Sales of Electric Motorcycles and Scooters Are Expected to Reach Nearly 6 Million a Year by 2024
Slowing growth in China is being offset by expanding markets in neighboring economies, report finds
BOULDER, CO -- March 20, 2015: A new report from Navigant Research examines the global markets for electric motorcycles and scooters and the related battery technologies, including global forecasts for electric two-wheeled vehicles and the batteries used in the vehicles through 2024.
“Although purchase prices remain relatively high and the availability of vehicles is limited in some regions, e-motorcycles and e-scooters offer an affordable, efficient mode of personal transport for motorists, particularly in booming cities of the developing world”
As cities become increasingly congested with traffic, many urban dwellers are turning to various forms of electric two-wheeled transport. The market for electric motorcycles and scooters is expected to achieve stable and continuous growth during the coming years, as several large manufacturers enter the market and decreasing battery costs make products more affordable. Click to tweet: According to a new report from Navigant Research, worldwide sales of electric motorcycles and scooters are expected to grow from 5.3 million annually in 2015 to nearly 6 million by 2024.
“Although purchase prices remain relatively high and the availability of vehicles is limited in some regions, e-motorcycles and e-scooters offer an affordable, efficient mode of personal transport for motorists, particularly in booming cities of the developing world,” says Ryan Citron, research analyst with Navigant Research. “Even as growth slows in China, the largest electric two-wheeled vehicle market in the world, manufacturers are moving to scooter and motorcycle markets in neighboring emerging economies.”
Some key market players are taking innovative steps to expand their reach, according to the report. E-scooter battery-swapping startup Gogoro, for example, is offering its customers a battery swapping network to offset the cost of buying a vehicle. Meanwhile, the acquisition of Brammo by Polaris Industries and the expected entrance into the market by Yamaha and Harley-Davidson in the coming years may signal accelerating growth in the high-powered e-motorcycle market in North America and Western Europe.
The report, “Electric Motorcycles and Scooters,” examines the global markets for high-powered and low-powered e-motorcycles, e-scooters, and the related battery technologies. It provides an analysis of the key market drivers, barriers, and technology issues related to e-PTWs, as well as the impact of incentives. Global forecasts for e-PTWs and the batteries used in the vehicles, segmented by region, technology, and internal combustion engine (ICE) motor size equivalent, extend through 2024. The report also examines the market for gasoline motorcycles and scooters, battery market issues, the effect of electric vehicle (EV) charging equipment, and major industry players. An Executive Summary of the report is available for free download on the Navigant Research website.