The growth is primarily attributed to the functional benefits of improved motorcycle safety, rider's safety, and a higher level of comfort and convenience. The ongoing implementation of strict safety norms and the initiatives to curb on-road fatalities are some of the factors driving the global self-balancing motorcycle market.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global self-balancing motorcycle market:
- Need to reduce the number of on-road casualties
- Self-balancing motorcycles to boost the emerging consumer base
- Development of autonomous motorcycles
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Need to reduce the number of on-road casualties
On-road accidents and collisions are one of the most important challenges faced by the global automotive industry. Two-wheeler riders are more vulnerable to road collisions due to lack of overall protective wears and gears, which ultimately result in critical injuries. Therefore, the integration of advanced safety systems within motorcycles plays a very important role in curbing motorcycle fatality rates.
“The development of ride assisting technologies and self-balancing feature in motorcycles hold high potential for making motorcycles safer than ever. Self-balancing motorcycles not only have the potential to prevent riders from falling off due to crashing but are also expected to prevent the severe injuries caused due to roll-over accidents. Thus, the emerging need and demand for safer motorcycles are expected to drive the global self-balancing motorcycle market,” says Keerthi Balu, a lead analyst at Technavio for automotive electronics research.
Self-balancing motorcycles to boost the emerging consumer base
Generally, the global motorcycle industry is dominated by males, especially those in the age group of 21-40 years. However, changing market and cultural dynamics are resulting in an increased number of female riders in the global motorcycle market. The growth of female motorcycle riders is one of the biggest shifts taking place in the motorcycle industry today. In addition, female biker clubs are also becoming popular, which is another reason for the increase in female riders. Industry experts believe that improved marketing and responsiveness of OEMs toward female motorcyclists is the main reasons behind the surging number of female riders.
As per a study conducted in 2015, female riders in the US were found to be much more safety-conscious than men. In addition to women being one of the most important driving force behind self-balancing motorcycles, it is expected that the disabled riders and aged riders also hold high potential as potential drivers of the global self-balancing motorcycle market. Therefore, with growing number of motorcyclists from these new consumer categories, it is expected that the global self-balancing motorcycle will grow during the forecast period.
Development of autonomous motorcycles
In the quest to minimize the probability of road collisions and consequent injuries and fatalities, motorcycle OEMs are incorporating advanced systems into their motorcycles. Availability of hi-tech development processes and advanced technologies is making modern motorcycles more intelligent and interactive than before.
“Integration of such advanced functionalities is serving as a stepping stone for semi-autonomous motorcycles. The intense competition among the OEMs to develop semi-autonomous motorcycles is expected to boost the growth of advanced ride assisting technologies, such as self-balancing motorcycles,” says Keerthi.
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