BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global electric scooter and motorcycle market size to zoom at an impressive CAGR of 35% during the forecast period between 2022 and 2028. Global electric scooter and motorcycle market will advance due to growing consumer awareness of air pollution caused by emissions from fossil-fueled vehicles and strong demand for low-noise transportation options. Increased government spending to encourage the use of EVs is expected to increase demand for electric motorcycles and scooters. The government’s subsidies, grants, and tax breaks on the purchase of electric two-wheelers will provide new market opportunities for manufacturers to increase their output. The popularity of electric motorcycles and scooters is largely attributed to their low operating and maintenance costs. Consumers are being compelled to switch to battery-powered electric motorcycles and scooters because of rising fuel prices. As electric motorcycles and scooters have fewer moving parts than two-wheelers powered by gasoline or diesel, they require less maintenance.
Global Electric Scooter and Motorcycle Market – Overview
Two-wheeled electric motorcycles and scooters are propelled by rechargeable batteries. They are used for last-mile deliveries as well as daily commuting. Additionally, electric motorcycles and scooters for cruising and racing are produced. Instead of a gasoline or diesel engine, electric motors are used to power two-wheeler motorcycles. The motor is powered by a rechargeable battery. The most recent electric motorcycles and scooters in 2022 offer plug-in charging options, in contrast to earlier vehicles that required charging after removing the battery. The transportation sector is structurally changing because of vehicle electrification. Electric moped motorcycles use a battery (typically a lithium-ion battery) and a DC motor to ensure adequate power transmission.
The market for electric motorcycles is expanding as electric vehicle adoption increases and disposable income rises. Governments all over the world are providing subsidies to increase the demand for electric motorcycles and scooters. A rise in the use of electric vehicles is also being attributed to the implementation of strict regulations meant to reduce pollution and vehicle emissions. When gasoline or diesel are burned in an internal combustion (IC) engine, carbon dioxide is produced as a byproduct, which causes air pollution. To reduce environmental pollution, governments are enacting several regulations and encouraging manufacturers and consumers to adopt electric vehicles. Using cutting-edge manufacturing and processing technologies, the United States, China, France, and Germany seek to lower vehicle emission levels.
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Opportunity: Growing Awareness about Benefits of Using Electric Motorcycles
The electric motorcycle market had a revenue share of more than 30% in 2020, with over 1,400 thousand units sold globally. Consumer preferences are likely to shift from traditional motorcycles to electric motorcycles as air pollution levels rise, boosting segment demand. Due to fewer moving parts, electric motorcycles are light, efficient, and require little maintenance. Electric motorcycles, on the other hand, help to reduce carbon footprint and noise pollution, making them more popular than traditional Internal Combustion (IC) powered motorcycles.
Challenge: Inadequate Charging Infrastructure
One of the biggest barriers to the market expansion of electric scooters and motorcycles is a lack of charging infrastructure. Contrary to developed countries, most emerging countries lack the necessary infrastructure for charging. Although some manufacturers have started to offer their own charging options, they are not enough to make charging straightforward. All over the world, manufacturers offer solutions for the infrastructure of charging. For instance, ChargePoint (US) develops and produces both the power management software for a mobile application for the charging network as well as the hardware for the charging stations. ChargePoint also provides a range of demand-based charging stations for various models of electric vehicles. iONEX Commercial (Taiwan) offers a comparable range of charging options, including standard, quick, and battery switching.
Impact of COVID-19 on Global Electric Scooter and Motorcycle Market
International auto sales were hampered by the COVID-19 pandemic. The market experienced a brief decline in 2020. The electric motorcycle and scooter market slowed down in 2020 because of the global economic downturn and strict government-imposed lockdowns in some countries. Because of supply chain problems and a labor shortage, the production of cars significantly decreased. In the latter half of 2020, the market quickly recovered thanks to supportive government policies and financial aids.
Global Electric Scooter and Motorcycle Market – By Range
The global electric scooter and motorcycle market is divided into three categories based on range: less than 75 miles, 75 miles to 100 miles, and more than 100 miles. In 2021, the less than 75 miles segment accounted for a majority of market share in the global market, and it is expected that this segment will continue to lead the market throughout the forecast period. The segment covering more than 100 miles, on the other hand, is expected to grow at the fastest rate during the forecast period.
Competitive Landscape
Global electric scooter and motorcycle market is fiercely competitive. Prominent players in global electric scooter and motorcycle market include AIMA Technology Group Co. Ltd., Dongguan Tailing Electric Vehicle Co., Ltd., Energica Motor Co SpA, Govecs AG, Greaves Electric Mobility Private Limited, Harley-Davidson, Hero Electric, Jiangsu Xinri E-Vehicle Co., Ltd, KTM AG, Lightning Motorcycles, Okinawa Autotech Pvt. Ltd., Piaggio & C. SpA, Terra motors, TVS Motor Co Ltd, Vmoto limited, Yadea Technology Group Co., Ltd., and Zero Motorcycles, Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global electric scooter and motorcycle market.
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