Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Electric Scooter and Motorcycle Market by Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance, Voltage (36V, 48V, 60V, 72V, Above 72V), Technology Usage(Private, Commercial), Vehicle Class & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global electric scooter and motorcycle market, by value, is estimated to be USD 4.9 Billion in 2023 and is projected to reach USD 14.7 Billion by 2028, at a CAGR of 24.8% from 2023 to 2028.
Electric scooter and electric motorcycle market growth would be supported by favourable government policies for electric two-wheelers through subsidies and tax refunds and development towards charging infrastructure in collaboration with OEMs in the near future.
The rising price of gasoline has already an impact on consumers in developing nations. The operational costs of these vehicles will be decreased by electrical two-wheelers. These two-wheelers are more productive than standard models.
Electronic systems are more durable than mechanical ones because they malfunction less frequently due to less wear and, logically, friction As a result, compared to vehicles powered by fuel, electric two-wheelers survive longer and as a result have a lower environmental impact during use. Manufacturers are anticipated to create electric motorbikes and scooters with a greater range than the present generation of electric two-wheelers.
The 60V segment is expected to be the largest voltage segment in the Asia Pacific.
Over the forecast period, Asia Pacific is anticipated to have the largest and quickest market for the 60V segment. The majority of the electric scooters and motorbikes produced by major manufacturers in the Asia Pacific and around the world use these range of batteries. Key Asian manufacturers such as NIU International (China), Yadea Technology Group Co.,Ltd. (China), Jiangsu Xinri (China), Hero Electric (India), and Okinawa Autotech Internationall Private Limited (India) offer 60V batteries in their latest models.
Models such as YADEA A3 mini, YADEA C1S, NIU NQi GTS, NQi Sport, UQi GT, VMOTO VS2, etc., are some of the models equipped with the 60V battery. For instance, In November 2022, Vegh Automobiles have announced the launch of their new electric scooter VEGH S60, their first model in High-Speed Electric Scooters in India powred by 60V. There will be a high demand for batteries in this category of vehicles due to the variety of models available and the requirement for a cost-effective solution.
Economy segment is expected to be the largest vehicle class segment in Asia Pacfiic during the forecast period.
The adoption of electric scooters in Asia Pacific is estimated to be larger than in other regions, and North America is projected to grow at a faster rate. Demand from end users in countries such as France and Spain would also increase the adoption of electric scooters in the economy class segment in Europe. On the other hand, China and India represent the most important markets for economy class electric scooters due to the high inclination of the consumers toward low-cost commutes.
In Asia Pacific, electric scooters are primarily considered a flexible mode of transport for the daily commute and short-distance traveling. According to industry experts, most electric two-wheelers sold in India and China fall in the range of USD 400 to USD 1400 due to consumer spending patterns and current driving needs. Yadea G5, Hero Nyx LX, Hero Flash LX, Revolt RV 400, Ampere Zeal Li, Vmoto TC, and TS are a few of the models in this category. Thus, the rise in the adoption of economy class vehicles would drive the market for the economy segment.
Lithium-ion battery is estimated to be the largest battery segment in the forecast period.
Throughout the forecast period, the lithium-ion segment is anticipated to experience the fastest growth in the market for electric scooters and motorcycles. Manufacturers are working to create electric scooters and motorcycles with cutting-edge lithium-ion batteries For Instance, In February 2023, LML intends to introduce the LML STAR electric scooter in India. The lithium-ion battery inside the electric scooter has a capacity of about 4 kWh. It is a swappable battery.
It takes about 4-5 hours to fully charge the battery, which has a range of up to 120 kmph on a single charge. . The limited longevity and useable capacity of lead-acid batteries are predicted to shift attention to lithium-ion batteries and drive the market for electric scooters and motorcycles during the forecast period. In addition to this, lithium-ion batteries are thought to be more environmentally friendly, making them the better option. There is high adoption of lithium ion battery due to decrease in battery prices over last few years.
