July 13, 2020
According to the research report titled ‘Global Connected Motorcycle Market Size study with COVID-19 impact, by Technology (Ride Sharing Data, Charging, Navigation and Others), by Propulsion Type (IC Engine and Electric Engine) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global connected motorcycle market accumulated revenues worth USD 39 million in the year 2019 and is predicted to expand with a healthy CAGR of 48.30% during 2020-2027.
For those uninitiated, connected motorcycles are integrated with IoT (Internet of Things) devices which provide smooth internet connectivity and data sharing. This modern technology is incorporated in two-wheelers in order to offer advanced and intelligent mobility solutions. The system allows the rider to monitor all four primary aspects such as bike status & alerts, system upgrades & updates, charging and ride sharing data.
Growing demand for two-wheelers and increasing production of connected motorcycles which can provide easy navigation and location services are major factors driving the market growth. According to MarkLines Co. Ltd., India is the largest producer of two-wheelers in the world, with production of over 23.2 million units and 24.5 million units in 2018 and 2019 respectively. Also, the production is expected to reach 50.6 million units by the year 2026.
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Likewise, the ACEM (European Association of Motorcycle Manufacturers) states that around 1,079,524 motorcycles were recorded in Europe in the year 2019, which was an increase of 8% from 2018. The association further cites that Italy holds the majority share in Europe motorcycle market with up to 231,712 motorcycles recorded in the region. Consumer preference towards premium motorcycles and growing demand for safety & security features are further aiding the market expansion.
The COVID-19 pandemic, however, has hampered the production of vehicles owing to the lockdown imposed in various regions, which in turn could limit the sales of the product. Additionally, lack of established standards & uniform platform for connected motorcycles may act as a restraining factor to the overall market growth.
In terms of technology, global connected motorcycles market is split into navigation, charging, ride sharing data and others. As per propulsion type, the market is divided into electric engine and IC engine.
Regionally, North America connected motorcycle industry is slated to amass commendable returns in the ensuing years, primarily driven by growing demand for premium motorcycles equipped with advanced technologies.
Meanwhile, Asia-Pacific market is predicted to expand substantially during the study period. Factors such as rising incorporation of digital dashboards and smartphones integration with two-wheelers along with mounting adoption of motorcycles are swaying the business dynamics in Asia-Pacific.
Autotalks Ltd., KPIT Technologies Limited, Aeris Communications, Panasonic Corporation, TE Connectivity, BMW Group, Vodafone Group plc, Starcom Systems Ltd., Continental AG and Robert Bosch GmbH are the key participants in global connected motorcycle industry.