Global Electric Scooter and Motorcycle Market to Reach $87,139 Million by 2030
- Published: January 2023
The global electric scooter and motorcycle market is projected to generate USD 87,139 million revenue by 2030, advancing at a CAGR of 17% during 2022–2030. This can be ascribed to the surging demand for electric two-wheelers due to the rising fuel prices, the rising shift in focus of OEMs to manufacture EVs, and the mounting government favorable policies and subsidies.
Motorcycle Category To Show Faster Growth
Based on product, the market is categorized into scooter and motorcycle. Between the two, the motorcycle category will register faster growth during the predicted period, advancing at a CAGR of 20.1%. This can be due to the increasing demand for high-speed two-wheelers, the rising number of daily commuters, more appealing aesthetics and designs, and the surging popularity of e-sport bikes among the younger population.
On the other hand, the scooter category held a larger revenue share in 2022 and is further expected to maintain its position during the forecast period. This is ascribed to its easy maintenance, low cost, high availability with different models, compact size, and lightweight.
Based on battery type, Li-ion batteries accounted for higher revenue in 2022, and the category is expected to maintain its dominance in the coming years as well. This is attributed to the rising demand for long-range high-powered two-wheelers, and the gradually falling prices of these batteries. Moreover, several manufacturers use such batteries in their vehicles, due to their cost efficiency, which further boosts the overall market growth in this category.
Based on technology, the market is bifurcated into plug-in and battery. Of these, the plug-in category held a larger revenue share in 2022 and is further expected to maintain its dominance during the forecast period. This is due to the high adoption rate of plug-in charging in developed nations and several governments are investing in developing charging infrastructure.
Geographically, the APAC electric scooter and motorcycle market accounted for the largest revenue share in 2022 and is further expected to maintain its position in the coming years. This is attributed to the rising number of daily commuters due to the growing population, the improving infrastructure for electric vehicles, numerous favorable policies proposed by governments in support of eco-friendly transportation, and the increasing production and adoption of electric scooters and motorcycles in emerging countries such as China and India.
Expansion in E-Commerce Industry Supporting the Market
The growing dependency on online retailing on the account of an economical and convenient shopping experience that saves time and cost is a major trend witnessed in the market. Moreover, the online medium has proved quite effective in helping many companies carry out their operations and increase their reach to a larger pool of customers. Thus, the growing e-commerce sector is driving the demand for electric scooters and motorcycles for last-mile delivery services.
Some of the major players in the electric scooter and motorcycle market are Yadea Technology Group Co. Ltd., AIMA Technology Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Ampere Vehicles Pvt. Ltd., BMW AG, Energica Motor Company S.p.A., and Jiangsu Xinri E-Vehicle Co. Ltd.