Jun 23, 2022, 10:28 EST
Shibuya-ku, Tokyo, Japan, Japan, Jun 23, 2022, 10:28 /Comserve / -- Connected Motorcycle Market Analysis By Innovations, New Technology and Forecast Period to 2031
The connected motorcycle market will register a revenue of $543.5 million by 2026, increasing from $20.4 million in 2018 at a rate of 46.4%. The rising popularity of luxurious motorcycles and its versatile applications are projected to boost the growth of connected motorcycles market. Also, extensive growth in the strategic partnerships among the global leading companies is one of the key elements for the connected motorcycle market growth. Moreover, premium connected motorcycles are gaining excellent sales mainly because it offers features like automotive infotainment, convenience, road-safety, improved performance and reduction in maintenance cost. However, higher costs and less availability of IoT infrastructure in the developing nations is anticipated to decline the growth of the connected motorcycles market.
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A motor-cycle intelligent biometric voice command system is anticipated to create huge opportunities in the global market. The rising promises of the connected motorcycles are highlighted by multiple established global companies. Also, growth in the government initiatives towards intellectual transport systems to avoid roadway accidents by the improvisation of roadway infrastructure is anticipated to propel the connected motorcycles market. IoT-enabled motorcycles are becoming tremendously popular among consumers. IoT-enabled motorcycles are built with bio-sensors that measure a rider's health to decrease road accidents. Key players are designing a mobile app with the help of IoT to make the interconnection between the motorcycles, owner, and service facility. Moreover, this app also enables connecting with the repairing shops if the owner experiences mechanical issues with the motorcycle. This highly advanced app allows the bike to send diagnostic information directly to the mechanic over the internet without any human interventions. These connected motorcycle market trends are anticipated to augment the opportunities of connected motorcycles market.
Based on the service, the connected motorcycle market is broadly categorized into vehicle management & telematics, infotainment, insurance, driver assistance, and Safety. The driver assistance segment will witness a significant growth in the global market and it is expected to cross $105.5 million by 2026, surging from $3.7 million in 2018.
Based on hardware, the Connected motorcycles Market is segmented into tethered, embedded, and integrated. The tethered segment for the connected motorcycle market will experience huge growth in the global market and it is projected to generate a revenue of $183.5 million, over the forecast period.
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Based on the end-use industry, the connected motorcycle market is bifurcated into commercial and private. Connected motorcycles market of the commercial segment will have a significant market share in the global market and it is projected to generate a revenue of $271.7 million, throughout the forecast period. Connected motorcycles market of the Asia-Pacific region is anticipated to surge at a CAGR of 49.0% by registering revenue of $207.2 million, during the forecast period.
Some of the significant connected motorcycle market players include Autotalks Ltd., Panasonic Corporation, BMW AG, Robert Bosch GmbH, KPIT, Starcom Systems Ltd, Vodafone Idea Limited, Continental AG, DXC Technology Company., and TE Connectivity. Connected motorcycles market players are emphasizing on Merger & acquisition and advanced product developments.
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