Portland, OR, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric scooter and motorcycle market generated $35.3 billion in 2021, and is projected to reach $93.9 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $35.3 billion |
| Market Size in 2031 | $93.9 billion |
| CAGR | 10.2% |
| No. of Pages in Report | 381 |
| Segments Covered | Vehicle Type, Battery Type, Range, Power, Vehicle Class, Usage, And Region |
| Drivers | Increase in the standard of living |
| Significant surge in fuel prices | |
| Opportunities | Increase in inclination toward e-bikes as an eco-friendly & efficient solution for commute supplement |
| Rise in government investments and initiatives toward electric mobility | |
| Restrains | Extortionate the initial cost of e-bikes |
| Ban on use of e-bikes in various cities |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global electric scooter and motorcycle market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, including those of electric scooters and motorcycles, which adversely impacted their demand during the pandemic.
- In addition, there was a temporary ban on the import and export of items which made it difficult for the manufacturers to acquire the necessary raw materials.
- This was majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic. However, the market is expected to recoup with the presence of remunerative investments.
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The report offers a detailed segmentation of the global electric scooter and motorcycle market based on vehicle type, battery type, range, power, vehicle class, usage, and region.
Based on vehicle type, the e-scooter/moped segment held the dominating market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The e-motorcycle segment, on the other hand, is expected to cite the fastest CAGR of 17.9% during the forecast period.
Based on range, the less than 75 miles segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The more than 100 miles segment, on the other hand, is expected to cite the fastest CAGR of 13.0% during the forecast period.
Based on vehicle class, the economy segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The luxury segment, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.
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Based on region, the market across the Asia-Pacific region held the largest market share in 2021, holding more than three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 13.3% during the forecast period.
The key players analyzed in the global electric scooter and motorcycle market report include AIMA Technology Group Co. Ltd., Dongguan Tailing Electric Vehicle Co., Ltd., Energica Motor Co SpA, Govecs AG, Greaves Electric Mobility Private Limited, Harley-Davidson, Hero Electric, Jiangsu Xinri E-Vehicle Co., Ltd, KTM AG, Lightning Motorcycles, Okinawa Autotech Pvt. Ltd., Piaggio & C. SpA, Terra motors, TVS Motor Co Ltd, Vmoto limited, Yadea Technology Group Co., Ltd., Zero Motorcycles, Inc.
The report analyzes these key players in the global electric scooter and motorcycle market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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