New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research states that the global connected motorcycle market is anticipated to witness a rise in revenue from $20.4 million in 2019 to over $543.5 million by 2026 at a steady CAGR of 46.4% from 2019-2026.
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Market Dynamics
Growth: The alliances between multiple industry experts ensured the rapid growth of the global connected motorcycles market. One among them was the partnership between motorcycle pioneers Honda, BMW Motorrad and Kawasaki which resulted in the Connected Motorcycles Consortium (CMC). This platforms ensures the safety of riders in traffic using Cooperative Intelligent Transport Systems (C – ITS) while also working on implementing other technological advancements. The above mentioned factors have contributed to the growth of the market in the forecast period.
Restraints: On the contrary, connected devices aren’t found extensively in most of the developing nations. Also, the unavailability of IoT based devices has also led to a hindrance in the growth of the market.
Opportunities: But, due to the efforts of several renowned organizations, the connected motorcycles market is expected to grow further. Also, governments in various countries have been encouraging the use of connected motorcycles for their ability to prevent the occurrence of accidents. To add further, improvement of infrastructure in terms of laying better roadways has made movement of vehicles easier. These factors are set to provide an opportunity of growth for the market.
Segmental Analysis
The report has categorized the market into multiple segments based on service, hardware, and end user.
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Driver Assistance Sub-Segment Predicted to Dominate the Market
By service, the global driver service assistance sub-segment is predicted to witness an increase in revenue from $3.7 million in 2018 to over $105.5 million by 2026. The World Health Organization recently stated that most of the accidents occur on land causing harm to pedestrians, motorcyclists and pedestrians. This rate of mishaps has been one of the primary factors leading to the growth of the segment in the forecast period.
Tethered Sub-Segment to Hold the Highest Market Share
By hardware, the tethered sub-segment is expected to grow immensely and is predicted to garner revenue of $183.5 million in the forecast period. This growth is due to the presence of advanced software algorithms that along with the right hardware have been making the vehicles safer to ride. Also, the tethered safety system works with precision which has further led to the growth of the segment in the analysis period.
Commercial Sub-Segment Anticipated to Garner the Highest Revenue
By end user, the commercial sub-segment is predicted to garner the highest revenue of $271.7 million by 2026. The integrated system is comprised of a feature that frequently updates the rider if the motorcycle is due for maintenance which helps in reducing the chances of the vehicle breaking down. This has led to consumers opting for connected motorcycle mainly for commercial purposes. Additionally, the market has also been witnessing collaborations between governments, policy makers, industry experts as well as technology companies to work on further enhancing the technology in two wheelers. These factors have led to the rapid growth of the segment in the estimated timeframe.
Regional Analysis
In 2018, the Asia-pacific region gained revenue $6.7 million and is anticipated to witness exceptional growth of the market in the analysis period. The region has been observing a general increase in the disposable income of people which has led to a hike in the sales of bikes. Also, countries such as Malaysia, Singapore, and India have also noticed changes in the technology being used to build vehicles that have all the features required. To add further, the lower rate of accidents upon use of connected motorcycles has also ensured the rapid growth of the market in the region.
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Key Market Players
The report contains a list of notable market players of the global sulfamic acid market who have been ensuring the constant growth of the market. They are as listed below:
- BMW AG
- KPIT
- Robert Bosch GmbH
- Starcom Systems, Ltd
- TE Connectivity
- Autotalks Ltd
- Panasonic Corporation
- Vodafone Idea Limited
- Continental AG
- DXC Technology Company
These players are currently focusing on R&D activities, mergers &acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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