Reasons to define exceptional growth of the global connected motorcycle market by 2030 with major players like – Continental AG, KPIT Technologies Ltd., Panasonic Corporation
The global report titled Global Connected Motorcycles Market has recently been added by Absolute Markets Insights to its huge repository and can be used to gain effective business insights. This makes it possible to highlight the current situation and the historical evolution of the market. The department has conducted research based on key elements such as product or service, application, end user and technology. It is accumulated through the use of primary and secondary research techniques.
Accidents have become one of the leading causes of death and disability in recent times. The fatality rate from bicycle accidents on highways and roads has risen sharply over the decade. The Governors Highway Safety Association (GHSA) of the United States reported a 9% increase in the number of motorcycle-related fatalities nationwide in 2012. Studies show that the younger generation has been immensely affected by motor vehicle crashes. the road, especially with the growth of urbanization and the density of vehicles on the roads. Ignorance of traffic rules, careless driving, excessive speed, driving under the influence of alcohol, cell phone use while driving, etc. are some of the main causes of road accidents. Cars and trucks have been equipped with IoT-based features that help drivers and help reduce the number of accidents. These features are extrapolated to motorcycles, giving birth to connected or IoT-based motorcycles. Information such as vehicle speed, road obstacles, motorcycle emissions, fuel capacity, vehicle position, etc. is collected using IoT, which can then be used to control and analyze the vehicle.
Panasonic Automotive, for example, provides a system that allows the rider to stay connected with the motorcycle via a link between the mobile app and the Vehicle Telematics Control Unit (TCU). Motorcycle status, tamper alerts, vehicle location and service reminders are sent directly to the rider’s mobile app using Panasonic’s OneConnect system. OEMs are increasingly offering additional security features to prevent vehicle theft. The connected motorcycles market is expected to show tremendous growth owing to increasing consumer awareness of the need for integrated technology vehicles accessible using smartphones, coupled with supportive government initiatives that promote safe connected vehicle solutions.
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In terms of revenue, the global connected motorcycles market was valued at US $ 9.72 million and is expected to reach US $ 204.45 million, growing at a CAGR of 40.4% during the forecast period . The study analyzes the market in terms of income in all major regions and countries.
The detailed research study provides qualitative and quantitative analysis of the global connected motorcycles market. The market has been analyzed from both the demand and the supply side. The demand analysis covers the market revenue across all regions and further across all major countries. The supply analysis covers the main market players as well as their presence and regional strategies. The geographic analysis performed focuses on each of the major regions of the United States, Europe, and Asia-Pacific.
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Main conclusions of the report:
- Commercial vehicles accounted for the highest share of the global connected motorcycle market. The increase in the number of companies offering the transport of motorcycles on demand, in particular for hire, is one of the main reasons for this higher share. In commercial settings, keeping track of the vehicle for theft prevention is very important. Smartphone apps that stay connected to the motorcycle help prevent theft.
- Infotainment systems allow the pilot and co-passenger to be entertained through music and audiobooks while traveling. The user can control the volume setting through touch-sensitive systems that are implemented in connected vehicles. Infotainment systems are expected to show the strongest growth over the forecast years, due to the increasing demand for on-road entertainment features in motorcycles among consumers.
- Motorcycle manufacturers are customizing their products to meet the growing demand for advanced features in connected motorcycles among Generation Y. Ducati, for example, launched Ducati Scrambler, to meet these demands. Modern safety concepts such as airbags, automatic braking blind spot detection, lane departure alerts, among others, have been incorporated into their traditional design. The bike also has an advanced ITS system to provide a healthy riding experience for consumers.
- Germany accounted for the highest revenue share in the connected motorcycles market in Europe and is expected to post the highest CAGR during the forecast period.
- Some of the players operating in the global connected motorcycle market are Continental AG, KPIT Technologies Ltd., Panasonic Corporation, Robert Bosch GmbH and Starcom Systems Ltd, among others.
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Global Connected Motorcycles Market:
- By material
- By service
- Driving assistance
- Vehicle management and telematics
- By end user
- By region
- Great Britain
- Nordic countries
- Benelux Union
- The Netherlands
- The rest of europe
- Asia Pacific
- New Zealand
- South Korea
- South East Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
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