The global electric motorcycle market is anticipated to reach a market size of around US$ 41,000 Mn by 2027 and is anticipated to grow at a CAGR of around 4% in terms of revenue during the forecast period 2020 – 2027.
The growing concern about vehicle emissions and consumer awareness for air quality will stimulate growth in the market. In addition, rising public spending is projected to expand consumer penetration in the production of networks for charging EV. Progress in technology in the area of battery and motor systems will help market size growth in electric motorcycles. Increased demand growth will be fueled by the production of Interior Permanent Magnet (IPMs) that have integrated power and reliability for the performance of electric motorcycles. In the case of instantaneous throttle response, the ability of IPM engines to maximum torque leads to their rapid adoption of electric two-rollers. In addition, these motors provide improved strength and acceleration for electric bikes through their small size and reduced weight.
One of the major factors hindering the growth of the electric motorcycles market is the high initial cost of electric scooters. With high-capacity batteries, high performance in electric two-wheelers is achieved. The high prices of these two-wheeled electric batteries add up to the total cost. In order to reduce weight and raise the initial cost of buying, high-quality components used in the production of electric motors are not produced. However, persistent industry leaders' research and development efforts add greatly to the cost savings of batteries and other materials. In 2020 there will be a temporary slowdown on the hybrid motorcycle and scooter market. The global gradual economic decline can be traced to slow inflation and a decrease in consumer buying power worldwide. As COVID-19 is prevalent, customers are very likely to purchase important things, such as food and health goods. Leading to skill shortages and supply chain delays, there are substantial disturbances in automotive manufacturing.
Government Regulations are fueling the Electric Scooter and Motorcycle Market's Growth
The price of most electric two-wheelers is high as against traditional ones in the present scenario. Electric two-wheelers are more expensive than traditional ones, despite government subsidies. Governments are trying to encourage and boost the development of two-wheelers electricity. Many countries with common two-wheelers have created new incentives for e-scooters and motorbikes. For instance, the Indian government announced in 2019 that electricity should be available to all two-wheeler under 150 CCs generated in India after March 31, 2025. The government has also unveiled its strategy on FAME II (Fast Electric Vehicle Adoption and Manufacture). Taiwan also plans to provide incentives for the purchase of new hybrid motorcycles/scooters of up to US$ 900-1000 from 2020. However, from last year, this subsidy was reduced. Gogoro, a local start-up, sold a total of 22,500 units in December 2019 due to such plans in the past. It finished also in 2019 with 145,000 Taiwanese sales reported.
The Asia-Pacific demand over the projected period is predicted to lead. The key economies in the international market are China, India and Japan, which are projected to affect the general market. The countries in question are seeing the arrival into the market of a growing number of startups and well-known traditional producers. India is the newcomer among many new start-ups that mark their existence with the start of new models as one of the largest dual-wheelers markets. BattRE Electric Mobility, for instance, introduced an IoT scooter in 2020, which has features such as browser support, trip data, remote diagnostics, antiviral alert, call speedometer alarms and driving behaviour. In the coming years too, the European region is expected to expand dramatically.
Some of the prominent players in the electric motorcycle market include BMW, Harley Davidson, Amper Vehicles, Alta Motors, Energica Motor Company S.p.A, Govecs Group, Hero Eco, Honda Motors, KTM, Zero Motorcycles, Lightning Motorcycles, Mahindra GenZe, Shandong Incalcu Electric Vehicle Co. Ltd, CAKE 0 Emission AB, Z Electric Vehicle, Suzuki Motors Corporation, and others.
The global electric motorcycle market is segmented as below:
Electric Motorcycle Market By Vehicle Range
Below 75 Miles
Above 100 Miles
Electric Motorcycle Market By Battery Type
Nickel Metal Hydride
Electric Motorcycle Market By Voltage
Below 24 Volt
Above 60 Volt
Electric Motorcycle Market By Geography
Middle East & Africa
The market for electric motorcycle is expected to reach a market value of around US$ 41,000 Mn by 2027
The electric motorcycle market is expected to grow at a CAGR of around 4% from 2020 to 2027
The Li-ion is the leading segment by battery in the electric motorcycle market
The urbanization is expected to occur at even faster rate in the coming years with the advancement in the living standards.
BMW, Harley Davidson, Amper Vehicles, Alta Motors, Energica Motor Company S.p.A, Govecs Group, Hero Eco, Honda Motors, KTM, Zero Motorcycles, Lightning Motorcycles, Mahindra GenZe, Shandong Incalcu Electric Vehicle Co. Ltd, CAKE 0 Emission AB, Z Electric Vehicle, Suzuki Motors Corporation, and others are the prominent players in the market.
Asia Pacific held the highest market share in the electric motorcycle market.
Asia Pacific is expected to be the fastest growing market over the forecast period.