Connected Tech: The Next Big Thing In Two-wheeler Global connected motorcycle market is projected to witness a CAGR of 24.64 per cent during the forecast period 2024-2031, growing from USD 62.51 million in 2023 to $364.09 million in 2031
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Connected technology is transforming the two-wheeler experience, making it easier and safer to use. A connected two-wheeler uses internet of things (IoT) technology to enable smart, intelligent two-wheeler movement. It uses a network of connected gadgets to gather and send data, providing real-time alerts and reducing road hazards. Most modern two-wheeler makers are using this opportunity to offer a sophisticated experience to their customers. Corporates such as TVS, Hero, Bajaj, Honda, Yamaha are already working in the space. Global connected motorcycle market is projected to witness a CAGR of 24.64 per cent during the forecast period 2024-2031, growing from USD 62.51 million in 2023 to $364.09 million in 2031, according to Market & Data report.
The automotive sector, the priorities and advancements differ significantly between the developed world and India. Developed countries are heavily invested in autonomous driving technology and electrification, primarily focused on cars and trucks. In contrast, India's automotive industry revolves largely around two-wheelers, representing a substantial market segment. This distinction reflects the unique consumer preferences, economic conditions in India, where two-wheelers play a crucial role in mobility due to their affordability and maneuverability in densely populated urban environments. With increasing technical developments in Cloud platforms and the availability of 5G networks, intelligent instrument clusters are expected to become a standard feature in the premium two-wheeler segment. The availability of a fast and reliable 5G network enables OEMs to process a large volume of real-time data on the Cloud.
"Electrifying two-wheelers and integrating advanced safety features like auto balancing are critical steps in addressing safety concerns and minimizing accidents. This kind of innovation will be relevant not just in India, but also in countries like India, Vietnam, Thailand, and others where two-wheelers dominate transportation. Unlike the Western world where two-wheelers are largely recreational and represent a small market share, in these developing nations, they serve as the primary mode of transport for a significant portion of the population. Leveraging semiconductor and electronic technologies can offer solutions or partial solutions to enhance safety and reduce injuries in the event of accidents. This approach not only aligns with local transportation needs but also contributes to broader efforts in advancing sustainable and safer mobility solutions tailored to the realities of developing economies," said Jaswinder Ahuja Managing Director For India And Corporate Vice-President, International Headquarters, Cadence Design Systems.
The two-wheeler industry in India is expected to achieve a significant milestone, where 50 per cent of its sales are predicted to be composed of electric vehicles by 2030. In addition, automation, robotics, and smart manufacturing have become common due to the Industry 4.0 revolution. Over the years, there have been several advancements in safety technologies in the automotive sector in both active and passive safety systems. Continental AG has a 'safety for all' technology. With the advent of safety legislation, today, we see ABS as a standard feature in vehicles 125 cc upwards (including two-wheeler). "As India is the largest two-wheeler market in the world, its safety is also one of our main priorities. This has necessitated prioritizing the introduction of safety technologies by the automotive industry in the country. The increased safety content as a standard feature in vehicles will boost R&D and manufacturing in the country, paving the way for more affordable solutions in the market. This will not only help to reduce fatal accidents but there is also the added benefit of large-scale employment opportunities," said Prashanth Doreswamy, president and CEO, Continental India.
The global connected motorcycle market size is projected to grow from $55 million in 2021 to $757 Million by 2027, at a CAGR of 54.7 per cent. The upcoming safety norms for motorcycles in many countries around the world will provide greater opportunities for this market. Connected motorcycles will provide new opportunities to OEMs and service providers for chanalizing data to provide better services to customers. For connected motorcyclke buyers, value added services like usage based insurance, infotainment and vehicle safety. The growing demand of electric two-wheelers will further speed up the shift to connected motorcycles., said areport by Markets and Markets. OEMs such as BMW Motorrad, Honda, Yamaha, KTM, Kawasaki, and Triumph joined the consortium to develop safety features for motorcycles. In the first phase, features such as slow or stationary vehicle warning, road works warning, and emergency electronic brake lights were rolled out in 2020. Other advanced features will be rolled out soon.
