Electric Scooter and Motorcycle Market expected to Witness Huge

Electric Scooter and Motorcycle Market

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Electric Scooter and Motorcycle Market Size, Share & Trends Analysis Report By Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance (below 75 miles, 75-1000 miles, and above 100 miles), Voltage (36V, 48V, 60V, 72V, Above 72V), Technology Usage(Private, Commercial), Vehicle Class (economy and luxury)- Market Outlook And Industry Analysis 2031”

The Global Electric Scooter and Motorcycle Market is estimated to reach over USD 27.24 billion by 2031, exhibiting a CAGR of 23.58% during the forecast period.

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The market demand for electric scooters and motorcycles is expanding as a result of reasons such as growing government initiatives in favour of electric mobility, rising fuel prices, and customer preference for using e-bikes as an eco-friendly commuting option. The development of the electric scooter and motorbike industries is anticipated to be hampered by the high initial cost of e-bikes and scooters and the ban on using e-bikes in key Chinese cities. Moreover, market prospects are created for the main market players through improvements in infrastructure and improving battery technology.

Governments in several nations are currently promoting clean energy sources by enacting strict emission standards, offering subsidies and tax breaks for the earlier adoption of electric two-wheelers and other low-emission vehicles to aid meet the stringent emission regulations, and other measures. For instance, the Indian government introduced a plan in June 2019 to decrease the goods and service tax (GST) on electric vehicles, such as e-bikes and scooters, from 12% to 5% to promote the adoption of these vehicles more quickly. The market for electric scooters and motorcycles is also predicted to be driven by investments in the development of new types of electric two-wheeled vehicles, electric bicycles, and electric scooters with superior performance characteristics and new technologies for core parts and components.

List of Prominent Players in the Electric Scooter and Motorcycle Market:

• AIMA Technology Group Co. Ltd

• Alta Motors

• Ampere Vehicles Pvt Ltd (Greaves Cotton)

• Bell Custom Cycles

• Blacksmith Electric

• Electric Motion

• Energica Motor Company S.p.A

• Essence Motorcycles

• Govecs Group

• Harley Davidson

• Hero Eco Vehicles Pvt Ltd

• Honda Motors

• Husqvarna Motorcycles GmbH

• Jiangsu Xinri E Vehicle Co. Ltd.,

• Johammer e-mobility GmbH

• KTM AG

• Lightning Motorcycles

• NIU International,

• Okinawa Autotech Private Ltd.

• Yadea Technology Group Ltd.,

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Market Dynamics:

Drivers-

Owing to increasing awareness of the issues associated with using fossil fuel-powered vehicles, governments from many different nations are taking majors to reduce their carbon footprints by promoting the usage of electric bikes and scooters, electric automobiles, and bicycles. Also, governments are building bicycle-friendly roadways, which encourage people to use bicycles as their primary transportation mode. Many governments are paying emphasis to electric bicycles, scooters, and motorbikes as dependable, effective types of light motor vehicles (LMVs) that contribute to lowering carbon emissions. Governments from all over the world are also delivering tax breaks and other incentives to encourage the purchase of electric mobility in an effort to promote the use of these eco-friendly vehicles.

Challenges:

One of the main factors hindering the growth of the electric scooter and motorcycle market is the high cost of e-bikes and scooters. Compared to conventional bikes, conventional scooters, or motorcycles, electric motorbikes are more expensive due to the cost of the battery and technology. As a result, buyers believe that traditional bikes or scooters offer better performance for the same or less money. Furthermore, the market’s expansion is constrained by the high cost of using lithium-ion batteries or a motor’s drive mechanism. So, the rise in e-bike use outside of China is constrained by high costs. The worldwide e-bike market, however, is expanding quickly, which could lessen the impact of this limitation.

Regional Trends:

During the course of the forecast, Asia-Pacific is predicted to dominate the market. The four largest economies in the region are China, India, South Korea, and Japan, and these economies are anticipated to have an impact on the market as a whole. These nations are seeing an increase in the number of new businesses as well as traditional, well-established enterprises entering the market. Taiwan started offering subsidies in 2021 of up to USD 900-1000 for the purchase of new electric motorcycles and scooters. Due to the implementation of such measures, 94000 of the 809 000 scooters sold in the nation in 2021 were electric scooters. In Taiwan in 2021, electric scooters accounted for 11.9% of all scooter sales. Over 79000 electric scooters were sold by Gogoro Inc. in Taiwan in 2021. The Taiwanese government wants to have 70% of new scooters sold to be electric by the end of 2035 in Taiwan.

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Recent Developments:

• In October 2022, KLB Komaki Pvt. Ltd., an electric scooter startup in India, debuted Venice Eco Electric, its eighth high-speed scooter, in the country. The scooter includes a TFT instrument cluster with navigational functions and a Lithium Ferro Phosphate battery that is said to lower fire risks.

Segmentation of Electric Scooter and Motorcycle Market-

By Vehicle Type-

• E-scooter

• E-Motorcycle

By Battery Type-

• Sealed lead acid,

• Lithium-ion

By Distance Covered-

• Below 75 miles,

• 75-1000 miles

• Above 100 miles

By Technology-

• Plug-in

• Battery

By Voltage-

• 36V,

• 48V,

• 60V,

• 72V,

• Above 72V

By Vehicle Class-

• Economy

• Luxury

By Usage-

• Commercial

• Private

By Region-

North America-

• The US

• Canada

• Mexico

Europe-

• Germany

• The UK

• France

• Italy

• Spain

• Rest of Europe

Asia-Pacific-

• China

• Japan

• India

• South Korea

• South East Asia

• Rest of Asia Pacific

Latin America-

• Brazil

• Argentina

• Rest of Latin America

Middle East & Africa-

• GCC Countries

• South Africa

• Rest of Middle East and Africa

About Us:

InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.