Technavio has announced the release of their research report on the Global Two-wheeler Ignition Switch Market for the forecast period 2019-2023. This two-wheeler ignition switch market analysis report segments the market by type (key-enabled ignition switch and keyless ignition switch) and geography (the Americas, APAC, and EMEA).
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Technavio forecasts the global two-wheeler ignition switch market size to grow by almost USD 211 million during 2019-2023, at a CAGR of nearly 8% (Graphic: Business Wire)
Global two-wheeler ignition switch market size will grow by almost USD 211 million during 2019-2023, at a CAGR of nearly 8%. There is an increase in new technologies and electrical connections in two-wheelers, which need to be activated with ignition switches in premium motorcycles. However, the inclusion of new technologies has led to a rise in manufacturing costs. The shifting of manufacturing plants to Asian countries such as India and China will prove hugely beneficial for motorcycle manufacturers. This is because these countries are major two-wheeler markets, have multiple options for sourcing raw materials at lower costs, and have lower labor costs when compared with European and American countries.
Increase in two-wheeler sales in the Asian market
There is an increase in demand for internal combustion engine two-wheelers. The growing need for daily commuting in countries such as India and China in Asia is promoting the demand for two-wheelers, which is, in turn, fueling the demand for two-wheeler ignition switches. The APAC region accounts for more than 80% of the global two-wheeler sales. The sales of two-wheelers in Asian countries have been growing due to the increasing road congestion and sluggish development of road infrastructure.
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“More than 93% of the market’s growth will come from the APAC region. The economic growth in emerging economies of APAC such as China and India will provide several market opportunities for two-wheelers and attract global automobile manufacturers to the region. The advancements in technology and mass production systems are factors that are drawing investments from market incumbents and are expected to contribute to the increasing two-wheeler ignition switch market size in APAC”, says an analyst at Technavio.
Premium motorcycle OEMs such as BMW, MV Agusta, Piaggio, and Suzuki have strategic partnerships with Chinese motorcycle manufacturers in China. Loncin, a Chinese motorcycle manufacturer, has been in partnership with BMW for a decade. This deal allows Loncin to remain the OEM for some of BMW's engines such as G650GS. KTM could start manufacturing the Husqvarna motorcycles from its plant in Pune, India, in early 2019 and has entered into a partnership with Bajaj for manufacturing and distributing its products. The development of new manufacturing plants in countries such as India and China will support the growth of component makers such as ignition switches manufacturers.
View snapshot of the report for a more detailed overview of the market and the segmentations covered in this report
This two-wheeler ignition switch industry research report provides in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several two-wheeler ignition switch manufacturers including –
- JPM Group
- Sandhar
- Spark Minda
- UNO Minda
- Zadi
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190109005611/en/
