CHICAGO, Dec. 16, 2021 /PRNewswire/ -- According to the new market research report "Connected Motorcycle Market by Hardware (Embedded, Tethered), Calling Service, Communication Type (V2V, V2I), Network Type (C-V2X, DSRC), End-User (Private, Commercial), Service, Motorcycle Type, Application, Propulsion & Region - Global Forecast to 2027", published by MarketsandMarkets, the global Connected Motorcycle Market size is projected to grow from USD 55 million in 2021 to USD 757 million by 2027, at a CAGR of 54.7%.
Browse in-depth TOC on "Connected Motorcycle Market"
356 - Tables
98 - Figures
365 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 16392581
Factors such as rising premium motorcycle sales around the world, growing demand for motorcycle safety and driver assistance along with growing demand for usage-based insurance and infotainment systems in motorcycles will boost the demand for the Connected Motorcycle Market. The upcoming regulations for rider safety in motorcycles in countries around the world will also boost the market.
Commercial segment is estimated to account for the largest market during the forecast period
Commercial users of connected motorcycles include fleet managers, insurance providers, and other service providers. All these stakeholders rely on real-time vehicle data collected using a tracking device. For instance, a tracking device in a vehicle can be installed under the bonnet or on the windscreen. It collects vehicle data for analysis by a network provider. The network provider then provides information to the insurance provider. Vodafone Automotive offers usage-based insurance for vehicles in partnership with Generali Group. These insurers also offer additional value-added services such as theft alerts, crash assistance, roadside recovery, and emergency services including eCall and bCall. Usage-based insurance reduces the cost of premiums while offering easy claims. An accident/crash scene can be accurately reconstructed using the collected data. Hence, it helps reduce the number of false claims. Companies like Hertz Ride, Bikesbooking, Eagle Rider, Riderly, MdorNomad, RentaRide, Edelweissbike, Indian Motorcycle, and RetroVentures provide motorcycle leasing services for private individuals and corporations. They use connected vehicle features for their ride-hailing services. Many logistics companies also use connectivity services on their motorcycles to enable location tracking and vehicle dynamics for their delivery personnel. This leads to a rise in demand for connected motorcycles in the commercial vehicle sector.
Vehicle telematics provides new revenue opportunities for OEMs and other third-party service providers. The on-board sensors collect essential vehicle information such as speed, riding mode, trip information, and parking locations. OEMs analyze this data and profile riders according to their driving behavior. This data can ease the warranty claim process. OEMs now have the facility to void the warranty if the rider has intentionally violated warranty regulations by overspeeding and using wrong driving modes. OEMs can inform the rider about upcoming service maintenance to avoid costly repairs. This data is also useful for other third-party service providers. Service providers can offer tailored services for individual riders after analyzing the vehicle data. More such implications would boost the demand for connectivity services in motorcycles during the forecast period. E-commerce companies will also be prominent consumers of connected motorcycles due to their door-to-door delivery services in many populated countries. Companies like Amazon and Walmart have already been using some aspects of connected technology in motorcycles.
eCall is estimated to account for the largest market size during the forecast period
The eCall system comprises components such as positioning system (GPS [global positioning system]/GLONASS [global navigation satellite system]), communication system (GSM [global system for mobile communications]), and electronic control units. Once the vehicle sensors detect a crash or collision, the system automatically dials the emergency number and contacts the nearest emergency call center. The systems also collect a minimum set of data such as time of the accident, accurate position, and description of the crashed vehicle. The eCall function can be manually triggered in case the rider wants to contact the emergency center. The system is expected to increase the chances of survival in case of fatal crashes. The eCall service providers must comply with the data privacy regulations. According to upcoming EU regulations, the European eCall services will be activated only in case of an accident. Hence, the systems cannot track the vehicle all the time. The eCall services would be beneficial for motorcyclists, which are accident-prone road users.
Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id= 16392581
"Asia is expected to be the fastest-growing market during the forecast period."
The Asia Pacific region comprises major motorcycle markets such as China, India, Indonesia, the Philippines, and Vietnam. The region accounted for more than 90% of the global motorcycle sales in 2020. As two-wheelers are a preferred mode of transportation due to affordability and low maintenance, Asian countries such as India, Thailand, Indonesia, and Vietnam have a high motorcycle penetration. Mid and budget-segment motorcycles dominate the market in these countries. However, with a steady increase in disposable income and rising demand for high-performance motorcycles, the region has attracted a number of premium motorcycle manufacturers.
The region is home to some of the most innovative motorcycle manufacturers, such as Honda, Kawasaki, Yamaha, and Suzuki. These OEMs are taking active participation in the Connected Motorcycle Consortium to develop connectivity services for motorcycles. They have already launched bestselling motorcycles in the budget segment with connectivity features. The region is also home to some of the top connected motorcycle software providers in the world. Companies like Delphi Automotive, Infineon Technologies, and KPIT have been working to develop automotive technologies including connected mobility and autonomous technology. This has increased the demand for connected mobility devices in the APAC region. Increasing collaborations to provide a safe and comfortable riding experience will boost the adoption of connected motorcycles in the region.
The high sales volume of motorcycles would drive the growth of the Connected Motorcycle Market in the Asia Pacific region. With a small percentage of motorcycles becoming connected over the years, the Asia Pacific market would easily surpass other markets due to high sales of two-wheelers in the coming years. Also, international motorcycle manufacturers have entered this regional market and introduced sports and adventure motorcycles with high displacement engines. Increasing millennial preference for high-performance motorcycles and changing lifestyles would boost the market growth in this region.
Key Market Players:
The Connected Motorcycle Market is dominated by Major OEMs including Yamaha (Japan), Suzuki (Japan), Kawasaki (Japan), BMW (Germany), and Harley Davidson (US) and component manufacturers include Bosch (Germany) and Continental AG (Germany). Many software providers, including Starcom Systems (UK), KPIT (India), and e-Novia (Italy), work with platform providers like IBM (US) and Amazon AWS (US) and network providers like Vodafone (UK) and Verizon (US) to develop product and service offerings for the connected motorcycle ecosystem. They have initiated partnerships to develop their connected motorcycle technology and provide finished products to their respective customers for the Connected Motorcycle Market.
Browse Related Reports:
Connected Car Market by Service ICE & EV (OTA, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration), Form, Market (OE, Aftermarket), Network, Transponder, Hardware and Region - Global Forecast to 2026
Electric Scooter and Motorcycle Market by Vehicle Type (E-Scooter/Moped & E-Motorcycle), Battery (Sealed Lead Acid & Li-Ion), Distance Covered, Voltage (36V, 48V, 60V & 72V), Technology (Plug-in & Battery), Vehicle Class, Region - Global Forecast to 2027
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/connected-motorcycle-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/connected-motorcycle.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
