Analysis of Two Wheeler Switches Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The fact that two-wheelers are more affordable than other vehicle kinds is the primary factor behind their rising popularity. Customers with lower income levels are drawn to the financing option because of how simple it is, making the dream of owning a car more attainable. Cost-effectiveness, in addition to affordability, is another element influencing the surge in two-wheeler purchases.
With rising fuel prices, bikes will continue to be cheap for Indian families. Also, compared to passenger automobiles, the cost of upkeep for bikes is far lower, and they also have higher gas mileage. Even motorcycles are excluded from toll taxes, which increases the cost-effectiveness of the system.
The driving motorcycle demand is a prime factor of growth in the switch market. The two-wheelers are occasionally upgraded as a result of technological improvement in order to outperform the competition. The anti-braking system technology, which was released in India in 2019, prevents cars from skidding when they suddenly apply the brakes. Moreover, it shortens the stopping distance and enhances steering control when the car is braking.
The slippery clutch technology preserves the motorbike gearbox and prevents your car from shaking or losing traction when you slow down. A large number of clients are also drawn in by the connectivity feature. The motorcycles are made smarter with features like smartphone charging ports, Bluetooth, and navigation.
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Increasing vehicle parc of commuter bikes and rising traffic congestion increases the demand for two-wheelers which in turn is expected to accelerate the growth of bike switches arcade. Rising demand for high mileage bikes owing to growing traffic congestion across the globe, mainly in metropolitan cities such as Tokyo, London, and New Delhi, etc., is an important factor that can propel the demand for new bikes which results in the growth of the market.
The government of many countries across the globe is introducing emission norms to reduce pollution and global warming which in turn stringent emission regulation for motorcycles that play a significant role in the growth of electric bikes and directly affect the market over the forecast period.
In urban areas, motorcycles are also used for delivery purposes, and owing to high traffic congestion, these businesses propel the demand for fuel-efficient bikes, which boosted the sale of bike switches. Furthermore, the advancement of technologies results in the electrification of mechanical components which leads to more electronic components & systems in two-wheelers such as seat opening switches. This factor is expected to drive the growth of the market in near future.
The main factors driving the global market are the requirement for high mileage due to traffic congestion and an increase in sales in many Asian countries, including China and India.
the electrical circuits or electro-mechanical components that comprise two-wheeler switches. These switches may operate the engine ignition, indicator, and horn on a two-illumination wheeler.
Two wheeler switches market is correlated with the motorcycles market on a global level. Among all regions, the Asia Pacific region is dominating the motorcycles market, thus the region is anticipated to hold a prominent share in the market, owing to the high demand for motorcycles from countries such as India China, and ASEAN countries.
The revenue in the motorcycle industry is anticipated to cross a valuation of USD 88.24 billion in 2023. This size is estimated with consideration of an annual rate of 7.24% in the next four years 2023 to 2027. The industry in the Asian region is expected to hold a major share of USD 116.70 billion by end of 2027.
The rising women’s workforce participation and per-person disposable income are major drivers of demand for bikes in these countries. About 8 out of 10 major markets across the globe for these switches belong to the Asian region. It’s also expected that in the upcoming period, most of the revenue will be generated in India and China.
The prior two countries are the world’s largest manufacturers of motorcycles, offering plenty of opportunities for the progressive growth of the market in the forecast period. Eastern Europe and Latin America have also observed large populations of motorcycle users and stringent emission norms for motorcycles are the reason for the significant growth of the said market.
In contrast customers in developed regions such as Western Europe and North America prefer passenger cars over motorcycles owing to high disposable incomes which in turn, impede the growth of the market in the upcoming years. The same also holds true for the GCC countries, where the motorcycle market is largely overshadowed by the passenger car market.
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Based on the product category, the market includes ignition switches, combinational/light switch modules, brake light switches, and reverse light switches. By 2027, the combinational/light switch module fragment, the largest segment, will rule the application market.
When changing lanes, the driver and other drivers of moving cars can avoid collisions thanks to the indicator system switches that come with light switches. As a result, an increase in the adoption of combinational/light switch modules for safety features is what is driving the segment's growth.
The parts for the ignition switches and brake light switches could expand quickly. This might be the case because the safety features heavily rely on these switches. Examples of some of the market participants identified in the Global two wheeler switches market include:
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The market worth is likely to grow at 5.8% over the forecast years.
The rising traffic congestion in the cities is driving the market growth.
Manufacturers are likely to gain a majority of opportunities in the Asian Region.
India is expected to owe major share in the forecast period.
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