Electric Motorcycle and Scooter Market Likely to Surpass US$ 14.29 Bn by 2027: Transparency Market Research
Transparency Market Research has published a new report titled, “Electric Motorcycle and Scooter Market (Product: Scooter and Motorcycle; Battery Type: Seal Lead Acid and Lithium-ion; Technology: Plug-in and Battery) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” According to the report, the electric motorcycle and scooter market is projected to surpass US$ 14.29 Bn by 2027, expanding at a CAGR of above 7.1 % during the forecast period.
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Electric Motorcycle and Scooter Market:
- According to the report, the electric motorcycle and scooter market is likely to be driven by a range of macroeconomic, technological, and industry-specific factors. Asia Pacific is expected to be at the forefront of global demand, with the market in the region expanding at a CAGR of more than 89% between 2019 and 2027.
- Electric motorcycles and scooters are vehicles that run on electrical energy without utilizing fossil fuels. These types of vehicles are 100% eco-friendly and zero-emission vehicles, which are highly useful to counter the effects of fossil fuel-generated pollution.
- Electric vehicles are vehicles of the future, and they are expected to curtail the amount of carbon emission released into the atmosphere as they produce low or zero carbon emission. Demand for electric vehicles is rising globally, while various governments are offering subsidies to owners or buyers of electric vehicles.
Growth of the Electric Motorcycle and Scooter Market:
- Several countries in Europe are likely to make it mandatory to use electric vehicles in the next two to three years. Germany, Norway, Japan, India, and China have already announced the discontinuation of production of fossil fuel vehicles in the next decade. Moreover, these countries are also encouraging their citizens to purchase electric vehicles by offering subsidies.
- Rising demand for alternative fuels for vehicles is also a major factor driving the demand and popularity of electric vehicles. These types of vehicles are lightweight and are very quiet, as compared to conventional fuel vehicles.
- The performance of the electric vehicles has been improving considerably since its inception, and their performance is expected to match that of conventional fuel vehicles in the next few years.
- Electric powered two wheeler are alternatives to conventional fuel powered two-wheelers that emit considerable amount of carbon dioxide, which is harmful for the environment.
- Increasing demand for alternative fuel vehicles and rising demand for efficient, long-range (mileage), and less noisy vehicles are key factors that are projected to boost the electric two wheeler motor powered vehicle market in the near future.
Challenges of the Electric Motorcycle and Scooter Market:
- Lack of proper infrastructure for electric vehicles, such as limited availability of charging stations or charging docks or base, is a major restraint to the electric motorcycle and scooter market.
- High price of an electric two wheeler, as compared to that of a conventional fuel powered two wheeler, is likely to hamper the market during the forecast period. Key reasons for the high price of electric motorcycles and scooters are less penetration and expensive technology, which impact price of electric motorcycles and scooters.
In terms of product, the scooter segment accounted for a prominent share of the market. This is due to its less price, as compared to its counterpart (electric motorcycle) and easy maintenance. The size, weight, and price of the vehicle is lesser, vis-à-vis to motorcycles, which leads to higher demand for these type of vehicles. The scooter is also easy to maintain, which saves considerable cost during aftersales service.
In terms of battery type, the sealed lead acid segment accounts for a major share of the global electric motorcycle and scooter market. Lithium ion battery type segment was a highly attractive segment of the electric motorcycle and scooter market due to its large running capacity as compared to other electric two wheeler battery technologies. The sealed lead acid segment held a major market share of 70.1% in 2018; however, its share is projected to decline to reach 46.5% of the market by 2027, as the lithium-ion battery type is expected to hold a major share by 2027.
The battery technology segment accounts for a notable share of the market, due to its higher rate of adoption in electric two wheeler vehicles. Furthermore, the battery technology is cost-effective, as compared to plug-in technology. This has led the battery segment to hold a major share of the electric motorcycle and scooter market. The battery technology segment is estimated to dominate and hold 94.9% share of the electric motorcycle and scooters market by the end of 2018.
Electric Motorcycle and Scooter Market: Regional Analysis
- In terms of region, the Asia Pacific dominates the global electric motorcycle and scooter market, primarily due to the massive production and adoption of electric scooters and motorcycles in China, which single handedly leads the global electric motorcycle and scooter market.
- China is estimated to account for 9% share of the global market by the end of 2019. Moreover, surge in emission coupled with government emission norms and subsidies offering have led to significant adoption of the electric motorcycle and scooter market in the China, thereby boosting the market share held by Asia Pacific.
- Other major countries with increasing adoption of the electric two wheeler motor vehicles are India, Japan, and Taiwan.
Prominent players operating in the electric motorcycle and scooter market include AIMA, ALTA MOTORS, Aucma EV, BMW Motorrad, Bodo Vehicle Group, BYVIN, Electric Motor Sport, Inc., Emmelle, Energica Motor Company S.p.A., Evoke Electric Motorcycles, Fushida, Gamma Technologies, Govecs Group, Hero Eco, Honda Motors, KTM Sportmotorcycle GmbH, Lightning Motorcycle Corp., Lima Electric Vehicle Co., Ltd., Lito, Lvjia, Mahindra & Mahindra Ltd., Piaggio & C. SpA, Polaris Industries, Inc., Qianxi Group, Quantya, Shandong Incalu Electric Vehicle Co., Ltd., Shanghai Palla Electric Vehicle Co., Sinski Motorcycle, Slane, Sunra EV, Suzuki Motor Corporation, TAILG, Terra Motors Corporation, Tork Motors, Wuxi Yadea Export-Import Co.,Ltd., Yamaha Motor Corporation, YObykes, Z Electric Vehicle, Zero Motorcycles, Inc., Zhejian Luyuan Electric Vehicle Co., Ltd., and Zuboo.
The global electric motorcycle and scooter market has been segmented as follows:
- Global Electric Motorcycle and Scooter Market, by Product
- Global Electric Motorcycle and Scooter Market, by Battery Type
- Sealed Lead Acid
- Global Electric Motorcycle and Scooter Market, by Technology
- Global Electric Motorcycle and Scooter Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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