The global Electric Scooter and Motorcycle market size is estimated to be worth US$ 7885 million in 2022 and is forecast to a readjusted size of US$ 12170 million by 2028 with a CAGR of 7.5% during the review period. Key drivers of the electric scooter and motorcycle market include the rising shift towards sustainable modes of transportation for curbing greenhouse gas emissions.
The growing government support and superior design, and performance with cheaper maintenance costs in comparison to internal combustion engine vehicles will fuel the growth of the electric scooter and motorcycle market. The technological innovations in battery and motor components will surge the market ahead during the forecast period. However, the lack of proper charging infrastructure will restrict the growth of the market in the coming years.
What is the Electric Scooter and Motorcycle Market?
Electric two-wheelers, as indicates itself, is electricity-powered two-wheelers. A battery pack and a motor are installed to store and transform the electricity. User control is usually attached to the handlebar to brake and adjust the speed. Under this abstract definition, a variety of types and styles are available to consumers in the market and still developing.
Electric Scooter and Motorcycle can be classified as a combination of electric bicycle, electric scooter, electric motorcycles, and so on. The power-assisted electric scooter with pedals is also called electric bicycle in China. Hence, in this report, the statistics mainly focus on the following several kinds including E-motorcycles, E-bicycles, and E-scooters etc.
Trends Influencing the Electric Scooter and Motorcycle Market Size & Growth
Eco-friendly mode of transportation
Due to rising environmental concerns and strict regulations regarding CO2 emissions consumers are shifting towards electric-powered vehicles. E-scooters or E-bikes are an efficient mode of commute. They are lightweight, rechargeable, and generate electricity through batteries. Moreover, companies are developing powerful versions that can cover huge distances over a single charge. Traffic jams are avoided which ultimately helps in reducing air pollution. These factors will lead to massive adoption thereby propelling the growth of the electric scooter and motorcycle market during the review period.
Favorable policies and benefits over gas-powered vehicles
Policy changes and equipment purchase incentives, rebates, and preferential rates are some of the steps taken by government authorities around the world to drive the adoption of electric motorcycles or scooters. Moreover, the prices of petrol and gasoline are skyrocketing due to covid-related disruptions and the Russia-Ukraine war. Petrol run bikes cause noise and air pollution and then there are maintenance and repair costs. However, e-scooters are rechargeable and have fewer replaceable parts which save up money and can be charged anywhere at home or office. Such factors will augment the growth of the electric scooter and motorcycle market during the forecasted period.
Technological advancements in batteries and motors
Lithium-ion batteries have captured attention worldwide with rapid innovations in energy densities. The cost per unit of energy consumed has decreased drastically with longer distance coverage. Motors with smaller brushless designs and rare earth magnetic systems that drive the two-wheeler ahead and require very less maintenance have been developed. IPM engines enhance the power and efficiency of vehicles. This in turn will surge the growth of the electric scooter and motorcycle market during the review period.
Poor infrastructure coverage
Public charging stations have come up but still lack presence in many prime locations around the world. In addition to it, electric charging requires a longer time depending on the size and compactness of the batteries. Hence a complete geographical overhaul with costly installations is required for people to park their scooters or bikes for extended periods. This will hamper the electric scooter and motorcycle market in the upcoming years.
By Type, the Electric Scooter Segment occupies the largest market share, and segments reach 98.36%
During the projected period, the E-Motorcycle segment is expected to increase at the fastest rate. Manufacturers are concentrating their efforts on e-scooters and mopeds since they have a better design for incorporating an electric propulsion system.
Electric Scooter and Motorcycle Market Regional Analysis
China currently holds the greatest market share for Electric Motorcycles and Scooters, and this trend is likely to continue over the projection period. In 2017, China’s sales volume accounted for 93.42 percent of the worldwide market, however, this changed in 2018 due to oversupply. In 2019, China’s sales share fell to 92.86 percent. At the same time, exports to Europe and the United States skyrocketed. Many Chinese manufacturers of electric motorcycles and scooters appear to be attempting to find a newly developing market.
Top Major Players in the Electric Scooter and Motorcycle Market
The major players that are operating in the global Electric Scooter and Motorcycle Market are
- Yadea
- AIMA
- Lvyuan
- Sunra
- TAILG
- Lima
- BYVIN
- Wuyang Honda
- HONG ER DA
- Lvjia
- Slane
- Opai Electric
- Supaq
- Xiaodao Ebike
- Sykee
- Aucma EV
- Terra Motor
- Govecs
- ZEV
- Zero Motorcycles
- Palla
- Zongshen Electric Motorcycle
