The trike segments will remain dominant over the motorcycle market and aftermarket will surpass the OEM segment of the global motorcycle infotainment system market by 2023
Arizton’s recent market research report on the motorcycle infotainment system market identifies HARMAN International (Samsung), Garmin, TomTom International, Bosch, Continental AG, and Polaris Industries as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product (motorcycle and trike), by application (OEM and aftermarket), and by geography (North America, APAC, Europe, Latin America, and MEA).
The motorcycle infotainment system market is projected to reach values of around $323 million by 2023, growing at a CAGR of approximately 14% during 2017-2023.
The motorcycle infotainment system market is divided into three major segments that consist of product, application, and geography.
APAC to grow at the fastest CAGR in the motorcycle infotainment system market during the forecast period
The motorcycle infotainment system market by geography is segmented into North America, APAC, Europe, Latin America, and MEA. APAC dominated the third largest market share in 2017, growing at a CAGR of approximately 18% during the forecast period. The higher spending power, changing lifestyles, and increasing adoption of mid-range premium motorcycles are some of the factors attributing to the growth of the APAC region in the global market. The abundance of natural resources and availability of cheap labor is creating the manufacturing hub in the global market. The government agencies are facilitating the setting up of world-class manufacturing hubs and aiding to attract higher investments in the APAC motorcycle infotainment system market.China is emerging as one of the leading countries in the automotive market.
India, Japan, South Korea are also some of the highest revenue generators in the APAC market.
The digital revolution and supportive policies and regulations are encouraging international OEMs to expand their business into the APAC region. The increasing awareness about premium brands and rising disposable income will boost the growth of the APAC motorcycle infotainment system market.
Aftermarket segment to grow at a significant CAGR in the motorcycle infotainment system market during the forecast period
The application segment in the motorcycle infotainment system market is classified into OEM and aftermarket. The aftermarket segment occupied a portion of the market share in 2017, growing at a CAGR of more than 14% during the forecast period. The growing demand for wear-and-tear and crash-relevant parts is driving the growth of this segment in the global market. Revenues related to digital services are expected to increase three-fold during the forecast period. The launch of innovative aftermarket products with advanced features is gaining immense popularity in the motorcycle infotainment system market. The increasing focus on digitalization of channels and interfaces, consolidation among suppliers, increasing access to car-generated data, and price transparency between suppliers and customers will augment the transformation of the market. The leading vendors are devising effective strategies to take advantage of the opportunities that are available in the motorcycle infotainment system market.
Trike segment to grow at a considerable CAGR in the motorcycle infotainment system market during the forecast period
The motorcycle infotainment system market by product is divided into motorcycle and trike. Trike segment dominated a portion of the market share in 2017, growing at a CAGR of around 8% during the forecast period. The growing demand for premium trikes is propelling the growth of this segment in the global market. The government initiatives to promote passenger safety will drive the demand for innovative systems in the global market. The baby boomers section that has an immense passion for riding trikes are the largest end-users in this segment in the global motorcycle infotainment system market. The three-wheel trikes are extremely helpful for aged people as it assists in maintaining balance while driving and park easily. These three wheelers can be commonly seen in Harley-happy events like the giant motorcycle rally which draws a lot of Harley fans from all around the region. Such popularity will drive the growth of this segment in the motorcycle infotainment system market.
The complete overview of the latest market research report on motorcycle infotainment system market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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