Global connected motorcycle market is expected to rise in the upcoming years due to popularity of premium bikes in the market. Driver assistance sub-segment is predicted to be the most lucrative and Asia-Pacific market is projected to dominate the market.
New York, USA, Feb. 10, 2021 (GLOBE NEWSWIRE) — According to a latest report published by Research Dive, the global connected motorcycle market is estimated to garner a revenue of $543.5 million by 2026, from a noteworthy market size of $20.4 million in 2018, at a healthy CAGR of 46.4% from 2019 to 2026.
Rise in the strategic alliances amongst the leading players is the major reason for the growth of the connected motorcycle market during the analyzed timeframe. Furthermore, popularity of premium motorcycles which in turn boost sales is estimated to fuel the market growth during the forecast period. However, minimum availability of connected devices and absence of IOT enabled infrastructure for building economies is expected to restrain the market growth during forecast timeframe. Apart from this, IOT enabled motorcycles built with bio-sensors is predicted to create opportunities in the market.
Driver Assistance Sub-Segment to be the Most Lucrative
Driver assistance sub-segment is projected to reach a revenue of $105.5 million by 2026, from a considerable market share of $3.7 million in 2018. Rise in road accidents amongst motorcyclists, cyclists, and pedestrians are anticipated to boost the sub-segment market growth during the analyzed time period.
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Tethered Sub-Segment to Generate Maximum Profits
The tethered sub-segment is projected to gain a significant revenue of $183.5 million and grow tremendously during the estimated timeframe. The tethered system for motorcycles consists of highly advanced algorithms with multiple hardware pieces. This tethered system is extremely effective and precise and hence, promote the sub-segment market growth during the forecast period.
Commercial Sub-Segment to be the Most Profitable
Commercial sub-segment is expected to reach a considerable market size of $271.7 million by 2026 during the forecast timeframe. Motorcyclists are informed about vehicle maintenance through an integrated system and reduce the issue of an unexpected breakdown of the vehicle. This aspect results in the demand from consumers for their commercial usage, thus this facet is estimated to boost the sub-segment market growth during forecast timeframe.
Asia-Pacific connected motorcycle market held a market share of $6.7 million in 2018 and is predicted to enhance exponentially during the forecast time period. Increase in the disposable income, growth in the sales of premium bikes, and adoption of technological inventions in Asian countries like China, India, Singapore, and Malaysia is anticipated to drive the global market during the forecast period.
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Key Players and Latest Developments
Leading connected motorcycle market players are –
- Autotalks Ltd.
- BMW AG
- Robert Bosch GmbH
- Panasonic Corporation
- Vodafone Idea Limited
- Continental AG
- Starcom Systems Ltd
- TE Connectivity
- DXC Technology Company
Connected motorcycle market players are emphasizing on merger & acquisitions and advanced product developments. These are some of the frequent strategies followed by established organizations. For instance, in January2019, Panasonic Automotive has announced that they are collaborating with Harley-Davidson for providing connectivity solutions to motorbikes.
Apart from this, the market report also summarizes various facets of all the prominent players functioning in the market such as SWOT scrutiny, financial lookout, newest developments, current strategic plans, and varied product portfolios.
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