|Fastest Growing Market:||Asia-Pacific|
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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.
Scope of the Report
Connected motorcycles is a new technology, where motorcycles are equipped with IoT devices enabling seamless internet connectivity in motorcycles and data sharing. The connectivity system in it monitors controls safety, comfort, and security functions such as advanced light and heat management, keyless starting of the bike, tire pressure monitoring, and helps one to attend emergency calls. The Connected Motorcycles market report covers the latest trends, covid-19 impact followed by technological developments in the market.
The Scope of the report covers segmentation based on Service Type, End-User, and Geography. By Service Type, the market is segmented into Driver Assistance, Infotainment, and Safety. By End User, the market is segmented into Private and Commercial. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market sizing and forecast have been done on basis of value (USD million).
Key Market Trends
Safety 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.
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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.
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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.
- In February 2021, Autotalks Ltd and Commsignia successfully completed C-Roads cross-border testing in Austria and France, proving that Commsignia’s ITS-G5 V2X solutions, the RS4 roadside unit (RSU) and OB4 on-board unit (OBU) which use Autotalks V2X radios with verification acceleration and embedded HSM Hardware Security Module, are fully compliant with the pan-European C-Roads project specifications for ITS-G5 communication.
- In September 2020, BMW announced the launch of a new TFT display with a built-in navigation system via the Connectivity App installed on the smartphone. This will replace the turn-by-turn navigation currently used on the BMW TFT Dash.
- In January 2020, Canada’s Damon motorcycles revealed connected motorcycles. The motorcycle is equipped with the BlackBerry QNX technology. Its 360-degree advanced warning system has various sensors, such as cameras and radar and non-visual sensors, to detect these threats on the road.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Service
5.1.1 Driver Assistance
5.2 By End-User
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BMW Motorrad
6.2.2 TE Connectivity Ltd
6.2.4 Vodafone Group PLC
6.2.5 Panasonic Corporation
6.2.6 Continental AG
6.2.7 Robert Bosch GmbH
6.2.8 Aeris Communication Inc.
6.2.9 Starcom Systems Ltd
6.2.10 KPIT Technologies Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Connected Motorcycle Market market is studied from 2018 - 2026.
What is the growth rate of Connected Motorcycle Market?
The Connected Motorcycle Market is growing at a CAGR of 46.71% over the next 5 years.
What is Connected Motorcycle Market size in 2018?
The Connected Motorcycle Market is valued at 83 Million USD in 2018.
What is Connected Motorcycle Market size in 2026?
The Connected Motorcycle Market is valued at 876 Million USD in 2026.
Which region has highest growth rate in Connected Motorcycle Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Connected Motorcycle Market?
Europe holds highest share in 2020.
Who are the key players in Connected Motorcycle Market?
Robert Bosch GmBH, Panasonic Corporation , Continental AG, TE Connectivity Ltd., KPIT Technologies Ltd are the major companies operating in Connected Motorcycle Market.