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The motorcycle sensors market size is estimated to grow at a CAGR of 6.72% between 2023 and 2028. The market size is forecast to increase by USD 6.95 billion. The growth of the market depends on several factors such as the increasing usage of electric components in motorcycles, the growing adoption of advanced safety and comfort systems in the motorcycle industry, and the advancements in IMU manufacturing technologies to increase demand for IMU sensors.
The report includes a comprehensive outlook on the Motorcycle Sensors Market, offering forecasts for the industry segmented by Type, which comprises process, position, motion, and others. Additionally, it categorizes Distribution Channel into OEM, aftermarket, and covers Regions, including APAC, Europe, North America, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Advancements in IMU manufacturing technologies to increase demand for IMU sensors is the key factor driving market growth. The competition among the market players and suppliers in the automotive sensors industry has increased; as a result, it is witnessing increasing investments in the R&D of sensor-based automotive systems. The growing dependence on sensor and radar-based systems is one of the major reasons driving the global motorcycle sensor market. Furthermore, IMUs are nowadays also enhanced with sensor-fusion software in the application features, such as automatic screen rotation, gesture recognition, step-counting, personal navigation, and free-fall detection.
Furthermore, the leading players in the IMU sensors market, such as STMicroelectronics and Bosch Sensortec, have increased their investment in the R&D of sensors. The huge sales potential of this market has motivated vendors to invest more in R&D. They have thus set high standards for every end-product in the sensors space. This increased R&D investment has led to the development of advanced versions of IMUs, efficient gyroscopes, and accelerators. This is expected to drive and sustain the growth of the market during the forecast period.
The development of a complete sensor box imbibing multiple degrees of freedom is the primary trend shaping market growth. The global automotive market is witnessing rising competition among the various stakeholders operating in the value chain. Consequently, these leading automotive suppliers are differentiating themselves by developing innovative systems, which are giving them a competitive advantage over their counterparts. The automakers are, therefore, investing heavily in the R&D of new technologies, which are driving the future of the automotive industry.
Furthermore, one of the leading automotive suppliers, Continental, has developed Sensorbox for use in motorcycles. The system is based on a new concept, which makes way for advanced configuration for the measurement of range. The sensor box enables six degrees of freedom in total, with roll rate, pitch rate, and yaw rate measured with an accuracy of up to 300 degrees/second; the other three degrees of freedom, such as lateral, longitudinal, and vertical movements. Thus, the development of a complete sensor box imbibing multiple degrees of freedom will drive the growth of the market during the forecast period.
Growing cost pressures on OEMs/manufacturers is a challenge that affects market growth. Environment and safety standards are pressurizing OEMs to find means to comply with regulations, while not transmitting additional costs to the consumer. Controlling emissions is bound to increase the cost of the vehicle. Additionally, consumers demanding advanced features at competitive prices will add to the already cost-pressurized OEMs. Such immense cost pressures are challenging OEMs to introduce advanced features of the luxury/premium segment motorcycles to mid-category or even daily commuting motorcycles without hiking sticker prices.
Moreover, OEMs not offering a product differentiation to the daily commuter or the addition of a new feature may register lower profits because the advantages that accrue from voluminous sales (exhibited by the low-end and mid-end cars segment) will likely elude them. Hence, the growing cost pressure on the OEMs is likely to impede the growth of the global motorcycle sensor market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Motorcycle Sensors Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The process segment is estimated to witness significant growth during the forecast period. Process sensors monitor temperature and pressure and are widely used across all application areas in a vehicle, leading to their high penetration rate. These areas include powertrain and engine control, chassis control, and applications pertaining to passenger/rider safety and security, among others. In addition, the increasing penetration of electronics in motorcycles is another contributing to the growth of the market in focus.
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The process segment was the largest segment and was valued at USD 4.73 billion in 2018. The process sensors are broadly classified into contact temperature sensors and non-contact temperature sensors. Some of the common contact temperature sensors include IC temperature sensors, thermistors, resistance temperature detectors, and thermocouples. However, one of the most common non-contact temperature sensors is infrared temperature detectors. Furthermore, the pressure sensors used for automotive applications are broadly classified into absolute pressure measurement sensors and relative pressure measurement sensors. Thus, the increased demand for process sensors will drive the growth of the global motorcycle sensors market during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Developed automotive markets such as Japan, South Korea, and Australia are contributing to the revenue generation of the motorcycle sensors market in APAC. In addition, the high demand for off-road and sports bikes in countries such as Singapore, Thailand, Taiwan, and India is fueling the growth of the regional market. Moreover, the implementation of stringent emission standards in the region is further aiding in driving the growth of the motorcycle sensors market in the region.
Furthermore, governments are now increasingly emphasizing the adoption of electric motorcycles, thereby propelling the growth of the motorcycle sensors market. Along with China, India is also making progress in the adoption of electric motorcycles. In addition, the demand for high-performance motorcycles, coupled with environment-friendly electric motorcycles, will push the penetration rate of sensors in countries like China, Japan, Australia, and New Zealand during the forecast period.
The motorcycle sensors market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Motorcycle Sensors Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.72% |
Market Growth 2024-2028 |
USD 6.95 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.05 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Bayerische Motoren Werke AG, Biperformance Development Corp., Endurance Technologies Ltd., Hitachi Ltd., Honda Motor Co. Ltd., Infineon Technologies AG, Microchip Technology Inc., Mitsuba Corp., Mitsubishi Electric Corp., Napino Auto and Electronics Ltd., NXP Semiconductors NV, PVG Automotive Pvt. Ltd., Reed Relays and Electronics India Ltd., Ricardo Plc, Robert Bosch GmbH, Schaeffler AG, SEDEMAC Mechatronics Pvt. Ltd., Vitesco Technologies Group AG, and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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