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The report discusses the Motorcycle Driver Assistance System market and its important components. The market is expected to grow with a healthy CAGR in the coming years.
Motorcycle Driver Assistance System Market Overview
The global motorcyclist assistance systems market size is expected to reach USD 2.24 billion by 2024, growing at an estimated CAGR of 8.2% from 2017 to 2024. The motorcyclist assistance systems market is expected to grow at a CAGR of 10.0% over the forecast period. (2016-2023).
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The market for motorcycle assistance systems is expected to reach $2.6 billion by 2023, registering a CAGR of 7.7% from 2016 to 2023. Growing awareness of the benefits of wearing motorcycle apparel and helmets is expected to stimulate the growth of this market. Growing number of cyclists in emerging markets and increasing demand for customized products are also driving the market growth.
Motorcyclist Assistance System Market Drivers and Restraints
As the discovery of a motorcyclist assistance system is attributed to an accident in 1887, the industry has grown steadily to help reduce the risk of injury to motorcyclists. The market for such a device is expected to grow at a promising rate of around 45% through 2020.
Analysis of growth factors
Motorcycle Driver Assistance System Market Revenue
The global market for motorcycle assistance systems is expected to grow at a CAGR of 22.2% over the next five years. This growth can be attributed to the increase in demand for advanced technologies capable of improving the safety and security of motorcyclists. With the increasing competition in this market, the companies providing these systems have introduced new features to offer various solutions to their customers.
Motorcyclist Assistance System Market Forecast 2021-2027
The market for motorcyclist assistance systems is expected to grow at a CAGR of 84.29% during the period 2016-2021, as it is considered as a beneficial safety tool for motorcyclists. The market size is forecast to reach USD 4.14 billion by 2027. Motorcycle driver assistance systems are used by drivers to increase their safety. The technology can be used in any type of motorcycling activity with or without a helmet. The devices are designed to prevent the cyclist from losing consciousness due to blood loss, reduce the risk of falls and mitigate damage that can be caused by accidents.
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The market for motorcycle assistance systems is expected to reach $10.0 billion by 2025, growing at a CAGR of 9.7% from 2017 to 2025. The growing attention to safety issues and demand The increasing growth of integrated motorcyclist assistance systems are the major growth drivers for this market over the next few years.