Italy Electric Scooter and Motorcycle Market To Generate $707.1 Million Revenue by 2035
- Published: June 2022
The Italy electric scooter and motorcycle market will generate revenue of $707.1 million in 2035, progressing with a CAGR of 30.5% during 2021–2025. Further, the CAGR of the sales revenue during 2026–2035 will be 24.4%. This is attributed to the rapidly rising incentives by the government for buying electric motorcycles and scooters, along with their cost-effectiveness in terms of operation and maintenance.
Li-Ion Battery Type Captures Largest Market Share
The Li-ion battery is the most-widely used battery type in the market. The battery has a low self-discharge rate, which means it can hold a charge longer than other energy storage devices. Moreover, Li-ion battery prices are expected to further decline in the coming years, has after already falling by nearly 97% since 1991.
Also, the majority of the components in Li-ion batteries can be easily recycled or removed. So, this is advantageous for electric scooters and motorcycles since they are designed with the goal of preserving the environment in mind.
Natural-Convection Cooling Systems Key Reason for Market’s Growth
In terms of value, natural convection held the largest market share over the past few years, and this category would grow at a significant CAGR, of 28.7%, during 2021–2025. The natural convection cooling system type is used in electric scooters and motorcycles as it cools the motors or inverters with natural air, without any energy-consuming source. Therefore, natural convection is cost-effective and more energy-efficient, as it doesn’t require any energy from the vehicle to cool the motors and inverters down.
Despite being the most-common cooling technology used today, it is incapable of maintaining ideal cooling temperatures for high-performance applications and long-distance travel with multiple fast chargers. Therefore, liquid cooling systems will show substantial growth in sales during the forecast period, as they are the most-effective way to remove heat from the battery pack. Thus, in order to meet the higher peak power loads, liquid cooling systems are increasingly being used, as it removes more heat compared to other cooling techniques. This will help in augmenting the Italy electric scooter and motorcycle market’s growth in this category in the coming years.
Launches Are the Most-Effective Strategic Measures
To sustain the competitive edge in the market, players have undertaken a range of strategic developments. For instance, in March 2022, Ideanomics acquired Energica Motor Company S.p.A., an Italian manufacturer and distributor of fully battery-powered electric motorcycles. This has resulted in Energica’s delisting from the Italian Stock Exchange, post which it is solely trading on NASDAQ as part of Ideanomics.
Key market players are Piaggio & C. S.p.A., Niu Technologies, Askoll EVA S.p.A., Lifan Technology (Group) Co. Ltd., and Vmoto Limited.