Due to the COVID-19 pandemic, the global Electric Scooter and Motorcycle market size is estimated to be worth USD 7885 million in 2022 and is forecast to a readjusted size of USD 12170 million by 2028 with a CAGR of 7.5% during the review period.
The growing preference for eco-friendly modes of transportation as a means of reducing greenhouse gas emissions is one of the major factors driving the Electric Scooter and Motorcycle Market.
The electric scooters and motorcycles market will expand due to increasing government support, improved performance, and lower maintenance costs compared to vehicles powered by internal combustion engines. Over the projected period, technical advancements in battery and motor componentry will propel the market forward. However, the market's expansion in the upcoming years would be constrained by a lack of adequate charging infrastructure.
As the name implies, electric two-wheelers are powered by electricity. To store and transform the electricity, a motor and battery pack are installed. Typically, a handlebar-mounted user control is used to brake and change the speed. According to this amorphous definition, buyers have access to a wide range of varieties and styles that are still being developed.
Electric scooters and motorcycles are a subset of electric bicycles, scooters, motorcycles, and other electric vehicles. In China, the pedal-assisted electric scooter is also known as an electric bicycle. So, the statistics in this report primarily concentrate on the following various types, including E-motorcycles, E-bicycles, and E-scooters, etc.
What is the Electric Scooter and Motorcycle Market?
Electric two-wheelers, as indicated itself, is electricity-powered two-wheelers. A battery pack and a motor are installed to store and transform the electricity. User control is usually attached to the handlebar to brake and adjust the speed. Under this abstract definition, a variety of types and styles are available to consumers in the market and still developing.
Electric Scooters and motorcycles can be classified as a combination of electric bicycle, electric scooter, electric motorcycles, and so on. The power-assisted electric scooter with pedals is also called an electric bicycle in China. Hence, in this report, the statistics mainly focus on the following several kinds including E-motorcycles, E-bicycles, and E-scooters, etc.
Consumers are gravitating towards electric-powered vehicles as a result of growing environmental concerns and stringent CO2 emission laws. E-scooters and E-bikes are effective forms of transportation. They produce electricity using batteries, are portable, and are rechargeable. Also, businesses are creating strong versions that can travel great distances on a single charge. Avoiding traffic bottlenecks ultimately aids in lowering air pollution. These characteristics will result in widespread acceptance, which will fuel the electric scooters and motorcycles market throughout the study period.
Government agencies across the world have implemented policy changes as well as equipment purchase incentives, refunds, and preferential rates to promote the use of electric motorbikes and scooters. In addition, the Russia-Ukraine war and the disruptions caused by it are driving up the cost of fuel and oil. Petrol-powered bikes emit noise and pollutants into the air, not to mention the expense of upkeep and repairs. E-scooters, on the other hand, can be recharged anywhere at home or at the office and have fewer replaceable parts, saving money. These elements will accelerate the electric scooters and motorcycles market during the anticipated time frame.
With its quick advancements in energy density, lithium-ion batteries have attracted interest on a global scale. With greater distance coverage, the cost per unit of energy consumed has dropped. Rare earth magnetic systems and smaller brushless motors have been created to propel two-wheelers forward with relatively little maintenance. Vehicles' power and efficiency are improved with IPM engines. This will accelerate the electric scooters and motorcycles market during the review period.
Public charging stations have emerged, however, they are still few in many important sites worldwide. Also, depending on the size and compactness of the batteries, electric charging takes more time. Hence, for individuals to park their scooters or motorcycles for extended durations, a major geographic makeover and expensive installations are needed. The market for electric motorcycles and scooters would suffer as a result in the coming years.
During the projected period, the E-Motorcycle segment is expected to increase at the fastest rate. Manufacturers are concentrating their efforts on e-scooters and mopeds since they have a better design for incorporating an electric propulsion system.
China currently holds the greatest market share for Electric Motorcycles and Scooters, and this trend is likely to continue over the projection period. In 2017, China's sales volume accounted for 93.42 percent of the worldwide market, however, this changed in 2018 due to oversupply. In 2019, China's sales share fell to 92.86 percent. At the same time, exports to Europe and the United States skyrocketed. Many Chinese manufacturers of electric motorcycles and scooters appear to be attempting to find a newly developing market.
|Report Name||Electric Scooter and Motorcycle Market|
|The market size in 2022||USD 7885 Million|
|The revenue forecast in 2028||USD 12170 Million|
|Growth Rate||CAGR 7.5 %|
|Market size available for years||2022-2028|
|Forecast units||Value (USD)|
|Segments covered||Type, Application, Industry, Regions|
|Report coverage||Revenue & volume forecast, company share, competitive landscape, growth factors, and trends|
|Geographic regions covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
The major players that are operating in the global Electric Scooter and Motorcycle Market are
Electric Scooter type occupies the largest market share and segments reach 98.36%
Retail stores were the most used area, accounting for 92 percent of all applications
Factors such as cost analysis, marketing strategy, factor analysis, distributors, sourcing strategy, and industrial chain are all the parts of the global Electric Motorcycles & Scooters market. The report also includes the analysis of the return on investment (ROI) feasibility with the estimated SWOT analysis.
The report covers the following objectives:
Ans. The electric scooter and motorcycle market size was valued at USD 7885 million in 2022 and is forecast to a readjusted size of USD 12170 million by 2028.
Ans. The global electric scooter and motorcycle market is expected to witness a compound annual growth rate of 7.5% from 2022 to 2028.
Ans. Major factors driving the growth of the electric scooter and motorcycle market size are improving charging infrastructure, innovative battery technologies, increasing demand for efficient commuting options, and improving design & performance specifications.
Ans. By Vehicle Type, electric scooter type occupies the largest market share, and segments reach 98.36%
Ans. By Application, retail stores were the most used area, accounting for 92 percent of all applications
Ans. Some key players operating in the electric scooter and motorcycle market are Lvjia, Slane, Opai Electric, Supaq, Xiaodao Ebike, Sykee, Aucma EV, Terra Motor. Govecs, ZEV, Zero Motorcycles, Palla, Others