Global electric scooter and motorcycle market is expected to grow at a CAGR of 6.9% during 2017 – 2025, according to new market research report published by P&S Market Research.
Browse Report Summary with Detailed TOC on “Electric Scooter and Motorcycle Market by Product (Scooter, Motorcycle), by Battery Type (Sealed Lead Acid, Li-ion, Ni-MH), by Voltage (36V, 24V, 48V), by Technology (Plug-in, Battery) – Global Market Size, Share, Development, Growth and Demand Forecast, 2010-2025” at: https://www.psmarketresearch.com/market-analysis/electric-scooter-and-motorcycle-market
Global electric scooter and motorcycle market to rise with potential growth
The global electric scooter and motorcycle market size was $12,961.8 million in 2016, and is expected to reach $22,192.0 million by 2025, growing at a CAGR of 6.9% during 2017-2025. Electric two-wheelers can maneuver through congested streets; can be charged from traditional wall outlets and often have a removable battery, allowing them to be charged indoors. The demand for electric vehicles is increasing due to rapid transformations taking place in the energy efficient and green automotive industry, and its positive impact on several alarming environmental, energy and traffic congestion issues observed in the recent past. Electric scooters and motorcycles are emerging as the need of hour, as commuters are in demand for solutions that provide innovative travelling experience with long distance coverage backup. The electric scooters and motorcycles have been categorized into 48V, 24V, 36v and are available in even more voltages like 60V and 72V. The speed of the scooter and motorcycle range from 30 km/hr to 70 km/hr. All electric scooters and motorcycles are provided recharging by plugging into ordinary wall outlets, usually taking about eight hours to charge.
Insights on market segments
As per the findings of the research, electric scooters were in higher demand compared to electric motorcycles. Sealed lead acid battery vehicles have been the largest revenue contributor in the global market; however, Li-ion battery based scooters and motorcycles are expected to witness the highest growth in demand, during the forecast period. China had been globally the largest market for these electric vehicles; whereas, the market is expected to witness the highest growth in India, during the forecast period.
Asia-Pacific stands as the largest electric scooter and motorcycle market
Geographically, Asia-Pacific accounted for more than 90% of the global electric scooter and motorcycle shipments in 2016. The highest growth in shipment is expected in Europe, during the forecast period; however, the market in North America is also expected to grow at nearly the same rate. The growth of the electric scooters and motorcycles market in Asia-Pacific is due to rapid urbanization and increase in household incomes, which is attracting the consumers to replace their fuel-driven two-wheelers with the electric variant. China, India, Indonesia, Japan and S. Korea are the major electric two-wheeler markets in Asia-Pacific; other major markets in the region include Australia, and Vietnam.
Increasing adoption due to growing concern for carbon emission
The increasing global release of carbon by burning fuel on roads has been a great concern for environmentalists and governments from the past decade. This concern has led to increase in further demand of electric vehicles (EV) and their adoption worldwide. Electric scooter and motorcycle, while reducing the carbon footprints on environment, have gained significant interest from various governments as efficient and reliable type of light motor vehicles (LMVs). To encourage the use of environment friendly vehicles with low emissions, benefits such as reduction in the registration tax and other liabilities have been offered by government of different countries. This factor is significantly responsible for the rise in the development and adoption of electric scooter and motorcycle by users in various countries.
Apart from this, regulatory bodies across several countries have encouraged the adoption of ecofriendly vehicles, providing favorable environment in terms of incentives and relaxation in stringent norms to set up manufacturing units, and boost the sales of products and services. These favorable conditions have also been extended to several subsidiaries on adoption of electric 2 wheelers and huge public investments in various countries. For example, in Hong Kong, fiscal redemptions are provided based on LMVs and HMVs.
Further, solar powered and automated charging stations will provide further growth opportunity to electric scooter and motorcycle market. In a move towards 100% renewable powered society, aggressive actions are being taken up to eliminate the use of fossil fuels from transportation and logistics sector. With vacuum present for the development and installation of solar powered stations, Envision Solar’s patented EV ARC is the world’s only solar powered EV charging system. EV providers have ample opportunities to put forward their arms in the design and development of such charging stations to widen the horizons of complete nature based transportation. For instance, recently the Ministry of Transportation (MTO), Canada, with regional EV providers, installed new solar powered electric vehicle charging stations in the city of Brampton.
Fragmented global electric scooter and motorcycle market
The global electric scooter and motorcycle market is highly fragmented, where top five players accounted for less than 35% revenue. All of the five major players -Yadea Technology Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Aima Technology Co. Ltd., Sunra Group, and Dongguan Tailing Electric Vehicle Co. Ltd., are based in China. The other players having good regional presence include Govecs Group, Amper Vehicles, Vmoto Limited, Hero Electric, Energica Motor Company S.p.A., BMW, and Mahindra GeneZe. New product launches and joint ventures have been the key strategies of these major players to expand their presence in this market.
GLOBAL ELECTRIC SCOOTER AND MOTORCYCLE MARKET SEGMENTATION
By Battery Type