New reports show that the motorcycle sensors and electronics markets will grow through 2021 and 2025.
The motorcycle sensors market, according to Research and Markets' report, will expand at a CAGR of 13.41% between 2017 and 2021. Technological advancements in the automotive industry are spilling over into the motorcycle industry, allowing for rapid enhancements and developments in sensor technologies and safety.
Advancements in sensor technologies can help reduce the number of motorcycle accidents each year, which total more than 8,000 per year in Texas alone.
New developments in sensor technologies include an oxygen monitoring sensor that manages the air-fuel ratio.
Increased demand for powered motorcycles is driving new advancements and adoption of ADAS bikes, according to the report.
The industry's primary goal is to develop an autonomous motorcycle that's driven by onboard computers. The bike, the report says, would ideally navigate the world by using information from its connected vehicle network. The bike would also use the Internet of Things, or IoT, to get around.
One challenge the sensor market is facing is improper tuning of installed sensors, which can hinder the riding experience.
The motorcycle electronics market is also expanding, according to a report form Persistence Market Research.
The report notes that advanced electronics allows motorcycles to adopt new features while reducing the weight of the vehicle. Modern motorcycle models come equipped with ABS (antilock braking system), blue core technology, i3s technology and even self-balancing technology.
Electronic components have replaced mechanical parts in several systems, including engine management, tracking, safety, lighting, ignition, fuel injection, cameras and more.
Persistence Market Research's report says it expects the electronics market to experience a significant increase in demand from the aftermarket. Riders, they say, want their bikes to have the most advanced features available on the market today.
The report from Persistence Market Research looked at several segments of the electronics market, including bluetooth accessories, lighting, grip heaters, displays, switches and knobs, lap timers and more.
Geographically, Asia is projected to hold the lion's share of market demand. Asia is a major market for motorcycles, particularly India and China.
The report projects that China will emerge as a leader in the motorcycle electronics industry. Africa and the Middle East will also be major players in the market.
Demand for premium motorcycles from countries like France, Germany and the U.S. will drive growth in the European and North American electronics markets.
The Latin American market, on the other hand, is expected to see slow market growth due to low consumer spending.
