Two Wheeler Switches Market Insights
Two wheeler switches are the electronic circuits/electro-mechanical components that are integrated with buttons to control various applications such as engine ignition, lighting, indication and horn in a two wheeler. Increasing fleet of electric two wheeler increases the sales of two wheeler switches. The rapid urbanization changes the need of customers and OEM providing different features with the motorcycles which are improving day by day. The Manufacturers of two wheelers are involved in innovation of new electronic technology in motorcycles such as motorcycle start-stop system. This factor is expected to create significant growth opportunity for the two wheeler switches market.
Two Wheeler Switches market: Market Dynamics
Increasing vehicle parc of commuter two wheeler and rising traffic congestion, increases the demand for two wheelers which in turn is expected to accelerate the growth of two wheeler switches market. Rising demand of high mileage two wheelers 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 two wheelers which results in the growth of two wheeler switches market. Government of many countries across the globe are 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 two wheelers and directly affect the two wheeler switches market over the forecast period.
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In urban areas, two wheelers are also used for delivery purpose and owing to high traffic congestion, these business propelling the demand for fuel efficient two wheelers, which boosted the sale of two wheeler switches. Furthermore, advancement of technologies, results in electrification of mechanical components which lead to more electronic components & systems in two wheelers such as seat opening switch. This factor is expected to drive the growth of the two wheeler switches market in near future.
Two Wheeler Switches market: Regional Overview
Two wheeler switches market is correlated with the motorcycles market on a global level. Among all regions, Asia Pacific region is dominating the motorcycles market, thus the region is anticipated to hold prominent share in the two wheeler switches market, owning to high demand of motorcycle from countries such as India China and ASEAN countries. The prior two countries are the world largest manufacturers of motorcycles, offering plenty opportunities for the progressive growth of two Wheeler switches market in the forecast period. Eastern Europe and Latin America have also observed large population of motorcycle users and stringent emission norms for motorcycles are the reason for significant growth of the said market. In contrast the 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 Two Wheeler Switches market in the upcoming years. The same also holds true for the GCC countries, where the motorcycle market is largely overshadowed by passenger car market.
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Two Wheeler Switches market: Market Participants
Examples of some of the market participants identified in the Global two wheeler switches market include:
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