Newark, According to the study issued by Fior Markets the global connected motorcycle market is projected to grow at a CAGR of 48.2% from USD 606.362 million in 2020 to USD 883.66 million in 2028 during the forecast period of 2021 – 2028. The driving factor of this market is the expansion of notability, interest and demand globally. The significant growth in the strategic association between influential players is one of the major factors in the growth of the connected motorcycle market for the forecast period of 2021– 2028. The massive motorcycle sales are expected to lead the global connected motorcycle market. In addition, connected motorcycles play a very important role in the future of approaching features such as comfort and convenience, information and entertainment, improving performance, safety and security, and reducing maintenance costs. The limiting factor for this market is the lack of infrastructure that supports or has limited availability of IoT in the Middle East and developing countries. This point is holding back the expansion of the global connected motorcycle industry.
Connected Motorcycle is a modern two-wheel drive automation to allow for smart and great mobility. IoT devices are provided in the vehicles for good internet connection and easy data exchange. These motorcycles will allow passengers to track four basic areas of the bike.This is sharing ride data, cargo, bike status, alarm and finally, system upgrades and updates. Providing these network software, with two wheels using compatible solutions, can make riding a bike comfortable and safe. The vehicle information technologies have created new revenue opportunities for OEMs and third-party service providers. On-board sensors collect essential information about the vehicle such as speed, ride location, flight information, and parking locations. OEMs analyse this data and profile passengers according to their driving behaviour. This data can facilitate the warranty claim process. This market is dominated by some major players such as Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), BMW Motorrad (Germany), Starcom Systems (UK), Vodafone (UK), Autotalks (Israel), Continental AG (Germany) KPIT (India) and TE Connectivity (Switzerland). New developments in products, collaborations, contracts, agreements, a wide range of services and a strong global network help these companies maintain their position.
The type segment includes sport, tour, roadster, heritage and adventure.The adventure motorcycle market is expected to reach significant value by the end of 2028. Increased investments have played a major role in the market’s growth. The presence of several large companies operating in the world stage will provide an impetus for the growth of the market.Major companies in the global adventure connected motorcycle market are increasingly focusing on R&D activities to create new and innovative products to stay ahead of the competition. For example, Hankook recently unveiled its non-pneumatic tire, iFlex, which eliminates the need for air pressure and the company claims it performs better than conventional tires. The communication segment includes V2V and V2I. Vehicle-to-vehicle (V2V) communication technology has a major impact on vehicle safety. This type of communication between vehicle and vehicle helps motorcycles access information about the location and speed of other V2V-enabled vehicles surrounding them using a similar protocol. This data can be used to alert passengers of potential hazards, helping to reduce traffic congestion and accidents. Vehicle-to-vehicle communication technology has the potential to make cycling a safer and more predictable activity for everyone on the road; this, in turn, is expected to increase market growth.
The services segment includes driver assistance, safety, vehicle management and telematics, infotainment and insurance. Infotainment is further segmented intoturn-by-turn navigation, music controls, calls and messages. Motorcycle navigation systems can be connected to smartphones using a helmet or headset via Bluetooth and provide audible directions to passengers. The hardware segment includes embedded and tethered. The integrated communication module or the embedded hardware includes an electronic control unit, a GSM module, GLONASS / GPS and other basic sensors. The increasing demand for embedded devices from OEMs is due to their lack of dependence on external devices. The end – user segment further divided into private and commercial segments. The compact and connected motorcycles assist in informing the rider of the vehicle’s maintenance to reduce unexpected breakdown of the bike. This key factor is driving the end-user demand for commercial use, which is expected to grow substantially over the forecast period. Newer collaborations involving telecom operators, technology companies, government policymakers, suppliers and automobile manufacturers ensure a better-connected motorcycle experience while enhancing safety and security through technological innovations.
Based on network segment, connected motorcycle market is divided into cellular (C – V2X) and dedicated short-range communication (DSRC). Cellular V2X is a modern cellular communications technology, which includes low latency, multi-input output (MIMO) and beamforming, downlink speeds of around 100 Mbps, carrier aggregation increases channel bandwidth and many other features.