New York, United States, May 20, 2024 (GLOBE NEWSWIRE) -- The Global Connected Motorcycle Market Size is to Grow from USD 97.86 Million in 2023 to USD 384.73 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 14.67% during the projected period.
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Connected motorcycle technology integrates with motorcycles to provide smart and intelligent two-wheeler mobility. The Internet of Things (IoT) is used to connect motorcycles. The Internet of Things (IoT) is a network of internet-connected gadgets that can gather and send data across a wireless network without requiring human involvement. An increasing number of people are turning to motorcycles and scooters as a more affordable, efficient, and transportable mode of transportation. This has resulted in a high demand for two-wheelers in densely populated places such as Asia and several European countries, as well as an increase in interest in nimble commuting and connected automobile technology. Due to these factors, metropolitan areas are projected to develop as a major market for connected motorcycles. However, the high upfront cost is a big barrier to the globally connected motorcycle business. Advanced connection features, such as IoT-enabled sensors, communication modules, and telematics systems, require significant upfront investment. This cost is passed on to customers, making connected motorcycles significantly more expensive than standard models.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Connected Motorcycle Market Size, Share, and COVID-19 Impact Analysis, By Service (Driver Assistance, Infotainment, Safety, Vehicle Management &Telematics, Insurance), By Hardware (Embedded, Tethered), By Application (Motorcycle Approach Indication (MAI), Intersection), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The driver assistance segment is expected to hold the largest share of the global connected motorcycle market during the anticipation timeframe.
Based on the service, the global connected motorcycle market is categorized into driver assistance, infotainment, safety, vehicle management & telematics, and insurance. Among these, the driver assistance segment is expected to hold the largest share of the global connected motorcycle market during the anticipation timeframe. Systems for assisting drivers with operating their cars safely are known as driver assistance technologies. It enhances vehicle and road safety by utilizing a human-machine interaction. It uses automated technology, such as sensors and cameras, to detect nearby obstructions or driver faults and respond appropriately.
The embedded segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the hardware, the global connected motorcycle market is categorized into embedded, and tethered. Among these, the embedded segment is expected to grow at the fastest CAGR during the anticipation timeframe. This capability relies heavily on a precise onboard GPS device and quick communication mechanisms. Embedded hardware is superior to tethered hardware. Real-time safety features cannot be based on cellphones or other low-quality dongles. As a result, motorcycle makers will continue to use embedded hardware to provide reliable safety measures in the future.
The motorcycle approach indication (MAI) segment is expected to hold a significant share of the global connected motorcycle market during the anticipation timeframe.
Based on the application, the global connected motorcycle market is categorized into motorcycle approach indication (MAI), and intersection. Among these, the motorcycle approach indication (MAI) segment is expected to hold a significant share of the global connected motorcycle market during the anticipation timeframe. Applications for forward collision warning and left turn assist are expected to increase significantly during the predicted period. This is due to the growing demand for clear communication between cars and motorcycles during lane changes, overtaking, and bends. Applications such as forward collision and left turn provide motorcyclists with information about road conditions and accidents by warning them through the vehicle's instrument cluster.
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Asia Pacific is projected to hold the largest share of the global connected motorcycle market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global connected motorcycle market over the anticipation timeframe. China, India, Indonesia, the Philippines, and Vietnam are among the key motorbike markets in the Asian region. India, Thailand, Indonesia, and Vietnam are among the Asian countries with the highest motorcycle penetration, where two-wheelers are a popular mode of transportation due to their low cost and ease of maintenance. Mid- and low-end models dominate the motorbike markets in these countries. However, the region has attracted a number of luxury motorcycle manufacturers as disposable income has continuously climbed and demand for high-performance motorcycles has grown. The Asia Pacific market would easily outpace other areas in the future years as two-wheeler sales rise. Furthermore, international motorcycle manufacturers have entered this market by introducing sports and adventure motorcycles with huge displacement engines.
Europe is expected to grow at the fastest CAGR growth of the global connected motorcycle market during the anticipation timeframe. The European market has the second-largest market share due to stringent safety rules, improved road safety awareness, and European riders' growing desire for advanced features such as real-time navigation and communication systems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global connected motorcycle market are KTM AG (PIERER Mobility AG), Robert Bosch GmbH, Triumph Motorcycles, Aeris, Autotalks Ltd., BMW AG, HERO MOTOCORP LTD., Kawasaki Heavy Industries, Ltd., Yamaha Motor Co., Ltd., Zero Motorcycles, Inc., and others.
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Recent Developments
- In July 2023, BMW Motorrad updated the intelligent emergency call system, which will be available in the 2023 models. The new upgrade will come standard on some models, with the option to customize a few others. When an emergency call is made, the system automatically connects the rider to an emergency center agent.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global connected motorcycle market based on the below-mentioned segments:
Global Connected Motorcycle Market, By Service
- Driver Assistance
- Infotainment
- Safety
- Vehicle Management & Telematics
- Insurance
Global Connected Motorcycle Market, By Hardware
- Embedded
- Tethered
Global Connected Motorcycle Market, By Application
- Motorcycle Approach Indication (MAI)
- Intersection
Global Connected Motorcycle Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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