electric-scooter-and-motorcycle-market-worth-$14.7-billion-by-2028-–-exclusive-report-by-marketsandmarkets

Electric Scooter and Motorcycle Market worth $14.7 billion by 2028 – Exclusive Report by MarketsandMarkets™

 

Electric Scooter and Motorcycle Market by value, is estimated to be USD 4.9 billion in 2023 and is projected to reach USD 14.7 billion by 2028, at a CAGR of 24.8% from 2023 to 2028, according to a new report by MarketsandMarkets™The market for electric scooters and motorcycles is expected to rise as a result of reasons including rising fuel prices, the adoption of emissions-free transportation, and advantageous government policies including subsidies and tax refunds.

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Browse in-depth TOC on “Electric Scooter and Motorcycle Market”

120 – Tables
90 – Figures
320 – Pages

Electric Scooter and Motorcycle Market Scope:

Report Coverage

Details

Market Size

USD 14.7 billion by 2028

Growth Rate

24.8% of CAGR

Largest Market

Asia Pacific

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Vehicle Type, Battery, Distance Covered, Voltage, Technology, Vehicle Class Usage, and Region

Geographies Covered

Asia Pacific, Europe, and the Americas

Report Highlights

Updated financial information/Company Evaluation Quadrant

Key Market Opportunities

Use of IoT and Smart Infrastructure in Electric Two Wheelers Charging Station for Load Management

Key Market Drivers

Implementation of Battery Swapping Technology

Government agencies from several nations are creating lucrative incentives and programmes to entice people to purchase electric two-wheelers, including significant discounts, initially free electricity, and free public charging stations. In addition, governments are collaborating with producers to construct charging and production facilities, exempting them from taxes. These elements are anticipated to fuel the demand for electric scooters and motorcycles in the future.

The potential of electric mobility, which can prevent environmental damage, reduce global warming, as well as reduce dependence on oil-producing nations, has been recognised by governments around the world. This can result in significant savings on import costs and help manage foreign exchange risks. These government incentives will be essential in influencing the market.

Europe is expected to be the second-largest market during the forecast

Europe is home to many electric two-wheeler manufacturing companies such as Energica Motor Company (Italy), GOVECS (Germany), and Piaggio (Italy). The automotive industry is one of the key contributors to Europe’s economy. The European region is segmented into GermanyFranceSpainAustriaBelgiumthe NetherlandsPolandDenmarkItaly, and UK. The increasing concerns over carbon emissions by conventional ICE two-wheelers and efficiency in this mode of travel have led the European two-wheeler manufacturers to develop electric scooters and motorcycles, which has propelled the growth of the electric scooter and motorcycle market. Government initiatives have encouraged the key players in the market to develop advanced electric two-wheelers as well as the infrastructure for charging facilities. The demand for electric two-wheelers has allowed new players to increase their presence in the region. Governments of various European countries are subsidizing electric infrastructure, and the focus will continue to be on electric vehicles in the long run. Hence, the electric scooters and motorcycles market will grow in the future in Europe. In December 2022, Astara has signed a strategic partnership with Silence Urban Ecomobility to distribute their electric scooters and vehicles for micro mobility in Belgium and Luxembourg.

The below 75 miles segment is expected to be the largest segment in the forecast

The below 75 miles segment is estimated to lead the global electric scooter and motorcycle market, as most electric scooters/mopeds have a range of up to 75 miles. The below 75 miles range market will be the largest and fastest growing over the forecast period. Many models within this range are popular in the Asia Pacific region, which will play a vital role in driving the market growth. Yadea G5, Xinri Shiny, Hero Optima HX (single battery), Okinawa R30 (Lithium Ion) and Flash LX (lead-acid battery) are some of the popular electric scooters and motorycles. Manufacturers have created battery technology with a higher range due to ongoing advancements in battery R&D. Thus, the above 100 miles segment is anticipated to grow at a higher CAGR than other segments. In 2022, iVOOMi Energy launched iVOOMi S1, vehicle is equipped with the 4.2 Kwh twin removable battery setup on the iVOOMi S1 provides a range of 240 km/charge under Indian Driving Conditions (IDC). In addition to this, Revolt RV 400, Ola S1, ZERO SR, Johammer J1, Zero Motorcycle DSR/X, Energica Experia etc., offer a range of over 100 miles. The market is therefore expected to expand in the future as OEMs prepare to introduce vehicle models for electric two-wheelers in the higher range.

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Key Market Players:

The major players in global electric scooter and motorcycle market include Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd (China), NIU International (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India).  These companies offer extensive products and solutions for the electric two-wheeler industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.

