Global Two-wheeler Ignition Switch Market 2019-2023
About this market
The premium motorcycle makers shitting focus to Asia for manufacturing to drive market growth. Motorcycles hold a significant share in the global two-wheeler market. New technologies and electrical connections that need to be activated with ignition switches are increasing in premium motorcycles. The inclusion of new technologies is raising manufacturing costs. The ongoing trend of shifting manufacturing plants to Asian countries, including India and China, will prove hugely beneficial for motorcycle manufacturers. Technavio’s analysts have predicted that the Two-wheeler Ignition Switch market will register a CAGR of almost 8% by 2023.
Increase in two-wheeler sales in Asian market
The global two-wheeler ignition switch market depends on the production volume of two-wheelers. As Asia is the largest market for two-wheelers, the region holds a significant share of the two-wheeler ignition switch market. In Asia, the growing need for daily commuting, especially in India and China among others, is seeing a surge in demand for two-wheelers. Consequently, demand for two-wheeler ignition switches is going up.
Increasing lead time for electrical components
Supply chain and its visibility play an important role in the upstream side of every manufacturing process. The automotive industry, which makes use of multiple components has a complex supply chain and this renders it difficult to maintain supply chain visibility.
For the detailed list of factors that will drive and challenge the growth of the two-wheeler ignition switch market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including UNO Minda and Zadi the competitive environment is quite intense. Factors such as the premium motorcycle makers shitting focus to Asia for manufacturing and the increase in two-wheeler sales in Asian market, will provide considerable growth opportunities to two-wheeler ignition switch manufactures. JPM Group, Sandhar, Spark Minda, UNO Minda, and Zadi are some of the major companies covered in this report.
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