|By Business Wire||
|September 22, 2016 02:03 PM EDT|
Technavio analysts forecast the global motorcycle side view assist system (MSVAS) market to grow at an impressive CAGR of close to 23% in terms of unit shipments during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global MSVAS market for 2016-2020. To determine the market size, the study considers a combination of top-down and bottom-up approaches, wherein our in-house databases have been used to arrive at the global MSVAS market.
MSVAS is an early warning system for a motorcycle rider, which constantly monitors the rider's blind spots and helps in lane changing decisions. The current MSVAS consists of a sensor array, with a sensor placed at each strategic location at the front and rear ends of the motorcycle.
“The growth in the surrounding technology ecosystem, including the adoption of electronic cruise control in motorcycles, as well as the rise in electronic content in bikes, should positively affect MSVAS adoption. One of the recent developments in the automotive industry is the mirrorless car movement that can make rear view mirrors redundant and pave the way for the higher adoption rates of MSVAS,” says Siddharth Jaiswal, one of the lead automotive electronics research analysts at Technavio.
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Technavio’s automotive analysts highlight the following four factors that are contributing to the growth of the global MSVAS market:
- Increase in sales of ultra-luxury and luxury motorcycles to drive sales of MSVAS in initial years
- Increased adoption of ECC in motorcycles to complement use of MSVAS
- Increased electronic content in motorcycles is expected to support MSVAS acceptance rates
- Mirrorless car movement may cast a positive impact on MSVAS adoption
Increase in sales of ultra-luxury and luxury motorcycles to drive sales of MSVAS in initial years
Owing to the growing awareness of the comfort level and heritage of ultra-luxury and luxury motorcycles, consumers worldwide have been purchasing more of them, as they are more powerful and efficient than traditional motorcycles. Currently, most of ultra-luxury motorcycles sold by OEMs have electronic cruise control (ECC). The global demand for ultra-luxury motorcycles with ECC has also been increasing due to the increase in the touring bikes market, as well as speed limits being imposed, thus necessitating OEMs to install ECC in their bike models.
“Performance and long-term value are expected to help boost the sales of ultra-luxury and luxury motorcycles. For instance, ultra-luxury and luxury segments for motorcycles account for around 60% of the total motorcycle market in the US,” says Siddharth.
Increased adoption of ECC in motorcycles to complement use of MSVAS
ECC provides a solution to issues like wrist cramps by boosting the efficiency in terms of performance and features over traditional cruise control. The presence of a backend unit in ECC ensures the monitoring of engine revolutions per minute (RPM) and speed signals, which are used to automatically adjust according to the terrain, contrary to traditional cruise control.
ECC's control unit comprises three switches: ON/OFF, SET ACC, and RES DEC. The presence of these switches helps rider to operate cruise control in effective way according to his needs over traditional cruise control. As a result, several customers like OEMs in ultra-luxury and aftermarket for the luxury segment are adopting electronic cruise control.
Increased electronic content in motorcycles is expected to support MSVAS acceptance rates
The ultimate aim of the industry is an autonomous motorcycle electronically driven by the on-board computers. The motorcycle should ideally navigate with the help of information received from its connected vehicle network and from the IoT. This aim is directing the industry to adopt new technologies, MSVAS forming an integral part of this suite of systems, which are expected to form the base of connected motorcycle.
Motorcycle electrification is mostly driven by cascading technological pushes. For instance, the development of vehicle speed sensors gave birth to the anti-lock braking system (ABS), which monitors vehicle speed through vehicle speed sensor and regulates braking pressure accordingly. Additionally, the development of electronic fuel injection and ride-by wire technologies have paved the way for the development of motorcycle cruise control mechanisms.
Mirrorless car movement may cast a positive impact on MSVAS adoption
Japan is slated to become one of the first countries to adopt mirrorless cars as they allowed the use of cameras as effective substitutes for mirrors. Bosch and Japan's Ichikoh Industries are some of the entrants that have joined the rush of suppliers trying to fill the supply void that this sudden demand is expected to open up.
Browse Related Reports:
- Global Motorcycle Adaptive Cruise Control Market 2016-2020
- Global Motorcycle Airbag Jacket Market 2016-2020
- Global High-Performance Electric Motorcycle Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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