Recent Developments

  • In January 2023 Yadea Group (China) launched Yadea Keeness VFD atConsumer Electronics Show (CES) in Las Vegas, Nevada. Keeness VFD model is equipped with a 10KW mid-mounted high-performance motor and features a maximum speed of 100km/h, and an acceleration from 0-50km/h in just 4 seconds.
  • In January 2023 Yadea Group (China) launched new model Volrguard. The scooter is powered by an ATL lithium battery pack (72V27Ah*2), featured with ultra-high density, which outputs higher power at the same time.
  • January 2023, hero electric has entered into a long-term partnership with maxwell energy systems for the supply of advanced battery management systems. Under the partnership, maxwell will supply more than 10 lakh units of its battery management systems (bms) over the next three years to hero electric.
  • October 2022NIU International announced to  launch of their newest kick scooter, the KQi3 Max. With a top speed of 20 MPH, and a 40.4-mile range, the KQi3 Max kick scooter offers maximum performance, comfort, and stability.
  • April 2022, Init Esports, the Esports Powerhouse that specializes in sim racing events & motorcycle tournaments, announced its partnership with NIU Technologies, the world’s leading provider of smart urban mobility solutions.
  • July 2022, The Silence Urban Ecomobility launched new model S01+. Scooter is equipped with 7.5 kWh of battery with vehicle range of 137 km/charge. The scooter has a top speed of 109 kmph.
  • December 2022, Astara has signed a strategic partnership with Silence Urban Ecomobility to distribute their electric scooters and vehicles for micro mobility in Belgium and Luxembourg.

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electric-scooter-and-motorcycle-market-worth-6,193-thousand-units-by-2027-–-exclusive-report-by-marketsandmarkets

Electric Scooter and Motorcycle Market worth 6,193 thousand units by 2027 – Exclusive Report by MarketsandMarkets™

 

According to the new market research report Electric Scooter and Motorcycle Market by Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance, Voltage (36V, 48V, 60V, 72V, Above 72V), Technology, Usage(Private, Commercial), Vehicle Class & Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global Electric Scooter and Motorcycle Market size is expected to account for 6,193 thousand units by 2027, growing at a CAGR of 33.1% during the forecast period.

Browse in-depth TOC on “Electric Scooter and Motorcycle Market”
226 – Tables
51 – Figures         
260 – Pages

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Factors such as an increase in fuel prices, adoption of emission free vehicles, and favorable government policies like subsidies & tax rebates are factors that would drive growth for the adoption of electric scooters and motorcycle market.

To attract and encourage people to buy electric two-wheelers, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, free electricity (initially), and free public charging stations.

Apart from this, governments are working with manufacturers to build charging and manufacturing facilities, exempting them from taxation. These factors are expected to drive the Electric Scooter and Motorcycle Market in the future.

The government across the globe has realized the potential of electric mobility that can offer multiple benefits in terms of prevention of environmental damage, reduction of global warming as well as reduced dependence on oil producing countries which offers a tremendous reduction in import bills and helps in managing foreign exchange risks. These incentives offered by the governments will be critical in driving the market.

Europe is expected to be the second-largest market during the forecast

The Electric Scooter and Motorcycle Market in Europe is projected to be the second-largest during the forecast period. Belgium is estimated to be the largest market in Europe in 2022 and countries such as FranceItaly and the Netherlands also offer enormous opportunities. Europe presents a big growth opportunity for the Electric Scooter and Motorcycle Market as the regulations related to environmental issues have become stringent. These changes are propelling the market to test and develop electric two-wheelers, which would further increase the demand for electric scooters and motorcycles. Many European countries have pledged to increase EV penetration in the automobile market and reduce emissions in the next 15 years. Thus, there is a big opportunity for OEMs in the region.

Moreover, Europe is home to many leading electric two-wheeler manufacturing companies, such as Piaggio (Italy), Energica Motor Company (Italy), KTM (Austria), Silence (Spain), GOVECS (Germany), and Askoll (Italy).

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The below 75 miles segment is expected to be the largest segment in the forecast

The below 75 miles segment is estimated to dominate the global Electric Scooter and Motorcycle Market, as the majority of the electric scooters/mopeds have a range of up to 75 miles. Asia Pacific is estimated to be the largest market for the below 75 miles range in 2027 due to the dominance of electric scooters/mopeds over electric motorcycles, especially in China. These scooters/mopeds are used daily to commute and range below 75 miles on a single full charge. Yadea, NIU, and Xinri are major manufacturers of electric two wheelers in China, providing electric scooters with a traveling range of below 75 miles. Hero Electric and Okinawa (India) are offering electric scooters in this range. This range is most suited for electric scooters/mopeds, which are largely popular in India and China. Other than established players there are new players across the globe, which offer models such as Hero Electric Dash, Bounce Infinity E1, and TVS i- Qube. These are a few of the models that have a range of less than 75 miles on a single charge. There are newer models to be launched, which include Hero Electric AE-8, Hero Electric AE-29, TVS Creon, etc. So, rising demand from Asia Pacific and the availability of new models would play a key role in driving the demand for this market

Key Market Players

The major players in global Electric Scooter and Motorcycle Market include Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), Zhejiang Luyuan Electric Vehicle Co., Ltd (China) and Hero Electric (India). These companies offer extensive products and solutions for the electric two-wheeler industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.

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