LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global motorcycle oxygen sensor market to grow to 21.9 million units by 2021, at a CAGR of more than 14% over the forecast period, according to their latest report.
The research study by Technavio on the global motorcycle oxygen sensor market for 2017-2021 provides detailed industry analysis based on the application (entry-level, mid-size, and full-size segment) and geography (APAC, the Americas, and Europe).
The motorcycle oxygen sensor market is set to grow at an impressive CAGR of over 22% through the forecast period. The impressive growth of the motorcycle market in the region is directly impacting the high adoption of oxygen sensors in APAC.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global motorcycle oxygen sensor market:
- Rising levels of road congestion following increased urbanization
- Low penetration of premium motorcycles in emerging countries
- Progressing stringency of emission norms for two wheelers
Rising levels of road congestion following increased urbanization
Road congestion is a major factor hampering the convenience of commuting on the road. Motorcycles are a feasible solution for navigating tough traffic conditions. The growing need for economic and personal mobility is largely driving the market for motorcycles and subsequently fuel injected motorcycles with oxygen sensors.
“The increasing trend of commuter motorcycles being upgraded with fuel injection systems to comply with emission standards and increase the fuel-efficient will drive the market for motorcycle oxygen sensors in commuter motorcycles,” says Praveen Kumar, a lead analyst at Technavio for automotive electronics research.
Low penetration of premium motorcycles in emerging countries
The swiftly growing economy and increasing purchasing power of the growing middle class in APAC is driving the sales of premium motorcycles in the region. Premium motorcycles come fully equipped with fuel injection systems for increasing performance, controlling emissions, maintaining high acceleration, and justifying the premium price tag of the vehicle. China and India are the most promising markets for motorcycles, and a rise in sales of premium motorcycles in the region will provide a huge boost to the oxygen sensor market.
Progressing stringency of emission norms for two wheelers
“Rising levels of vehicular emissions have driven the governing bodies in emerging countries to make their two-wheeler emission standards more stringent, which will drive the manufacturers to equip motorcycle fuel injection systems with advanced oxygen sensors,” says Praveen.
Entry-level motorcycles are equipped with advanced oxygen sensors to maintain a check on exhaust gases. Also, India is planning to implement Bharat Stage VI by 2020, which will further impact the oxygen sensor market.
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