Connected Motorcycle Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The connected motorcycles market was valued at USD 128.3 million in 2021, and it is expected to reach USD 1286.93 million by 2027, registering a CAGR of about 46.91% during the forecast period (2022-2027).
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 witnessed a slowdown. However, post-pandemic, with the easing of restrictions, demand started restoring in 2021.
Factors like technology advancements, advancements in vehicle safety, the introduction of driver-assist systems in motorcycles, and rapidly growing logistics in the retail and e-commerce sectors have been significantly driving the connected motorcycle market. In addition, increased smartphone utilization and internet penetration may further enhance the market’s growth during the forecast period. However, a lack of proper connectivity infrastructure and increasing cyber threats like data hacking are anticipated to restrain the market’s growth.
The increasing internet penetration and improvements in internet connectivity and 5G to support vehicle-to-vehicle and vehicle-to-infrastructure connectivity and the increased demand for features like driving assistance systems, real-time safety, navigation, and GPS monitoring are driving the market.
Asia-Pacific is expected to hold a significant share in the market, followed by Europe and North America, during the forecast period. The demand for electric motorcycles and individual mobility for adventure trips, etc., is increasing. The presence of global players like Yamaha, SuzUnited Kingdomi, and Honda and increasing awareness about the benefits of connected motorcycles will positively impact the regional market.
Connected Motorcycle Market TrendsInfotainment Segment Anticipated to Hold Significant Share in the MarketThe infotainment segment of the market is expected to grow significantly over the forecast period, as demand for such systems in vehicles is increasing. As infotainment systems have become an integral part of motorcycles, they are used for gathering information regarding the motorcycle on the TFT displays or electronic instrument clusters to keep the rider well informed about the vehicle.
Companies such as KTM, Harley-Davidson, and Kawasaki are offering connected motorcycles equipped with such infotainment systems to attract customers. They are being equipped with hi-tech features, such as connecting to a smartphone or a smart wearable. For instance, KTM AG’s KTM My Ride Paid app (USD 9) allows users to use the TFT display for navigation.
These infotainment systems are also installed with features like route guidance and navigation, which help the rider reach easily and provide accurate traffic information in real-time. Other features include lane change warnings, traffic signal warnings, and vehicle conditions. For instance,
Thus, to capture the growing market share, companies are offering innovative solutions to their consumers to strengthen their position in the market. For instance,
Thus, such developments in the infotainment segment are expected to boost the connected motorcycle market during the forecast period.
Asia-Pacific Anticipated to Lead the Market During the Forecast PeriodThe two-wheeler trend is changing across Asia, as consumers’ awareness of high-end specs bikes is growing rapidly, allowing connected motorcycles to make space in the market. Major motorcycle competitors such as Bajaj, Honda, and KTM have already entered the connected vehicle market. KTM has already provided the DUnited Kingdome 390 with connected motorcycle specs. It has an infotainment system with a TFT display and smartphone connection through Bluetooth.
Product launches, strategic collaborations, and agreements by key players may further enhance the market’s growth during the forecast period. For instance,
With growing motorcycle sales and advancements in technology supporting connected motorcycles, large manufacturers in the country may contribute to the development of the connected motorcycles market in Asia-Pacific over the forecast period.
Connected Motorcycle Market Competitive AnalysisThe connected motorcycles market is moderately consolidated, with several players accounting for a significant share in the market. The major players in the market are adopting several growth strategies, including product launches, collaborations, and partnerships, and offering technologically updated products to strengthen their position in the market. For instance,
Some of the major players in the market are Robert Bosch, Continental AG, TE Connectivity, and Panasonic Corporation.
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