The global electric motorcycles and scooters market is anticipated to grow at a CAGR of around 5.0% during the forecast period 2021 to 2028 and to reach around US$ 44.1 Bn by 2028.
|Market||Electric Motorcycles and Scooters Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Product, By Battery, By Voltage and By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Lightning Motorcycles, Ampere Vehicles, Harley Davidson, Mahindra GenZe, Z Electric Vehicle, Zero Motorcycles, Hero Electric, Yadea Technology Co. Ltd., KTM, and Tailing Electric Vehicle Co. Ltd.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Rapid technological advancements in automotive sector, skyrocketing fuel prices is resulting in industry inclination towards alternative power source for the vehicle. This is major factor expected to drive the growth of global electric motorcycles and scooters market. The government of developed countries is adopting eco-friendly approach towards saving the environment from are and noise pollution. Favorable business policies by the government and availability of advanced infrastructure in the country are factors expected to increase the adoption of scooters among consumers further impacting the growth of target market.
Rising environment concern government of developed and developing countries along with auto manufacturer are focused on implementing cost-effective and eco-friendly solutions to lower the pollution problem. Swift inclination towards adoption of electric technology to power vehicles is gaining traction. Development of electric scooters for short and medium travel distance with advanced features such as GPS, USB charging, etc. is adding value to the target market. Major players are investing high for the development of new products with focus to attract new customers this is expected to augment the growth of global electric motorcycles & scooters market.
• In 2021, Honda, a global automotive manufacturing company announced that in the coming years the company is expected to launch four new models of electric motorcycles. CB125R with an electric powertrain and Honda Grom motorcycle sporting an electric conversion are the two patients reveled by the company.
• In 2021, Harley-Davidson, a motorcycle manufacturing company launched “LiveWire electric motorcycle.” The product launch is expected to help company enhance the business and increase the customer base.
• In 2021, Ola, a multinational ride-sharing company, launched its first ever electric scooter “Ola Electric”. The scooter is a leading innovation including the motor, the battery, the vehicle computer, and several other advanced features through innovative software. The product launch is expected to help company enhance the customer base and increase the revenue share.
Factors such as high cost of vehicles and lack of developed charging infrastructure in developing countries are factors expected to hamper the growth of global electric motorcycles & scooters market. In addition, high initial investment and concern related to distance and maintenance is expected to challenge the growth of target market. However, rising awareness activities by the government, introduction of new advanced low-cost vehicle models, and increasing investment by major players are factors expected to create new opportunities for players operating in the electric motorcycles & scooters market over the forecast period. In addition, increasing partnership activities by players is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in Asia Pacific is expected to witness faster growth in the target market due to increasing government spending on establishment of developed electric infrastructure. The government of developing countries is spending high on electrical infrastructure in order to facilitate the adoption of electric vehicles. In addition, introduction of new vehicle policies and availability of various schemes is attracting consumers for buying electric motorcycles these factors are expected to augment the growth of electric motorcycles & scooters market. Enterprises approach towards enhancing the business in emerging economies and presence of major scooter manufacturer operating in the country such as India, China, and Japan the region is expected to witness noticeable growth.
The global electric motorcycles and scooters market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Electric Motorcycles and Scooters Market Segment Analysis, 2020
The global electric motorcycles & scooters market is segmented into product, battery and voltage. The product segment is divided into motorcycles and scooters. Among product the scooters segment is expected to account for noticeable revenue share in the global electric motorcycles & scooters market. The voltage segment is divided into 24V, 36V, 48V, and others. Among voltage the 48V segment is expected to account for significant revenue share in target market. Players operating in the global electric motorcycles & scooters market are Lightning Motorcycles, Ampere Vehicles, Harley Davidson, Mahindra GenZe, Z Electric Vehicle, Zero Motorcycles, Hero Electric, Yadea Technology Co. Ltd., KTM, and Tailing Electric Vehicle Co. Ltd.
Market By Product
Market By Battery
Market By Voltage
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The global electric motorcycles and scooters market in 2028 is expected to be above US$ 44.1 Bn.
The CAGR of the global electric motorcycles and scooters market from 2021-2028 is above 5.0%.
Rapid technological advancements in automotive sector, skyrocketing fuel prices is resulting in industry inclination towards alternative power source for the vehicle. This is major factor expected to drive the growth of global electric motorcycles and scooters market.
In product the scooters segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Lightning Motorcycles, Ampere Vehicles, Harley Davidson, Mahindra GenZe, and Z Electric Vehicle.
The Asia Pacific is expected to account for major revenue share in the global market.