DUBLIN--(BUSINESS WIRE)--The "Electric Scooter and Motorcycle Market by Vehicle Type (E-Scooter/Moped and E-Motorcycle), Battery Type (Sealed Lead Acid & Li-Ion), Distance Covered, Voltage (36V, 48V, 60V & 72V), Technology (Plug-in & Battery) Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Electric Scooter and Motorcycle Market is Estimated to Grow from 684 Thousand Units in 2019 to Reach 7,919 Thousand by 2027, at a CAGR of 35.8%
Demand for electric two-wheelers and subsidies provided by governments are significant factors for the growth of the electric scooter and motorcycle market globally
Increased emphasis on reduction in carbon emissions is expected to boost the market. However, the lack of charging infrastructure and performance constraints can create a hurdle for the growth of it.
Demand for high-performance e-motorcycles and advancements in battery technologies are likely to propel the growth of e-motorcycles during the forecast period
The e-motorcycle segment is the fastest-growing market. Earlier, manufacturers were focusing on developing e-scooters/mopeds as they have a design more suitable to incorporate an electric propulsion system. However, e-scooters/mopeds have range and performance constraints; also, they serve the limited purpose of short-distance commuting only. With e-motorcycles, users could serve different purposes such as cruising, racing, off-roading, and commuting, which would increase the demand for e-motorcycles in the future.
The European market is expected to register the fastest growth during the forecast period
The European market is expected to witness the fastest growth, followed by North America and Asia Pacific. The electric scooter and motorcycle industry in the region is inclined towards innovation, technology, and development of advanced charging infrastructure. The increasing demand for reducing carbon emissions and developing more advanced and fast-charging stations is expected to propel the growth. Energica Motor Company, KTM, Piaggio, GOVECS, and BMW are some of the key players in the European electric two-wheeler industry.
Asia Pacific is expected to be the largest market during the forecast period
Asia Pacific is expected to be the largest market, followed by Europe. The increasing concerns over carbon emissions from existing conventional ICE two-wheelers and demand for energy-efficient commuting have led the authorities to have favorable initiatives and regulations, which have propelled the growth of this market. Asia Pacific is home to many global leaders such as Yadea, Hero Electric, NIU, and Luyuan, which are offering a large portfolio of electric scooters and motorcycles. Thus, the region has high sales volume, especially for the e-scooter/moped segment.
The electric scooter and motorcycle market comprises major manufacturers such as Yadea (China), Hero Electric (India), Vmoto (Australia), Electrotherm (India), and Jiangsu Xinri E-Vehicle Co., Ltd. (China).
- Low Operating and Maintenance Costs
- Government Incentives and Subsidies
- Lack of Charging Infrastructure
- Lack of Power Output and Limited Range
- Government Bodies Backing Electric Two-Wheelers
- Established Players Yet to Enter the Market
- Design and Performance Standards
- Initial Investments and High Cost of Electricity
- Aima Technology Group Co., Ltd
- Ampere Vehicles
- Ather Energy
- Avan Motors India
- Avon Cycles
- BMW Group
- Bajaj Auto Ltd.
- Dongguan Tailing Electric Vehicle Co., Ltd.
- Electrotherm Ltd.
- Emflux Motors
- Energica Motor Company
- GOVECS Group
- Gogoro Inc.
- Harley Davidson
- Hero Electric
- Honda Motor Co., Ltd.
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Johammer E-Mobilty GmbH
- KTM AG
- Mahindra and Mahindra Ltd.
- NIU International
- Okinawa Autotech Pvt. Ltd.
- Piaggio Group
- Shandong Incalcu Electric Vehicle Co., Ltd.
- TVS Motor Company
- Terra Motors Corporation
- Twenty Two Motors Private Limited
- Vmoto Limited
- Yadea Group Holding Ltd.
- Z Electric Vehicle
- Zero Motorcycles
- Zhejiang Luyuan Electric Vehicle Co., Ltd.
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Related Topics: Motorcycles, Electric and Hybrid Vehicles