Electric Motorcycle Market Size to Grow USD 11410 Million by 2028 with a CAGR of 6.5 | Valuates Reports
BANGALORE, India, Sept. 26, 2022 -- The Global Electric Motorcycle Market is Segmented by Type (Electric Motorcycle, Electric Scooter), by Application (Sealed Lead Acid, Lithium Ion): Global Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Autos & Vehicles Category.
Due to the COVID-19 pandemic, the global Electric Motorcycle market size is estimated to be worth USD 7817 Million in 2022 and is forecast to a readjusted size of USD 11410 Million by 2028 with a CAGR of 6.5% during the review period.
Major factors driving the growth of the Electric Motorcycle market:
The Electric Motorcycle market is anticipated to increase as a result of factors like lower costs, simpler daily commutes, less noise, low maintenance requirements, and compact designs that make them easy to maneuver inside cities.
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TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC MOTORCYCLE MARKET:
To further stop the growth of air pollution, governments in various nations are concentrating more on the adoption of green vehicles. The market for electric motorcycles has grown significantly as a result of the development of battery management technologies and the installation of EV charging infrastructure. Internal Permanent Magnet (IPM) motors play a significant role in improving the performance of electric motorcycles by maximizing efficiency and power that can torque the system for quick throttle response.
Growth in investment for research and development to carve the way for innovations is expected to fuel the electric motorcycle market. Increased funding for the expansion and development of cutting-edge and automated machinery is the result of an increase in strategic market alliances. Additionally, a rise in the amount of money spent on research and development would pave the door for advances in using electric motors.
Furthermore, these bicycles are made to be more eco-friendly and decrease carbon emissions. Newer models will support charging from renewable energy sources, such as solar power system, and will contain recyclable batteries. This in turn is expected to fuel the Electric Motorcycle Market.
Although electric motorcycles currently cost more upfront than their gas-powered counterparts, they end up being less expensive over time. Naturally, not having to buy fuel will result in significant financial savings. In addition, some governments are attempting to offer unique incentive schemes on their taxes and purchase price.
Additionally, parking these slick machines and navigating the traffic is considerably simpler than standing around. Regenerative braking is a feature of electric motorbike design, which allows the battery to be recharged while cruising around. These factors will fuel the growth of the Electric Motorcycle Market.
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ELECTRIC MOTORCYCLE MARKET SHARE ANALYSIS:
Based on region, the Asia Pacific is expected to be the most lucrative. Factors such as growing worry over running out of oil reserves and excessive carbon emission discharge fuel the market in this region.
Based on type, Electric Scooter is expected to be the most lucrative segment.
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Top Companies in the Electric Motorcycle Market:
Global Electric Motorcycle key players include Yadea, AIMA, Lvyuan, Sunra, TAILG, etc. Global top five manufacturers hold a share of about 25%.
Other Key Players are:
- Zongshen Electric Motorcycle
- Wuyang Honda
- HONG ER DA
- Opai Electric
- Xiaodao Ebike
- Aucma EV
- Terra Motor
- Zero Motorcycles.
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- The global High-Performance Electric Motorcycle market was valued at USD 1210.7 Million in 2020 and it is expected to reach USD 1366.5 Million by the end of 2027, growing at a CAGR of 1.4% during 2021-2027.
- Due to the COVID-19 pandemic, the global Electric Scooter and Motorcycle market size is estimated to be worth USD 7885 Million in 2022 and is forecast to a readjusted size of USD 12170 Million by 2028 with a CAGR of 7.5% during the review period.
- The global micromobility market was valued at USD 40.19 Billion in 2020, and is projected to reach USD 195.42 Billion by 2030, registering a CAGR of 17.4% from 2021 to 2030.
- The global electric vehicle market was valued at USD 163.01 Billion in 2020 and is projected to reach USD 823.75 Billion by 2030, registering a CAGR of 18.2% from 2021 to 2030.
- Electric Bike Market by Product, Drive Mechanism, and Battery Type: Opportunity Analysis and Industry Forecast, 2020–2030," the global E-bikes market was valued at USD 40.3 Billion in 2019, and is projected to reach USD 118.6 Billion by 2030, registering a CAGR of 10.5% from 2020 to 2030.
- The global Electric Scooter market size is estimated to be worth USD 5703.5 Million in 2022 and is forecast to a readjusted size of USD 7384.9 Million by 2028 with a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period.
- The global Electric Commercial Vehicle market size is projected to reach USD 178560 Million by 2027, from USD 101270 Million in 2020, at a CAGR of 8.3% during 2021-2027.
- The global electric kick scooter market size was valued at USD 2.10 Billion in 2020, and is projected to reach USD 4.52 Billion by 2028, registering a CAGR of 12.2% from 2021 to 2028.
- The global Ride Sharing market size is projected to reach USD 126760 Million by 2028, from USD 38160 Million in 2021, at a CAGR of 19.8% during 2022-2028.
- The global Bike and Scooter Rental market size is projected to reach USD 4740.8 Million by 2027, from USD 2115.4 Million in 2020, at a CAGR of 11.7% during 2021-2027.
- The global lithium-ion battery market was valued at USD 36.7 Billion in 2019 and is projected to hit USD 129.3 Billion by 2027 at a CAGR of 18.0% from 2020 to 2027.
- The global Lithium-ion Battery Recycling market size is projected to reach USD 24930 Million by 2028, from USD 2543 Million in 2021, at a CAGR of 38.1% during 2022-2028.
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