Motorcycle Navigation System Market is expected to rise at a CAGR of 4.3% during 2021-2028
According to Vantage Market Research, the global motorcycle navigation system market is projected to reach USD 303.57 Million by 2028. The motorcycle navigation solutions include a device that performs the function of determining the geographical location of the motorcycle. The information is received from the GPS (Global Positioning System). The motorcycle navigation systems with the use of digital maps determine the geographic location and store it as a database. These digital maps are responsible for showing all the road networks and basic information.
Increasing technological advancements to spur the market growth for motorcycle navigation system
The distraction that is caused by the use of smartphones while riding motorcycles is the major reason for the growth in motorcycle navigation systems. This is enabling the market to expand and the demand for motorcycle navigation systems is rising. Moreover, the introduction of new advanced features is expected to drive market growth.
Whereas the major factor that is obstructing the market growth for motorcycle navigation systems is the high costs for these motorcycle navigation systems. These are expensive and hence may hamper the market growth.
COVID-19 pandemic impacted many countries and caused disruptions in many industries. People are now more concerned about their safety and are avoiding physical contact and are preferring to stay home and opt to work from home this has drastically impacted public mobility. Also, due to strict government restrictions, mobility has reduced as the use of public transport in cities was shut down. Hence, the decline in the use of motorcycles due to restrictions caused negative growth of the motorcycle navigation system market.
The motorcycle navigation system market is segmented on the basis of product type the market is bifurcated into hardware navigation systems and software navigation systems. Also, the market segmentation for the motorcycle navigation systems can be done on basis of end-user or applications. Hence, by end-user is bifurcated into aftermarket and OEM.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable due to innovations and technological advancements in this region.
Some of the major players operating in the global motorcycle navigation system market include Garmin, MiTAC Holdings, TomTom International, Magellan, Koolerton, and RevZilla, among others.