What Is The Overview Of The Global Connected Motorcycle Market?
A connected motorcycle is a motorcycle that is equipped with advanced technology, enabling it to connect to other devices and systems, often through the Internet of Things (IoT). This connectivity enhances the riding experience by providing real-time data, improving safety, and offering additional features for convenience and entertainment.
Connected Motorcycle Global Market Report 2024 provides data on the global connected motorcycle market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The connected motorcycle market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Connected Motorcycle Market?
The connected motorcycle market has experienced exponential growth, with projections indicating an increase from $0.16 billion in 2023 to $0.23 billion in 2024, reflecting a CAGR of 44.2%. This growth is due to the development of GPS technology, the introduction of connectivity features, increased smartphone usage, early safety regulations, and pioneering smart vehicle initiatives. The market is expected to continue its exponential growth, reaching $1.00 billion by 2028 at a CAGR of 44.3%. The growth drivers include concerns about road fatalities, regulatory mandates, consumer demand for safety and connectivity, evolving infrastructure, and competitive market dynamics. Major trends include the rise in 5G-enabled connectivity, advancements in autonomous riding technology, personalized rider experiences, the proliferation of over-the-air updates, and AI-driven safety systems.
What Are The Leading Drivers Of Growth In The Connected Motorcycle Market?
The growing demand for electric motorcycles is expected to propel the growth of the connected motorcycle market. Electric motorcycles, which run on electric motors and batteries, are gaining popularity due to environmental concerns, rising fuel prices, and urban congestion. Connected motorcycles offer enhanced functionality by improving battery management, safety, and overall efficiency, making them more attractive to users. For example, the Office of Energy Efficiency and Renewable Energy reported that U.S. e-bike sales reached 1.1 million units in 2022, over four times the number sold in 2021. Therefore, the increasing demand for electric motorcycles is contributing to the growth of the connected motorcycle market.
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How Are The Segments Defined Within The Global Connected Motorcycle Market?
The connected motorcycle market covered in this report is segmented –
1) By Type: Sport, Tour, Roadster, Heritage, Adventure, Other Types
2) By Connectivity Solution: Integrated, Embedded, Tethered
3) By Service: Driver Assistance, Safety, Entertainment, Well Being, Vehicle Management, Mobility Management
4) By Propulsion: Immigration And Customs Enforcement (ICE), Electric
5) By End User: Private, Commercial
How Are New Trends Expected To Influence The Growth Of The Connected Motorcycle Market?
In the connected motorcycle market, companies are developing advanced technologies such as AI and sensor systems to maintain their market position. AI in connected motorcycles enhances safety, performance, and efficiency by using algorithms and machine learning techniques. Sensor technology collects real-time data about the vehicle's environment and operation. For example, in January 2024, Verge Motorcycles Inc., a US-based electric motorcycle manufacturer, launched its Starmatter Software and Intelligence Platform, integrating AI and sensor technology to provide a personalized and safer riding experience. The platform includes features like real-time adaptive learning, collision detection, and automated emergency braking.
Which Region Drives The Highest Growth In The Connected Motorcycle Market?
Europe was the largest region in the connected motorcycle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected motorcycle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
