The ‘Global Electric Scooter and Motorcycle Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global electric scooter and motorcycle market growth, assessing the market on the basis of its segments like product, battery type, technology, voltage, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 35%
Rapid urbanisation, rising disposable incomes, and increasing popularity of two-wheel vehicles are accelerating the growth of the global electric scooter and motorcycle market. The major factors driving the growth of this market include the increasing opportunities for original equipment manufacturers (OEMs) and the expanding automotive industry. Electric scooters and motorcycles provide increased ease of movement to people, particularly in areas with heavy traffic, which is leading to their wide adoption. This, coupled with rising fuel prices and rapid enhancements in infrastructure, are further adding to the growth of this market.
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Scooter products are forecasted to witness a rapid growth in the global electric scooter and motorcycle market, owing to their low cost and easy availability across different nations. Meanwhile, motorcycles are also expected to be a lucrative product due to their rising popularity amongst the youth for their stylish look and enhanced performance. Li-on battery types are likely to expand significantly in the forecast timeline owing to their easier compatibility and low cost. Furthermore, plug-in technology is likely to gain traction in line with the growing investments in charging stations.
Electric Scooter and Motorcycle Industry Definition and Major Segments
Electric scooters and motorcycles are electric-powered plug-in vehicles, powered by rechargeable batteries, typically with a two-wheel configuration. There are several riding modes in an electric scooter and motorcycle for different performances, such as eco, sport and power. Electric scooters and motorcycles are commonly used for purposes of daily commute, last-mile deliveries, and for cruising.
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On the basis of product, the market is bifurcated into:
Based on battery type, the market is classified into:
- Sealed Lead Acid (SLA)
On the basis of technology, the market is divided into:
Based on voltage, the market is categorised into:
- 36 V
- 48 V
- 60 V
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Electric Scooter and Motorcycle Market Trends
The rising adoption of electric vehicles has positively impacted the growth of the electric scooter and motorcycle market. The key trends observed in this market include the surging demand for eco-friendly vehicles and increased spending of various governments to improve charging infrastructure. The market for electric two-wheelers (E2W) is expected to undergo rapid transformation owing to the implementation of battery swiping technology that allows users to replace their dead batteries with new batteries. A sizeable population is shifting to EVs due to the rising awareness regarding sustainability and the increased air pollution caused by internal combustion (IC) engines of conventional vehicles.
The integration of advanced technologies like IoT into two-wheeler smart charging stations are supporting smart features like load management and smart connectivity, thus helping in strengthening the electric scooter and motorcycle market. Players in the market have also developed advanced systems to allow integration of smartphones with these vehicles via wireless LAN, Bluetooth, and USB, which is likely to bolster the market for electric scooters and motorcycles. The governments of various countries are also encouraging the adoption of e-vehicles by relaxing maximum power limits for low powered vehicles (LPVs) and e-motorcycles. Electric scooter and motorcycle manufacturers are also increasingly focussing on improving the fast-charging capabilities of batteries, which is likely to boost the electric scooter and motorcycle market.
Key Market Players
The major players in the electric scooter and motorcycle market report are Yadea Technology Group Co., Ltd., Bayerische Motoren Werke Aktiengesellschaft, Terra Motors Corporation, Greaves Cotton Limited, Energica Motor Company S.p.A., and Zero Motorcycles, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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