The connected motorcycle market is set to reach 70 million USD by 2028 as the adoption of technologically advanced systems blows up.
The global connected motorcycle market is fast gaining momentum. As of 2020, it was worth a staggering, 44.1 million dollars but that figure is set to almost double by 2028 according to Fortune Business Insights.
This significant rise is thought to be at least partially down to the rise in two-wheeler motorcycle accidents which has seen many reputable motorcycle accident attorneys working very hard over the last few years. New motorcycle technologies are increasing the safety of motorcycle use, and that means that it is a no-brainer for businesses and individuals who use motorcycles to adopt the technology, something they are clearly doing in their droves.
According to the National Safety Council, there were 42,060 motorcycle deaths in 2020, which was up eight percent on 2019 figures. It is clear that motorcycle deaths are a real problem, but they are a problem that can potentially be solved by the connected motorcycle market and the advanced safety technology it brings to the consumer.
It is thought that this boom in the connected motorcycle market is primarily going to benefit businesses that sell or create driver assistance technologies, with infotainment and safety technology being hot on its heels. This is broadly in line with what customers ate looking for in car and truck technology too.
As of 2020, the driver assistance segment was the largest globally in terms of the connected motorcycle industry, with a market share of roughly 28.5 percent last year. This is due to the adoption of more advanced warning systems which can help to prevent fatalities on the road. Manufacturers across the globe are looking to adopt this kind of tech because if they can make motorcycles safer, they will undoubtedly be able to increase their sales significantly.
Projections show that electric motorcycles are also set to be big news in 2021 and beyond as more consumers take their role in reducing carbon emissions more seriously and manufacturers do the same. There has also been an increase in rules and regulations regarding emissions, and these are likely to play a factor too. However, many motorcycle manufacturing companies are still slow to roll out electric motorcycle options, which means the growth in this particular areas may be slower than we see in the growth of the connected motorcycle market. Once the changes and more companies create effective electric vehicles, things are likely to even out a bit more, and electric vehicles will take a larger shrew of the market, although of course, there will be some overlap between the connected motorcycle market and the electric motorcycle market.
If you are looking for a good place to put your money right now, as the above shows, investing in the connected motorcycle market seems to be a gamble that almost cannot fail, which is why so many investors are currently doing just that and will continue to do so in the future.