Global Motorcycle Handlebar Control Switch Market to Reach $680.6 Million by 2026

A motorcycle has several critical parts and a handlebar is a vital component that features mirrors, start button, throttle, front brake, clutch handle, switch for indicators, and controls for lights. Motorcycle handlebar control switches relate to the switches that are installed on the handlebars of the motorcycle. These switches are integral to the motorcycle as they carry out certain important functions such as flashing a signal while turning, honking, switching-on headlights and others. Some of the switches include brake-light switches, headlight dip switches, horn switch, and signal switches, among others. Control switches transmit signals to various electrical components of the motorcycle. Aside from design enhancements, control switch modules can support more number of functions than before.

Amid the COVID-19 crisis, the global market for Motorcycle Handlebar Control Switch estimated at US$524.9 Million in the year 2020, is projected to reach a revised size of US$680.6 Million by 2026, growing at a CAGR of 4.6% over the analysis period. Commuter, one of the segments analyzed in the report, is projected to grow at a 4.2% CAGR to reach US$466.5 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mid-Segment segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 25.1% share of the global Motorcycle Handlebar Control Switch market.

The U.S. Market is Estimated at $7.2 Million in 2021, While China is Forecast to Reach $120.5 Million by 2026

The Motorcycle Handlebar Control Switch market in the U.S. is estimated at US$7.4 Million in the year 2021. The country currently accounts for a 1.41% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$120.5 Million in the year 2026 trailing a CAGR of 5.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.6% and 2.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.3% CAGR while Rest of European market (as defined in the study) will reach US$127.1 Million by the close of the analysis period.

The COVID-19 pandemic has effectively catalyzed global demand for motorbikes by driving a large number of people to turn towards the longtime favorite option for transport and fun. People across countries are spending on the new gear and even applying for licenses for using motorbikes as a mode of transport or hobby amid the pandemic. Factors such as the infection risk and need to maintain physical distancing are driving people to migrate from public transit options towards motorbikes as a safe mode to reach workplaces. The COVID-19 outbreak has resulted in unexpected surge in motorbikes sales by expediting consumer shift towards two-wheelers as a safer mode of transport to work or other places. While motorbikes have been always perceived as cool, the pandemic has made a large number of people to realize the fact. Unlike other entertainment options like football matches and celebrity live events that were banned amid the pandemic, motorbikes maintained their popularity among consumers. In contrast to other industries that bore the brunt of the COVID-19 pandemic and associated restrictions imposed by different countries, motorbikes remained in a favorable position, mainly in terms of demand and sales.

Premium Segment to Reach $59.5 Million by 2026

In the global Premium segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$17 Million in the year 2020 will reach a projected size of US$23.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$30.6 Million by the year 2026, while Latin America will expand at a 5.2% CAGR through the analysis period.