Connected Motorcycle Market Anticipated To Garner $545.3 Million by 2026.Download Sample Reports Overview
Connected Motorcycle Market Analysis:
According to a study of Research Dive, the globally connected motorcycle market forecast shall cross $545.3million by 2026, growing at a CAGR of 46.4%.
The extensively rising sales of premium bikes with safety features and comfort are expected to fuel the connected motorcycle market, during the projected period. Global automotive key players, governments, and consumers have become considerably aware of the significance of the connected motorcycle. This will help to propel the connected motorcycle market growth in the global market. Moreover, the rising popularity of motorcycles equipped with advanced IoT technology is also projected to augment the growth of the connected motorcycle market. Connected motorcycles have the benefit of being more efficient and sophisticated; also connected motorcycles offer excellent driving experience, automotive infotainment, convenience, road safety, minimization in maintenance cost, and enhanced performance. These elements are projected to upsurge the connected motorcycle market growth. However, the lack of interoperability of IoT infrastructure and less availability of connected standards and devices in developing countries is anticipated to decline the demand for the connected motorcycles industry. On the other hand, IoT-enabled motorcycles are anticipated to create noticeable revenue, during the forecast period. This is major because IoT-based motorcycles are mainly built with bio-sensors that measure motorcyclists' health to avoid road fatalities. Furthermore, the increase in government initiatives towards intellectual transport systems to avoid road accidents will also make a positive impact on the connected motorcycles global industry. In addition, established companies are creating an app using IoT for the interconnection between the owner, motorcycles, and the service facility. Also, this highly integrated app allows motorcycles to send diagnostic information to the mechanic via the internet without any interventions of humans. These connected motorcycle market trends are projected to create enormous opportunities for the connected motorcycle market, over the forecast period.
The driver assistance segment for the connected motorcycle market is expected to have a significant market share, and it will register a revenue of $10.5 million by 2026, rising at a CAGR of 47.7%, over the forecast period. The recent boom in the development of driver assistance technology is anticipated to fuel the growth of this segment into the globally connected motorcycle market. Moreover, market players are utilizing multiple product development techniques to strengthen their footprint in the global market. For instance, BMW Motorrad has designed a self-driving motorcycle with new safety features.
The tethered segment for the connected motorcycle market has significant growth, and it will register a revenue of $183.5 million by 2026, rising at a CAGR of 47.3%, over the forecast period. This is mainly because the tethered safety system includes breakthrough technology designed to protect motorcyclists in a road crash. Also, this tethered system consists of a removable back protector. They are the fully adjustable, breathable, and, more cost-effective option which provides neck and semi-rigid head protection. This may drive the growth of this segment, during the forecast period.
The private end-use industry has significant growth, and it shall generate a revenue of $273.6 million by 2026, increasing at a CAGR of 47.2%, over the projected period. Thus, the rising popularity of IoT-enabled bikes, changing lifestyles and increased purchasing power of people, and enhanced safety are some of the driving factors for the global connected motorcycle market.
Asia-Pacific connected motorcycle market size will have massive growth, and it will surpass $207.2 million by 2026, increasing at a healthy CAGR of 49.0%. The presence of global players, the adoption of technological evolutions, enhanced safety systems, and growing popularity for IoT-enabled bikes are some of the key factors for the growth of connected motorcycles in the Asian market. Also, rising developments by Chinese and Japanese OEMs are also expected to boost the growth of the connected motorcycle market in the Asian region.
The major connected motorcycle market manufacturers are BMW AG, Autotalks Ltd., KPIT, Panasonic Corporation, TE Connectivity, Robert Bosch GmbH, Starcom Systems Ltd, Vodafone Idea Limited, DXC Technology Company., and continental AG. To elaborate more on the competitive landscape analysis of market players, porter’s five force model is explained in this report.
Porter’s Five Forces Analysis for Connected Motorcycle Market:
Bargaining Power of Suppliers: Legal compliance and policies have also become a significant factor based on which market players decide the supplier’s eligibility. The switching costs from one supplier to another are estimated to be low.
The bargaining power of suppliers is LOW.
Bargaining Power of Buyer: Customers have high negotiation power, significantly because of the high variety of connected motorcycle products. The bargaining power of the buyer is VERY STRONG.
The threat of New Entrants: the high cost associated with marketing and R&D along with Legal compliance provides less risk of entry from new players. The threat of new entrants is LOW.
The threat of Substitutes: Small car has created pressure on the global demand for connected motorcycles. Also, alternatively such as small car offers convenience and accessibility. The threat of substitutes is LOW.
Competitive Rivalry in the Market: Connected motorcycle market has extensive numbers of small, medium, and large, market players. Key players are primarily focusing on the brand image, technological advances, and excellent customer service. The competitive rivalry in the industry is HIGH.