Technavio market research analysts forecast the global two-wheeler connectors market to grow at a CAGR of around 8% during the forecast period, according to their latest report.
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Technavio has published a new report on the global two-wheeler connectors market from 2017-2021. (Graphic: Business Wire)
The report further segments the global two-wheeler connectors market by product type (sealed connectors and unsealed connectors) and geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global two-wheeler connectors market:
- Increase in the sales of luxury and ultra-luxury motorcycles
- Increase in two-wheeler safety and comfort features
- Increasing year-over-year growth in two-wheeler production
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Increase in the sales of luxury and ultra-luxury motorcycles
The growing need for comfort is boosting the sales of luxury and ultra-luxury motorcycles in the global market. The luxury and ultra-luxury motorcycles have higher torque and have more reliability and durability and therefore more preferred by consumers for both short and long journeys. The increase in the global demand for ultra-luxury motorcycles, which have electronic cruise control (ECC) is due to the growing demand for touring bikes. ECC helps in boosting the efficiency of the motorbikes, as it has better performance and features compared to traditional cruise control systems.
According to Amey Vikram, a lead analyst at Technavio for automotive electronics research, "The innovations and customizations made to the motorcycles are propelling the demand for the luxury and ultra-luxury motorcycles. North America accounts for the major share of the luxury and the ultra-luxury two-wheelers followed by Germany. In Germany, North America, and the UK, many motorcycles enthusiasts undertake long journeys and seek adventure as an integral character of the motorcycle driving experience. Even though the European economy has witnessed a dip in the economy due to BREXIT, the sales of the luxury and ultra-luxury motorbikes are expected to steady during the forecast period."
Increase in two-wheeler safety and comfort features
The continuously changing customer expectation is primarily driving the design and development of innovative products, which cater to different customer segments. The OEMs and two-wheeler manufacturers are constantly innovating their existing products and bringing in new products to stay ahead of the competition and attain brand recognition. The added features present in the two-wheelers help to enhance the customer experience and provide a comfortable and safe journey to the commuters. Various regulatory bodies have made it mandatory to install safety features in the premium segment bikes to ensure rider's safety.
"The two-wheeler manufacturers in the global market are designing two-wheelers, which have built-in features to provide comfort, safety, and ease-of-commute. Safety features, such as electronic anti-theft system, side reflectors, ABS, kill switch, and automatic headlamp on have become mandatory in Europe and North America," says Amey.
Increasing year-over-year growth in two-wheeler production
The affordability, ease of maintenance, and convenience are increasing the popularity of two-wheelers as the preferred option for personal transport. Also, they occupy less space and are easy to park. The commuter and the mid-segment two-wheelers are mainly used as an alternative to walking and short distance commute. While the premium two-wheelers are mainly used for leisure and long trips, the commuter and the mid-segment two-wheelers are very popular in growing economies, such as China, India, Indonesia. India is the largest two-wheeler market, followed by China and Indonesia. Due to this, APAC constitutes the major share of the two-wheeler market, and it is expected to grow at an exponential rate.
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