Global Two-wheeler Ignition Switch Market 2019-2023 | 8% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 15, 2020--
The global two-wheeler ignition switch market is expected to post a CAGR of almost 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global two-wheeler ignition switch market 2019-2023. (Graphic: Business Wire)
Asia accounts for a significant share of the global two-wheeler sales. Despite the increase in road congestion and sluggish development of road infrastructure, the sale of two-wheelers has been growing steadily in Asian countries. Countries such as China, India, and others are seeing a surge in the demand for two-wheelers owing to the growing demands for daily commuting. Therefore, the increase in the sales of two-wheelers in Asia will have a positive impact on the growth of the global two-wheeler ignition switch market.
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As per Technavio, the development of the keyless ignition system in two-wheelers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Two-Wheeler Ignition Switch Market: Development of Keyless Ignition System
Several two-wheeler manufacturers have started offering keyless ignition systems as an option in some of their two-wheeler models. Keyless ignition systems improve convenience and safety in two-wheelers and enable locking and unlocking of the steering lock as well as the fuel filler cap. Currently, the penetration of keyless ignition systems in the two-wheeler market is low as only a few luxury two-wheeler models come equipped with this feature. With the growing demand for convenience, safety and security in two-wheelers, the adoption of keyless ignition systems will increase during the forecast period.
“Many premium motorcycle makers are shifting their manufacturing plants to Asian countries. In addition, the development of a biometric-based ignition system will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Two-Wheeler Ignition Switch Market: Segmentation Analysis
This market report segments the global two-wheeler ignition switch market by type (key-enabled ignition switch and keyless ignition switch) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the strong economic growth in developing countries such as China and India.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING MOTORCYCLES MANUFACTURING OTHER AUTOMOTIVE AUTOMOTIVE
SOURCE: Technavio Research
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PUB: 01/15/2020 01:00 PM/DISC: 01/15/2020 01:01 PM