Market Dynamics
Drivers
- Low Operating and Maintenance Costs
- Government Incentives and Subsidies
- Advancements in Battery Technology
- Implementation of Battery Swapping Technology
- Rapid Urbanization Fueling Need for Convenient Modes of Transportation
Restraints
- Lack of Charging Infrastructure
- Lack of Power Output and Limited Range
- Battery Heating Issues and Long Charging Time
Opportunities
- Government Bodies Backing Electric Two-Wheelers
- Decreasing Prices of Batteries
- New Revenue Pockets in Asia-Pacific and Europe
- Use of IoT and Smart Infrastructure in Electric Two-Wheeler Charging Stations for Load Management
Challenges
- Initial Investments and High Cost of Electricity
- Lack of Compatibility, Interchangeability, and Standardization
- Technological Barriers Related to Battery Development
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 378 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.9 Billion |
| Forecasted Market Value (USD) by 2028 | $14.7 Billion |
| Compound Annual Growth Rate | 24.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Electric Scooter and Motorcycle Market, by Battery Type
6.1 Introduction
6.2 Sealed Lead-Acid
6.2.1 Low Cost of Lead-Acid Batteries to Drive Market
6.3 Lithium-Ion
6.3.1 Asia-Pacific to Lead Lithium-Ion Battery Segment Due to Growing Usage of Modern Electric Two-Wheelers
6.4 Nickel Metal Hydride Battery
6.5 Sodium-Ion Battery
6.6 Key Primary Insights
7 Electric Scooter and Motorcycle Market, by Distance Covered
7.1 Introduction
7.2 Below 75 Miles
7.2.1 Asia-Pacific to Hold Major Market Share in Below 75 Miles Segment
7.3 75-100 Miles
7.3.1 Improving Battery Technologies to Drive Demand for 75-100 Miles Range Electric Two-Wheelers
7.4 Above 100 Miles
7.4.1 Developments in Battery Technology to Boost Demand for High-Range Electric Scooters and Motorcycles
8 Electric Scooter and Motorcycle Market, by Voltage Type
8.1 Introduction
8.2 36 V
8.2.1 Rising Demand for Daily Short-Distance Travel to Drive Segment
8.3 48 V
8.3.1 Rising Demand for 48 V-Powered Electric Scooters and Motorcycles for Short Mobility Purposes
8.4 60 V
8.4.1 Growing Need for High-Performance Electric Two-Wheelers to Drive Segment
8.5 72 V
8.5.1 Advancements in Battery Technology and Growing Demand for High-Performance Two-Wheelers to Drive Market
8.6 Above 72 V
8.6.1 Advancements in Battery Technology for High-Performance Motorcycles to Drive Segment
9 Electric Scooter and Motorcycle Market, by Technology Type
9.1 Introduction
9.2 Plug-In
9.2.1 Increasing Public Fast-Charging Stations for Electric Two-Wheelers to Drive Segment
9.3 Battery
9.3.1 Initial Cost-Benefit on Purchase of Battery Swapping Scooters and Motorcycles to Drive Market
10 Electric Scooter and Motorcycle Market, by Vehicle Class
10.1 Introduction
10.2 Economy
10.2.1 Increased Sales of Electric Scooters in Asia-Pacific to Drive Segment
10.3 Luxury
10.3.1 Rising Adoption of Luxury-Class Electric Two-Wheelers to Drive Segment
11 Electric Scooter and Motorcycle Market, by Vehicle Type
11.1 Introduction
11.2 E-Scooters/Mopeds
11.2.1 Growing Government Initiatives to Enhance E-Mobility
11.3 E-Motorcycles
11.3.1 Rising Demand for High-Performance Electric Motorcycles to Drive Market
12 Electric Scooter and Motorcycle Market, by Usage
12.1 Introduction
12.2 Private
12.2.1 Varied Range of Products Clubbed with Government Incentives and Reducing Prices to Drive Segment
12.3 Commercial Use
12.3.1 High Initial Cost of Ownership and Low Operational and Maintenance Costs to Drive Segment
13 Electric Scooter and Motorcycle Market, by Region
14 Competitive Landscape
15 Company Profiles
16 Recommendations
16.1 Rising Demand for Electric Scooters and Motorcycles in Asia-Pacific
16.2 Technological Advancements to Help Develop Market for Battery Swapping
16.3 Conclusion
17 Appendix
Companies Mentioned
- Aima Technology Group Co. Ltd.
- Alva
- Askoll Eva S.P.A.
- Ather Energy
- Bajaj Auto Ltd.
- Bf Goodrich
- Bmw Group
- Cake
- Cezeta
- Continental Ag
- Damon Motors Inc.
- Dongguan Tailing Electric Vehicle Co. Ltd.
- Elvindo
- Emflux Motors
- Energica Motor Company S.P.A.
- Gesits
- Gogoro
- Govecs
- Greaves Electric Mobility Private Limited (Ampere Vehicles)
- Harley Davidson
- Hero Electric
- Honda Motor Co. Ltd.
- Jiangsu Xinri E-Vehicle Co. Ltd.
- Johammer
- Ktm Ag
- Kwang Yang Motor Co. Ltd.
- Lightning Motorcycles
- Mahindra & Mahindra Ltd.
- Migo Ebike
- Nexzu Mobility Ltd. (Avan Motors India)
- Nidec Corporation
- Niu International
- Nusa Motors
- Okinawa Autotech Internationall Pvt. Ltd.
- Ola Electric Mobility Pvt. Ltd.
- Oyika
- Piaggio Group
- Pt Volta Indonesia Semesta (Volta)
- Rakata Motorcycle
- Revolt Intellicorp Private Limited (Revolt Motors)
- Robert Bosch Gmbh
- Seg Automotive
- Selis
- Shandong Incalcu Electric Vehicle Co. Ltd.
- Silence Urban Ecomobility
- Smoot Elektrik
- Terra Motors Corporation
- Tvs Motor Company
- Ultraviolette Automotive
- United Motor
- Valeo
- Viar Motor Indonesia
- Vmoto Limited
- Yadea Technology Group Co. Ltd.
- Z Electric Vehicle
- Zero Motorcycles, Inc.
- Zhejiang Luyuan Electric Vehicle Co. Ltd.
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