LONDON--(BUSINESS WIRE)--The global motorcycle adaptive cruise control market is expected grow at a CAGR of over 9% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global motorcycle adaptive cruise control market for 2016-2020. The global motorcycle adaptive cruise control market is divided into two segments, i.e. the ultra-luxury motorcycle segment and the luxury motorcycle segment. Motorcycle adaptive cruise control is mainly used in ultra-luxury motorcycles by OEMs and accounted for approximately 75% of the market in 2015.
“The global motorcycle adaptive cruise control market is expected to grow at a steady rate during the forecast period. The growth of this market is also attributed to the increased sales of luxury and ultra-luxury motorcycles,” says Siddharth Jaiswal, a lead automotive components research expert from Technavio.
Technavio’s research study segments the global motorcycle adaptive cruise control market into the following regions:
- Americas
- Europe
- APAC
Americas: largest market for ultra-luxury and luxury motorcycles
The motorcycle adaptive cruise control market in the Americas produced 830,000 units in 2015 and is expected to produce 1.3 million units by 2020, growing at a CAGR of over 9%.
The Americas is the largest market for ultra-luxury and luxury motorcycles, with 65% of total motorcycles falling in these categories. Motorcycle adaptive cruise control finds demand among OEMs as well as the aftermarket.
Motorcycle enthusiasts in the Americas view long-distance riding as a way to enjoy life, while older riding enthusiasts perceive motorcycling as a means to seek adventure. Additionally, Americans over 50 years of age control 77% of total net worth in the US and represent a huge market for ultra-luxury and luxury motorcycle OEMs like Harley-Davidson.
In addition, rising instances of speed limit violation detections are pushing the demand for adaptive cruise control mechanisms in the Americas. For instance, speed limit violations account for 54% of total tickets paid in the US. The penalties on this violation detection are pushing motorcycle riders to adopt adaptive cruise control. With this technology, a rider can set the cruising speed as per the road limits, eliminating chances of violation.
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Europe: home to premium motorcycle manufacturers - BMW, Triumph, and Ducati
The motorcycle adaptive cruise control market in Europe produced 360,000 units in 2015 and should produce 540,000 units by 2020, growing at a CAGR of over 8%. Europe is home to many premium motorcycle manufacturers like BMW, Triumph, and Ducati. This region is a key market for ultra-luxury and luxury motorcycles along with the Americas.
The UK is becoming a major hub for the motorcycle market in Europe, followed by France, Germany, Spain, and Italy. In 2015, the UK witnessed growth of 16% in the motorcycle segment. In addition, Europe has strict regulations about speed limits to be followed in different regions. Hence, motorcycle adaptive cruise control plays an important role in this market. Moreover, the European market is quick in the adoption of new safety technologies.
“The ultra-luxury and luxury motorcycle segments accounted for 30% of total motorcycles market in Europe, the second after the Americas. This factor along with strict safety regulations across Europe gives adaptive cruise control vendors the opportunity to increase adoption,” says Siddharth.
APAC: to witness higher growth than other regions
The motorcycle adaptive cruise control market in APAC produced 180,000 units in 2015 and should produce 500,000 units by 2020, growing at a CAGR of over 22%.
APAC has the lowest HNWI population compared to the Americas and EUROPE. In addition, government restrictions in the form of import duties negatively affect the market for ultra-luxury and luxury motorcycles.
However, the ultra-luxury motorcycles market in China will be driven by the rising HNWI population. This gives OEMs in the ultra-luxury segment (like Harley-Davidson, BMW, Triumph, and Honda) opportunities to cater to this potential customer base. Harley-Davidson, for instance, is conducting roadshows and many campaigns in China.
Initiatives from the Government of India in the form of reduced import duties have opened up the Indian market for luxury motorcycle manufacturers. Many players like Harley-Davidson, Triumph, and Polaris are targeting the Indian market and they have set assembly plants to increase the penetration of this segment. This segment is growing at a rate of 146%. Factors such as rising HNWI population and growing youth population with a high disposable income are fueling the growth of the luxury and ultra-luxury motorcycle segments.
The top vendors in the global motorcycle adaptive cruise control market highlighted in the report are:
- McCruise
- Rostra Precision Controls
- Murph's Kits
- Juliano’s Hot Rod Parts
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