Connected Motorcycle Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Connected Motorcycle Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Connected motorcycles market was valued at USD 82.77 Million in 2020, and it is expected to reach USD 876 million by 2026, by registering a CAGR of about 46.91% during the forecast period (2021 - 2026).

The COVID-19 pandemic hindered the growth of the connected motorcycles market due to shutdowns of manufacturing units and travel restrictions. In addition, virtually with no activity in tourism, the aftermarket segment of the connected motorcycle market also witnessed a slowdown. However, post-pandemic, due to the gradual lockdown relaxation and rising awareness over advantages of connected vehicles market expected to regain momentum.

Growing awareness about safety features provided by connected motorcycles and rising technological advancements in connectivity to propel demand in the market. In addition, increased smartphone utilization and internet penetration to enhance growth of market during the forecast period. However, lack of proper connectivity infrastructure and cyber threats like data hacking anticipated to restrain growth of market.

On the contrary, Incorporation of 5G connectivity to power connected mobility is anticipated to provide a remarkable opportunity for expansion of the connected motorcycle market during the forecast period. Furthermore, rapidly growing logistics in the retail and e-commerce sectors to drive demand for the connected motorcycle market.

Asia-Pacific region expected to hold significant share in the market followed by Europe and North America during the forecast period. The presence of global players like Yamaha, Suzuki, Honda etc. and increasing awareness about benefits of Connected motorcycles is likely to have a positive impact on this regional market.

Key Market TrendsSafety Segment to Witness Fastest Growth in the Market

The safety features in connected motorcycles act as a guard for the rider by providing better safety and preventing road mishaps. The rising number of vehicles on the road is one of the reasons for increasing road accidents. This has generated demand for warn and alert systems to notify the riders regarding the increasing speed or any other malfunctioning vehicle, which can be a possible reason for the accident.

With a rise in connectivity features, OEMs and system manufacturers have been investing in developing connected safety features for motorcycles. The inclusion of the ADAS system in motorcycles to provides more safety and traction control for the vehicle, enhancing the driving experience of the rider. Several players are forming strategic partnerships to enhance safety features in the vehicles. For instance,

• In 2019, Ducati, along with Audi and Ford, exhibited Vehicle-to-Vehicle (V2V), Vehicle-to-Pedestrian (V2P), and Vehicle-to-Infrastructure (V2I) safety features on Ducati Multi Strada 1260.
• In April 2021, Minda Corporation Limited partnered with Ride Vision to use Artificial Intelligence-enabled Collision Avoidance Systems to be implemented in the Indian motorcycle market.

Owing to the above developments and trends in the market connected safety technology expected to witness the fastest growth in the market during the forecast period.

Asia-Pacific Region Anticipated to Lead the Market

Asia-Pacific region expected to hold a significant share in the market during the forecast period. The growth in the region can be mainly attributed to product launches and growing motorcycles adoption rate in major countries like India, China in the region. In addition, rising urbanization and vehicle sales in the region anticipated to further enhance demand in the market over the forecast period. For instance,

• In Jan 2021, Qianjiang Motor, a two-wheeler manufacturer owned by Geely that is also the parent company of Benelli, launched an electric sports bike with a digital TFT instrument panel that has Bluetooth capability along with an app allowing users to check motorcycle charge, performance, geo-fencing and has many other features.
• Triumph Motorcycles, BMW Motorrad, and many other sports/touring motorcycle manufacturers have also launched their connectivity app in India. Triumph also announced the sale of the TFT connectivity display as an aftermarket attachment for previous (2018-2019) model motorcycles.

Furthermore, increased usage of motorcycles for leisure travel is another important market area for the connected motorcycle market. The continuous technological developments across the region in terms of connectivity and mobility anticipated to drive regional market growth.

Competitive Landscape

The Connected motorcycles market is moderately consolidated market with several players accounting for significant amounts of shares in the market. The major players in the market are adopting several growth strategies such as product launches, collaborations, and partnerships to strengthen their position in the market. For instance,

• In September 2020, Continental AG announced an investment in Aeye. This investment by the company was a part of the company’s strategy to enhance its short-range LiDAR technology and the first production series is scheduled to be launched in 2024.
• In April 2020, Vodafone announced its partnership with Yulu, in order to provide an IoT platform to the latter.
• In 2019, BOSCH introduced its Advanced Rider Assistance Systems (ARAS) with front collision avoidance and Help Connect (for emergency). The ARAS was chosen to be equipped in motorcycles manufactured by Ducati, Kawasaki, and KTM by mid to end of 2020.

Some of the major players in the market are Robert Bosch, Continental AG, TE Connectivity, Panasonic Corporation, and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
BMW Motorrad
TE Connectivity Ltd
Autotalks
Vodafone Group PLC
Panasonic Corporation
Continental AG
Robert Bosch GmbH
Aeris Communication Inc.
Starcom Systems Ltd
KPIT Technologies Ltd

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.