New York, USA, July 12, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global connected motorcycle market is projected to generate a revenue of $543.5 million and rise at a healthy CAGR of 46.4% over the forecast timeframe from 2019 to 2026.
As per our analysts, the growing demand for connected motorcycles all across the globe is predicted to fortify the growth of the connected motorcycle market during the forecast period. Besides, the increasing popularity of connected motorcycles as the future of mobility by offering beneficial features such as road safety, improved performance, less maintenance cost, and convenience is predicted to bolster the growth of the market over the analysis period. Moreover, the rising incorporation of intelligent biometric voice command systems in connected motorcycles is expected to create massive growth opportunities during the estimated period. However, the lack of IoT infrastructure in the middle-east and developing countries may hamper the growth of the market throughout the forecast timeframe.
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Segments of the Connected Motorcycle Market
The major players of the market into segments based on service, hardware, end-use industry, and region.
Service: Driver Assistance Sub-Segment to be Most Profitable
The driver assistance sub-segment is predicted to generate a revenue of $105.5 million during the estimated timeframe. This is mainly because of the notable increase in road traffic accidents all across the globe. Moreover, the increasing emphasis on the development of self-driving motorcycles by leading companies for more convenience and road safety is expected to upsurge the growth of the market sub-segment over the analysis period.
Hardware: Tethered Sub-Segment to be Most Productive
The tethered sub-segment is projected to garner a revenue of $183.5 million during the forecast period. The increasing use of tethered safety systems for motorcycles with highly advanced software algorithms and many pieces of hardware to deliver optimum safety is expected to augment the growth of the connected motorcycle market sub-segment throughout the analysis timeframe.
End-Use Industry: Commercial Sub-Segment to be Most Lucrative
The commercial sub-segment is expected to generate a revenue of $271.7 million over the estimated timeframe. This is mainly due to the implementation of an integrated system in the connected motorcycles that can inform motorcyclists regarding vehicle maintenance to reduce the sudden breakdown of the motorcycles. Moreover, the increasing technological innovations and newer collaborations including government policymakers, automobile manufacturers, telecom operators, and many more to provide a better two-wheeler driving experience with enhanced safety are predicted to fuel the growth of the market sub-segment during the forecast period.
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Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the connected motorcycle market accounted for $6.7 million in 2018 and is predicted to grow at a substantial CAGR over the analysis timeframe. The increasing sales of premium bikes, rising disposable incomes among individuals, and the growing adoption of technological innovations in this region are expected to drive the regional growth of the market during the forecast period.
Key Players of the Connected Motorcycle Market
The major players in the global connected motorcycle market include
- TE Connectivity
- Robert Bosch GmbH
- Vodafone Idea Limited
- KPIT
- Starcom Systems Ltd
- Panasonic Corporation
- Continental AG
- BMW AG
- DXC Technology Company
- Autotalks Ltd
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships, and collaborations to procure a leading position in the global industry.
For instance, in December 2021, TVS Motor Company, a leading Indian motorcycle manufacturer announced its partnership with BMW Group, a German multinational corporate manufacturer of luxury vehicles and motorcycles. With this partnership, the companies aimed to co-develop an electric vehicle platform for manufacturing a range of EV two-wheelers ranging from scooters to motorcycles with new concepts.
Further, the report also summarizes other critical aspects such as SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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More about Connected Motorcycle Market:
- Top 7 Applications of Connected Motorcycles to Improve Riders Safety
- Global Connected Motorcycle Market to Grow Progressively During the Forecast Period
- Connected Motorcycles: Protecting Lives of Individuals from Misfortunes by Giving Alerts Using Smart Technologies
