Motorcycle Advanced Driver Assistance System Market is Expected to Grow with a CAGR of 8.8% from 2021 to 2028
As stated by an extensive report by Vantage Market Research, providing insights on product type, system type, and sales channel, the global motorcycle advanced driver assistance system market is likely to grow at a CAGR of 8.8% by 2028.
Advanced driver assistance system (ADAS) is an electronic system that is an amalgamation of multiple technologies that assists the driver while driving, providing them support with multiple functions such as parking efficiency, communication technologies, and others. Motorcycle ADAS is employed by motorists for the purpose of achieving safe and efficient riding experiences.
Increasing demand for motorcycles, rising number of accidents, changing vehicle safety regulations, and surging technological advancements are some of the key factors that are augmenting the growth of the motorcycle ADAS market worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns, forcing people to stay indoors to prevent the spread of the virus. Due to this, the demand, revenue, and supply chain of the automotive industry were disrupted. This, in turn, halted the expansion of the motorcycle ADAS market.
Moreover, the challenges associated with the utilization of motorcycle ADAS such as lack of awareness and highly expensive systems, further restrain their market. Although, the colossal benefits offered by motorcycle ADAS such as highly automated processes, enhanced efficiency, and increased safety, provide an enthralling opportunity for the growth of the market.
Globally, Europe is dominating the motorcycle ADAS market, and this dominance can be attributed to the increased expenditure power and well-developed automotive industry, in the region. Subsequently, North America is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the economic growth and development and increased disposable incomes in the region.
Some of the major players operating in the global motorcycle ADAS market are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, BMW Motorrad, Suzuki Motor Corporation, TVS Motor Company, Garmin Ltd., Honda Motor Company Ltd., Ducati Motor Holding S.p.A. and NXP Semiconductors N.V. among others.