Connected Motorcycle Market: Segmented: By Service (Driver Assistance, Infotainment, Safety, Vehicle Management and Telematics and Insurance), By Connectivity Solution (Integrated, Embedded, and Tethered), By Propulsion (Integrated combustion engine (ICE) and Electric motorcycles), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Connected Motorcycle Market to surpass USD 4,759.3 million by 2031 from USD 92.2 million in 2021 at a CAGR of 48.3% in the coming years, i.e., 2021-31.
A connected motorbike is a smart mobility system that connects motorcyclists to a telematics control unit via a cellular connection (TCU). It comes equipped with cutting-edge technology that alerts the user about Vehicles traffic, potholes, road bends, oil level, tire pressure, and battery life. It also enables remote monitoring by, among other things, tracking stolen vehicles, obtaining data for performance analysis, and delivering operational information, roadside help, and over-the-air (OTA) upgrades. The connected motorcycle industry has been fueled by factors such as technological breakthroughs, improvements in automobiles safety, the arrival of driver-assist systems in bikes, and fast-rising logistic in the retail & e-commerce sectors.
Global Connected Motorcycle market is expected to project a notable CAGR of 48.3% in 2031.
Factors such as increased premium motorcycle sales around the world, increasing need for motorcycle safety as well as driver assistance, and increasing demand for usage-based insurance & infotainment system in motorcycles will all contribute to the connected motorcycle market's growth. The market will also benefit from impending legislation for driver safety in motorbikes in nations all over the world.
Driver Assistant segment to grow with the highest CAGR during 2021-31
The market is divided into driving assistance, infotainment, safety, vehicle management, telematics, and insurance, depending on the service type. The driver assistance sector has the highest share of the market and is projected to continue to do so during the projected period. The significant development in the need for warning and alert systems to moderate the speed and minimize possible road fatalities & crashes is credited with this supremacy. Lane change alerts, traffic jam warnings, on-board signs, green light augmentation speed recommendations, and other driver aid services are available. The research and design of such systems are targeted at making it simple for people to operate and have a comfortable bike ride. As a result, these advances are projected to rise significantly in the next years.
Internal Combustion Engine segment to grow with the highest CAGR during 2021-31
The market is divided into ICE & electric bikes based on the type of propulsion. Because of its widespread use across geographies, the internal combustion engine (ICE) sector has the largest market share. The ICE bikes have a large market share and offer a wide range of conventionally fueled motorcycles, allowing the major companies to gain a significant share of the global market.
The rise in the number of safety measures offered by connected motorcycles
Connected motorcycles are equipped with a sophisticated system that reads the route and alerts riders of traffic, potholes, constructions, obstructions, and road curves. Manufacturers, researchers, suppliers, and many others have formed the Connected Motorcycle Consortium to make motorcycles a part of connected mobility. Furthermore, CMC is focusing on motorbikes to improve rider safety by preventing traffic fatalities. One of the key tasks of a connected motorbike is to alert riders in the event of a potentially dangerous situation. As a result, the amount of features available in the connected motorcycle industry is expected to drive growth.
Vehicle connection options are becoming more popular
Over time, smartphones have shifted the concept of connectedness. Even when traveling, people want to keep connected to the outside world. Automobile manufacturers are incorporating connectivity solutions into their vehicles to increase vehicle sales now that connection has become a need. Consumers want their cars to perform duties similar to those performed by computers to smartphones. Automobile manufacturers have made integrating connection solutions into their vehicles a key focus. Many networking options are built into current motorcycles, which require internet access to function properly. In addition, prominent automakers are putting connectivity systems in motorcycles so that all mobility data may be accessed.
The high danger of data hacking could hinder business expansion
The connected motorcycle technology represents a possible concern from fraudsters and hackers. Because of the increasing complexity of communications and software flaws, these motorcycles are extremely vulnerable to hackers. It also includes GPS capabilities for locating and giving high-accuracy navigation to motorcyclists. As a result, anyone with public access to GPS satellite data can influence the vehicle's trajectory and steer the riders in the wrong manner. As a result, data hacking may limit the market's growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Connected Motorcycle market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific region accounted for the highest worldwide motorbike sales. Because two-wheelers are an affordable and low-maintenance method of transportation, Asian countries have a high motorbike penetration. Motorcycles in the mid and low-price ranges are the most popular in these countries. With an increased market for high motorcycles and a continuous increase in disposable income, the region has attracted a large number of luxury motorcycle makers.
Impact of Covid-19 on Connected Motorcycle Market
The connected motorbike market has been badly hampered by the lack of workers due to government-imposed lockdown & halt of production processes at automobile manufacturing facilities. Furthermore, the COVID-19 epidemic has caused economic uncertainty and decreased consumer demand, which has hampered new vehicle sales and non-essential vehicle maintenance. Furthermore, automakers with large supply chains are suffering crucial component shortages and should consider developing alternative sourcing strategies.
|The market size value in 2021||USD 92.2 million|
|The revenue forecast in 2031||USD 4,759.3 million|
|Growth Rate||CAGR of 48.3% from 2021 to 2031|
|The base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Service, Connectivity solution, Propulsion, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Aeris, Autotalks Ltd, BMW AG, Continental AG, E-Novia, KPIT, Panasonic Corporation, Robert Bosch GmbH, Triumph Motorcycles, Vodafone Limited, and Other prominent players.|
The Connected Motorcycle Market size was estimated at USD 92.2 million in 2021 and is expected to reach USD 4,759.3 million by 2031
Aeris, Autotalks Ltd, BMW AG, Continental AG, E-Novia, KPIT, Panasonic Corporation, Robert Bosch GmbH, Triumph Motorcycles, Vodafone Limited, and Other prominent players.
Driver Assistant segment and Internal Combustion Engine segment are anticipated to hold the Connected Motorcycle Market
Drivers: The rise in the number of safety measures offered by connected motorcycles and Vehicle connection options are becoming more popular
A connected motorbike is a smart mobility system that connects motorcyclists to a telematics control unit via a cellular connection (TCU). It comes equipped with cutting-edge technology that alerts the user about Vehicles traffic, potholes, road bends, oil level, tire pressure, and battery life.
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