Connected Motorcycle Market Trends

Growth Drivers

• Growing Ratio of Motorcycle Accidents –The rising number of accidents is expected to boost demand for connected motorcycles in the projected period. IoT can combine with edge devices by using big data to deliver real-time warnings to help prevent one of the most fatal accidents on the road. Hence, motorcycle accidents can be prevented with the help of IoT. For instance, it was found that in the United States, more than 4,900 people died on motorcycles, and about 82,000 were injured in such crashes in 2018.
• Rising Use of Big Data - Big data is defined as data that is either difficult or impossible to analyze using standard methods since it is so huge, rapid, or complex. Still large-scale data access and storage for analytics have been practiced for a very long time. Moreover, it has gained much popularity in the last two decades. The significant contribution of using big data to lowering the pollution is one of its greatest advantages. Big data on electric motorcycles can effectively reduce the number of carbon emissions from vehicles on the road in addition to checking traffic. While transportation technology improves, it also results in a reduced ratio of pollution, and consumers and EV producers may use the data to develop better solutions. For instance, in 2022, approximately 2.5 quintillion bytes of data were produced per day across the globe.
• Increasing Investment in 5th Generation (5G) Mobile Network Technology – As per 2020 data, governments are investing in 5G technology in a bid to make hyperconnected public services, and it is expected to boost the growth of the global motorcycle market. For instance, China allotted more than USD 30 billion for research and development on 5G for the upcoming 5 years.
• Growing Number of Motorcycles – The global trend of owning motorcycles is growing, which is also anticipated to drive the market growth over the coming years. For instance, globally there were around 600 million motorcycles in 2022.
• Escalating Demand for Electric Bikes & 2 Wheelers – There has been surging demand for electric bike across the globe, that is expected to increase the market’s growth. For instance, in 2021, the global electric 2-wheeler (including motorcycles and scooters) sales surpassed around 11 million units, which represents an expansion of around 82% over the year of 2019, and an 18% share of the overall 2-wheeler industry.

Challenges

• Stringent Government Regulatory Policies – As per reports, From January 1, 2020, Euro 5, the fifth set of European motorcycle regulations was launched in Europe. Their goal is to lessen the amount of air pollution created by two-wheelers, three-wheelers, and even quadricycles. Three- and four-wheelers, as well as motorcycles with lesser engine displacements, have various specifications. Hence, this factor is anticipated to hinder the market growth over the projected time frame.
• Need of High Investment to Onboard the Latest Technology
• Concern About Data Privacy