Global connected two-wheeler market is projected to observe a CAGR of 35.97% during the forecast period 2024-2031, growing from USD 204.39 million in 2023 to USD 2387.84 million in 2031. The market has experienced rapid growth in recent years and is projected to maintain a strong pace of expansion in the coming years due to an increase in demand for two-wheelers, a rise in per capita income of middle-class population, advancement in two-wheeler technology and development of advanced safety features in two-wheelers. The forthcoming safety government regulations for two-wheelers in emerging countries across the globe will create growth opportunities for the market players. In addition, introducing electric two-wheelers in the market drives the global connected two-wheeler market demand in the forecast period.
Key drivers include great innovations in vehicle and driver safety, the development of driver-assist systems in two-wheelers, and a significant rise in transportation activities in the e-commerce and retail sector, rapidly propelling the global connected two-wheeler market growth. Furthermore, the growing penetration of smartphones and internet connectivity in two-wheelers is anticipated to lead the global market growth in the forecast period. Key market players are featuring two-wheelers with internet connectivity, 5G support vehicle-to-vehicle, real-time safety, and GPS monitoring to encourage the sales of connected two-wheelers across the globe.
For instance, in October 2023, Suzuki Motor Corporation announced the launch of the 2024 V-Storm range in the United States. It is available in two variants, including Touring and Standard, featuring vertically placed LED projectors topped by a transparent visor on the 2024 Suzuki V-Storm 800.
Evolution of Advanced Technology Drives the Market Growth
In the automotive industry, vehicle telematics solutions and digitalization are transforming connected two-wheelers from concept to reality. Technological advancement in two-wheelers has evolved progressively in different segments, offering a wide variety of features and revolutions to cater to different customer requirements. Connected two-wheelers are better known for reliability, affordability, and fuel efficiency, coupled with offering smartphone connectivity via Bluetooth, propelling the global demand for connected two-wheeler markets in the forecast period. In addition, manufacturers in the global market are significantly investing in advancing technologies in connected two-wheelers to enable different riding modes that enable rides to adjust the bike’s performance characteristics based on road conditions, propelling the demand for connected two-wheelers.
For instance, in February 2024, TVS Motor Company, one of the leading vehicle manufacturers, announced an investment of USD 604.8 million to boost its effort to develop electric and connected technologies for two-wheelers.
Increasing Safety Awareness Drives Market Demand
The automotive industry is rising across the globe and becoming the largest market globally as manufacturers of connected two-wheelers are introducing safety technologies due to rising awareness concerning safety among customers. The global connected two-wheeler market growth is growing as manufacturers aim to improve standards and technologies that will improve safety provision. Companies in the market are also planning to install different safety features including an anti-lock brake system, stability control, adaptive cruise control, airbags, and others to offer an overall better driving experience and reduce tire slip on slippery roads and surfaces. In addition, companies are launching new safety features to offer safer driving and address the growing demand for connected two-wheelers.
For instance, in March 2024, Continental AG announced the launch of an advanced rider assistance system for two-wheelers, which includes features like automotive cruise control and blind-spot monitoring.
Favorable Government Policies Drive Market Growth
Governments across the globe are implementing policies to zero carbon emissions and strict safety regulations imposed on traditional vehicles, driving the connected two-wheeler market growth globally. The governments in emerging countries are also working on advancing and developing the road infrastructure, accelerating the global connected two-wheeler market demand in the forecast period. In addition, the rising government campaigns and initiatives toward advanced and improved vehicle safety issues are estimated to drive the global market growth. Governments in emerging countries are spreading awareness concerning emissions and increasing government funding to develop EV charging infrastructure, accelerating the demand for EVs. Furthermore, governments are offering subsidies and incentives to buy and sell electric vehicles, driving the global connected two-wheeler market growth in the forecast period.
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For instance, in March 2024, the Government of India introduced the Electric Mobility Promotion Scheme 2024, which offers a subsidy on EVs of up to USD 120 per two-wheeler to promote the development of an electric vehicle manufacturing eco-system across the country.
Infotainment System Dominates the With the Largest Market Share
Infotainment systems register the largest market share globally as demand for such systems in vehicles is rising significantly because these systems can efficiently connect smart helmets and navigation. The demand for infotainment systems for connected two-wheelers is increasing as the integration of infotainment systems in two-wheelers focuses on offering a safe riding experience coupled with convenience at the same time. Key market players are efficiently advancing their operations to enhance the functioning of infotainment systems and offer an overall better driving experience. In addition, key participants also work on enhancing the user’s safety by providing advanced features that help riders during driving. Furthermore, companies are launching new platforms and applications that deliver safety personalization, infotainment, and others to expand their product portfolio.
For instance, in September 2023, Qualcomm Technologies, Inc. announced the launch of a Snapdragon digital chassis for ICE and electric two-wheelers, which will deliver enhanced safety, infotainment, personalization, convenience, and cloud-connected digital services to the two-wheeler, micro-mobility, and other motorized vehicle markets.
Asia-Pacific Holds the Largest Market Size
Asia-Pacific registers the largest market size in the global market as two-wheelers are the most preferred means of transportation owing to low maintenance and affordability. Government in emerging countries increased their regulations concerning vehicle safety and road safety, driving the demand for connected two-wheelers across the Asia-Pacific. In addition, the significant increase in sales of connected two-wheelers, innovations in technology supporting connected motorcycles, and the presence of giant market players across the developed as well as emerging countries foster the Asia-Pacific connected two-wheeler market growth. Furthermore, key participants in the market are efficiently planning to invest and launch new products to address the rising demand for connected two-wheelers and expand their product portfolio.
For instance, in June 2024, Mitsui & Co., Ltd. announced an investment in World of River Limited, Inc., which produces and sells electric scooters in India, contributing to the introduction of a society that is in harmony with the surrounding by further encouraging electrification in the mobility sector.
Future Market Scenario (2024-2031F)
- The global connected two-wheeler market growth is significantly propelled by safety regulations framed by governments to increase vehicle safety and improve road infrastructure.
- Manufacturers of two-wheelers focus on integrating connected technology into their launched models to improve the connectivity of vehicles and enhance riding situations, propelling global market growth.
- Growing traffic congestion and the increase in the rate of accidents drive the global connected two-wheeler market growth in the forecast period.
- The introduction of advanced features in connected two-wheelers and the growing demand for them are propelling global market growth.
Report Scope
“Connected Two-Wheeler Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global connected two-wheeler market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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