LONDON-(BUSINESS WIRE)-The global two-wheeler keyless entry system market is expected to grow at a CAGR of more than 10% from 2017-2021, according to a new market research report by Technavio.
Global two-wheeler keyless entry system market segmentation by end-user and geography
Technavio’s report on the global two-wheeler keyless entry system market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, including aftermarket and OEMs. As projected in 2016, around 78% of the market share originated from the aftermarket segment. The penetration of factory-fitted keyless entry systems in two-wheeler is very low because of which the opportunity for keyless entry systems in the aftermarket is immense.
Based on geography, the global two-wheeler keyless entry system market has been segmented into APAC, EMEA and the Americas. As of 2016, 42% of the market share came from the Americas.
“In the Americas keyless entry systems in two-wheelers are predominant in the aftermarket. Harley Davidson has included ABS and keyless security options in a five-model Sportster line-up since 2014. In this region, keyless entry systems offered in the scooter segment is low, which offers opportunities for the aftermarket segment to grow, ” says Keerthi Balu, a lead analyst at Technavio for automotive electronics research.
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Two-wheeler keyless entry system market: competitive vendor landscape
A few major players in the global two-wheeler keyless entry system market accounted for close to 50% of the market share in 2016. A single supplier provides products to multiple two-wheeler manufacturers. Few suppliers are likely to control the market during the forecast period. Due to high growth and untapped market potential, the players in the two-wheeler keyless entry system market are exploring new geographic regions. With economic growth being stagnant, this trend is expected to continue during the forecast period in developed markets such as Europe, Latin America, and the US.
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Other topics covered in the report:
Market drivers:
- Rising sales of luxury motorcycles in APAC
- Keyless entry system: A convenient feature
Market challenges:
- Risk associated with keyless entry system
- Biometric to replace keyless entry system
Market trends:
- Integrating immobilizer with keyless entry system
- Introduction of 3D gesture in key fob
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