PORTLAND, Ore., Feb. 15, 2021
- Rise in trend of connectivity solutions in vehicles and incorporation of safety features provided by connected motorcycle are the major factors fueling the growth of the global connected motorcycle market
PORTLAND, Ore., Feb. 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Connected Motorcycle Market by Connectivity Network (Cellular and Dedicated Short-Range Communication (DSRC)), Connectivity Solution (Integrated, Embedded, and Tethered), Calling Service (Emergency Call (eCall), Breakdown Call (bCall), and Information Call (iCall)), Services (Driver Assistance, Safety, Entertainment, Well-being, Vehicle Management, and Mobility Management) and Type (Sport, Tour, Roadster, Heritage, Adventure, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global connected motorcycle industry was estimated at $35.6 million in 2019, and is anticipated to hit $304.1 million by 2027, registering a CAGR of 39.6% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in trend of connectivity solutions in vehicles and incorporation of safety features provided by connected motorcycle drive the growth of the global connected motorcycle market. On the other hand, threat of data hacking and lack of seamless and uniform connectivity infrastructure impede the growth to some extent. However, establishment of 5G connectivity to power connected mobility is expected to pave the way for lucrative opportunities in the industry.
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The cellular segment to dominate by 2027-
Based on connectivity network, the cellular segment accounted for more than four-fifths of the global connected motorcycle market share in 2019, and is expected to rule the roost by the end of 2027, due its ability for a reliable connectivity, low latency, security, and others. The dedicated short-range communication segment, on the other hand, would register the fastest CAGR of 43.3% during the forecast period, owing to its ability to offer high-speed communication even in the presence of obstruction and operate in extreme conditions.
The integrated segment to maintain the dominant share-
Based on connectivity solution, the integrated segment contributed to more than two-fifthsof the global connected motorcycle market revenue in 2019, and is projected to lead the trail by 2027. This is because it offers improved readability in all weather conditions and optimal user experience. At the same time, the tethered segment would grow at the fastest CAGR of 43.3% throughout the forecast period, due to surge in trend of internet connectivity solution for vehicles.
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Europe, followed by North America, held the major share in 2019-
Based on geography, Europe, followed by North America, held the major share in 2019, generating more than two-fifths of the global connected motorcycle market. Top automobile companies and insurance companies in the continent are collaborating for the development of new range of connected motorcycle to improve the road safety and reduce the number of accidents on roads. This factor has contributed to the market growth. Simultaneously, the region across LAMEA would exhibit the fastest CAGR of 47.4% from 2020 to 2027, due to introduction of new range of connected technology such as emergency calling, driver assistance, and others by the motorcycle manufactures in the region.
Key players in the industry-
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