NEW YORK, March 10, 2021 /PRNewswire/ — Considering the growing rate of environmental degradation, governments around the world are offering tax concessions and purchase subsidies on electric vehicles (EV). As a result, the global electric scooter and motorcycle market size will increase from $5,913.9 million in 2019 to $10,529.7 million by 2025, at a 14.4% CAGR between 2020 and 2025, according to the market research study published by P&S Intelligence. Since these automobiles do not have an internal combustion engine (ICE), they are gaining widespread public support.
These supportive measures are key for the growth of the electric scooter and motorcycle market, as these vehicles are presently more expensive than their gasoline counterparts. Therefore, making them cost-effective is imperative to increase their adoption among the masses, especially in developing countries, such as India and China.
Key Findings of Global Electric Scooter and Motorcycle Market Report
- Demand for electric motorcycles to rise faster than for scooters
- Financial support important for market growth
- Last-mile delivery and ride-hailing services key opportunity areas
- Electric two-wheelers being increasingly bought via online channels
- Automakers launching new electric two-wheeler models
- Europe most-lucrative region for market players
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During the COVID-19 pandemic, the electric scooter and motorcycle market has been affected negatively, as the lockdowns and restrictions on non-essential movement have led to low or no production of automobiles around the world. Moreover, with the widespread economic distress because of salary cuts and unemployment, people are not spending on unimportant things, such as automobiles.
In the coming years, the scooter bifurcation is expected to continue dominating the electric scooter and motorcycle market, on the basis of product. Scooters are already cheaper than motorcycles, and more models of the former are available in the market.
The lithium-ion (Li-ion) bifurcation will witness the higher value CAGR in the electric scooter and motorcycle market, of 23.2%, based on battery type, in the near future. Compared to a sealed lead–acid (SLA) battery, Li-ion variants can carry more charge, therefore offer a longer driving range. In addition, these batteries are lightweight, smaller, and safe to dispose of, and they are also witnessing a fall in their prices.
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In the past, the 48 V category held the largest share in the electric scooter and motorcycle market, under segmentation by voltage. Compared to two-wheelers with batteries of other voltage ratings, those with 48-V batteries offer the highest benefit relative to their cost, which leads to the strongest preference for them.
Plug-in has been the larger category under the technology segment of the electric scooter and motorcycle market till now. Such two-wheelers are cost-effective and easy to charge, requiring to be simply plugged into a domestic electricity socket.
Asia-Pacific (APAC) is the most-productive electric scooter and motorcycle market, on account of the rising per capita income, rapid urbanization, and strong government support for EVs. In the years to come, the fastest growth in the market is projected to be witnessed by Europe, due to the rising environmental concerns forcing the regional governments to focus on a carbon-free economy.
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Major players in the global electric scooter and motorcycle market are Yadea Technology Group Co. Ltd., Zero Motorcycles Inc., BMW AG, Terra Motors Co. Ltd., AIMA Technology Group Co. Ltd., GOVECS Group, Energica Motor Company S.p.A., Mahindra GenZe, Hero Electric Vehicles Pvt. Ltd., Vmoto Ltd., TORROT ELECTRIC EUROPA S.A., Gogoro Inc., Kwang Yang Motor Co. Ltd., Niu Technologies, unu GmbH, Askoll EVA SpA, cutum Logistic S.L., Lightning Motors Corp., and Piaggio & C. SpA.
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