Latest News:- Two-wheeler Ignition Switch Market: Key-enabled is expected to lead the Type segment during 2024-2028

Two-wheeler Ignition Switch Market to grow at a CAGR of 6.78% during 2024-2028

The Two-wheeler Ignition Switch Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 292.99 million. Keyless ignition systems represent a significant advancement in two-wheeler technology, providing enhanced security and convenience through the elimination of traditional mechanical keys. These systems replace conventional ignition locks with a transponder fob and a push-button starter. Additionally, they enable remote locking and unlocking of features such as the steering lock, fuel filler flap, and storage compartments in select models, like BMW and BMW GT/GTL. However, the adoption rate of keyless ignition systems in the two-wheeler OEM market remains relatively low, with only a select few luxury models incorporating this technology. 

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The Key-enabled subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the Key-enabled subsegment will lead the Type segment during 2024 and 2028 The two-wheeler ignition switch market is poised for significant growth due to the rising demand for two-wheelers worldwide. However, the increasing popularity of electric two-wheelers, driven by government incentives and environmental concerns, poses a challenge to this market. Electric two-wheelers do not require ignition switches for their operation, as they rely on electric motors instead of internal combustion engines. Despite this challenge, the market is expected to grow steadily, driven by the continued demand for traditional two-wheelers and the development of advanced ignition switch technologies.

Here are the various ways based on which the market is segmented: 

• Type
  • Key-enabled
  • Keyless
• Application
  • Fuel two-wheeler
  • Electric two-wheeler
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

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There are several factors that are causing the market to flourish integration of ignition switches with other features in two-wheelers

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The two-wheeler ignition switch market is witnessing significant growth due to the increasing demand for commuter bikes in traffic-congested cities. With the help of navigation and Bluetooth connectivity features, riders can easily maneuver through crowded roads. Moreover, the addition of smartphone charging ports and keyless ignition systems enhances the overall riding experience. Technological improvements such as slippery clutch technology and steering control systems also contribute to the market growth. Despite the rising fuel prices and toll taxes, two-wheelers continue to be an affordable and cost-effective alternative to passenger automobiles. Premium motorcycle makers are also introducing advanced features like stop-start systems and improved gearboxes to reduce stopping distance and improve gas mileage. The market for two-wheeler ignition switches is expected to grow further as more riders opt for these technologically advanced bikes. Financing options are also becoming more accessible, making it easier for consumers to purchase these vehicles. Overall, the two-wheeler ignition switch market is poised for continued growth in the coming years.

Market Research Overview

The two-wheeler ignition switch market is a segment of the broader global automotive parts and equipment market, which encompasses organizations producing components and accessories for various automobile categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the size of the global automotive parts and equipment market is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the escalating demand for electronic components in automobiles, fueled by the rising sales of electric vehicles, motorcycles, and passenger cars over the past decade.

The Two-wheeler Ignition Switch Market is experiencing significant growth, fueled by the integration of ignition switches with other features in two-wheelers. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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