Additionally, based on the network type, the market is segmented into cellular V2X and dedicated short-range communication (DSRC). Lastly, on the basis of region, the market is divided into Asia-Pacific, Europe, North America, and Rest of the World.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
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DRIVING FACTORS
Increasing Adoption of Advanced Systems to Surge Demand
In May 2019, Telefonica, a leading telecommunications company, installed a networked device that can efficiently track the location of motorcycles in real-time in Honda motorcycles. The increasing adoption of technology has led to connectivity gaining prominence. Several companies are focusing on integrating connectivity solutions to ensure the safety of the rider. The biosensors that are equipped on the two-wheelers provide detailed information regarding obstacles and other factors to the riders by using in-built GPS, accelerometer, and sim card, among others. Therefore, the growing adoption of technologically advanced solutions is expected to bode well for the global connected motorcycle market growth in the forthcoming years.
REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 21.46 million in 2020 and is expected to remain at the forefront in the market during the foreseeable future. This is attributable to the increasing demand for motorcycles in countries such as India, China, and Japan that is likely to propel the demand for connected type of motorcycles in the region. For instance, according to the Society of Indian Automobile Manufacturers (ISAM), the two-wheeler sales in India rose by 7% during the 2015-19 period.
Europe – The market in the region is expected to experience exponential growth during the forecast period. This is owing to the presence of established manufacturers such as BMW AG, Triumph Motorcycles, and KTM AG in the region that are focusing on the development of advanced connected motorcycles between 2021 and 2028.
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COMPETITIVE LANDSCAPE
Product Innovation by Major Companies to Intensify Industry Competition
The market is fragmented by the presence of major companies that are striving to maintain their dominance and further expand their product portfolio. These companies are developing innovative connected motorcycles to cater to the growing demand from consumers across the globe. Other key players are adopting proactive strategies such as partnership, collaboration, and merger and acquisition that are likely to favor the growth of the market during the forecast period.
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Industry Development:
- January 2020 - Damon motorcycles introduced connected motorcycles in Canada that are equipped with BlackBerry QNX technology. The company reports that these motorcycles have a 360-degree advanced warning system with multiple sensors such as cameras, radars, and non-visual sensors. They aid in detecting obstacles and improve rider safety.
List of the Companies Profiled in the Global Market:
- Panasonic Corporation (Osaka, Japan)
- Robert Bosch GmbH (Stuttgart, Germany)
- BMW Motorrad (Berlin, Germany)
- Starcom Systems (New Jersey, United States)
- Continental AG (Hanover, Germany)
- TE Connectivity (Schaffhausen, Switzerland)
- KPIT (Pune, India)
- Autotalks (Kfar Netter, Israel)
- Harley-Davidson, Inc. (Wisconsin, United States)
- Triumph Motorcycles (Hinckley, United Kingdom)
- Yamaha Motor Co., Ltd. (Shizuoka, Japan)
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Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Connected Motorcycle Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Propulsion
- Internal Combustion Engine (ICE)
- Electric
- Market Analysis, Insights and Forecast – By Connectivity Type
- Integrated
- Embedded
- Tethered
- Market Analysis, Insights and Forecast – By Service Type
- Driver Assistance
- Infotainment
- Safety
- Insurance
- Vehicle Management & Telematics
- Market Analysis, Insights and Forecast – By Communication Type
- Vehicle to Vehicle (V2V)
- Vehicle to Infrastructure (V2I)
- Market Analysis, Insights and Forecast – By Network Type
- Cellular V2X
- Dedicated Short Range Communication (DSRC)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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