Electric scooter and motorcycle market is projected to reach $13,864.0 million by 2025, according to P&S Intelligence.
The market is predominantly driven by the stringent government policies pertaining to environmental degradation; and the incentives such as subsidies, tax refunds, and others offered by the governments under their various schemes to promote the adoption of electric vehicles across the respective nations.
Insights into market segments
Based on the product, the electric scooter and motorcycle market is categorized into scooter and motorcycle. Of the two, the scooter category dominated the market during the historical years and is expected to continue doing so in the coming years. In 2017, the scooter category recorded higher sales by value, as it held over 90% of the market share. However, it is the motorcycle category that is expected to have faster growth between the two, attributable to the increasing demand for high-speed two-wheelers.
On the basis of the battery type, the electric scooter and motorcycle market has been categorized into sealed lead acid (SLA) and lithium-ion (Li-ion). The SLA category led the segment in 2017 in terms of sales by value, accounting for over 80% of market share. Much of this can be attributed to the low cost of SLA batteries as compared to the Li-ion. However, in the coming years, the market for Li-ion batteries is forecasted to grow at a faster rate as compared to the SLA batteries, owing to the technological advantages of these batteries over SLA batteries, and government norms and regulations favoring their use in the electric two-wheelers.
Browse report overview with 133 tables and 57 figures spread through 169 pages and 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), by Geography (US, Canada, Germany, Spain, UK, France, Italy, Netherland, Belgium, Austria, Sweden, Denmark, China, India, Japan, Indonesia, Thailand, South Korea, Brazil, Mexico, Chile, Colombia, Saudi Arabia, UAE, Qatar, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2010-2025" at:https://www.psmarketresearch.com/market-analysis/electric-scooter-and-motorcycle-market
Government support and favorable policies are driving the growth of the global electric scooter and motorcycle market
The government support and favorable policies are primarily driving the growth of the electric scooter and motorcycle market. Aiming to increase the penetration of such vehicles and to support their adoption, the governments around the world are offering reduction in registration taxes, subsidies, and tax rebates on the purchase of these vehicles.
For instance, the Federal Government of the U.S. in 2017 offered 10% electric motorcycle tax credit up to $2,500 on the purchase of Zero motorcycles (manufactured by Zero Motorcycles Inc.). Also, in March 2015, the Indian government launched the faster adoption and manufacturing of (hybrid and) electric vehicles (FAME) scheme to boost the production and sales of electric vehicles in the country. Under this scheme, the financial incentives are offered for electric two-wheelers ranging from $120 (INR 7,500) to $350 (INR 22,000). Such schemes are expected to drive the growth of the electric scooter and motorcycle market in the coming years.
Electric Scooter and Motorcycle Market Competitive Landscape
Some of the major players operating in the global electric scooter and motorcycle market are Alta Motors, Yadea Technology Group Co. Ltd., BMW AG, Zero Motorcycles Inc., Terra Motors Corporation, AIMA Technology Co. Ltd., and Hero Electric Vehicles Pvt. Ltd.
Electric Scooter and Motorcycle Market Segmentation
By Battery Type