Pune, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) expects the global electric motorcycles market to witness a 10.35% CAGR from 2019 to 2025 (forecast period).
Electric motorcycles use electricity as a transportation fuel. Unlike electric bikes, electric scooters, electric bicycles, and electric mopeds, the electric motorcycle is a two-wheeled vehicle powered by a motor. They are built for higher speeds and are built with better acceleration and high-speed handling characteristics. They are capable of slow urban trips or highway speeds and beyond. Electric motorcycles provide more wind protection than mopeds and scooters and usually have some cargo storage available.
In addition, the depletion of oil reserves around the world and government policies to push green vehicle adoption have led to the development of alternative solutions, increased investment in-vehicle charging infrastructure, increased interest from major manufacturers, and a decline in the cost of batteries, which is expected to fuel demand for electric motorcycles in the forecast. However, due to the limited battery capacity of electric motorcycles, lack of charging facilities, performance constraints, and lack of awareness of electric motorcycles, may hamper the electric motorcycle market size.
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Factors such as the advent of regenerative braking, low noise levels, relatively economical maintenance costs, and high mechanical efficiency are projected to increase the adoption of environmentally-friendly vehicles. This is expected to boost demand for electric motorcycles worldwide over the projected period. Constantly growing demand for electric motorcycles in developing countries, such as India and Thailand, is expected to provide exciting growth opportunities for the global market for electric motorcycles.
COVID-19 Impact on the Global Electric Motorcycles Market
Electric motorcycles are two or three-wheeled plug-in electric vehicles. This bike has a two or three-wheel layout, is equipped with an electric motor and a battery, and is used for commuting, long-distance travel, and cruising. The electric motorcycle segment comprises electric motorcycles, electric bicycles, electric mopeds, and electric scooters, which are two-wheeled vehicles powered by an electric motor. These bikes are built for higher speeds and provide enhanced high-speed handling and better acceleration. Increasing investments in-vehicle charging infrastructure and the adoption of green vehicles have contributed to a rise in the market for electric motorcycles.
Nevertheless, the COVID-19 pandemic has spread across the world, slowing down the global economy. Lockdowns have resulted in sales declines for manufacturing firms, which are now focused on reducing operating costs, mitigating risks, and maximizing profits to survive in the market. The automotive sector is one of the sectors deeply affected by the outbreak of the pandemic. The effect of the novel coronavirus on the overall motorcycle industry is relatively high due to the closure of manufacturing facilities, which has resulted in a decline in vehicle production. Delays in product launches and delays in distribution and final assembly also impede the growth of the industry.
After the pandemic, when lockdowns are lifted in most countries, the rebound of the manufacturing sector is expected to improve the production and sales of electric motorcycles. In April 2020, Harley Davidson stated the expansion of its range of electric bikes to serve customers in the lockdown period better. The AsiaPacific region held the largest market share in electric motorcycles due to rising concerns about greenhouse gasses and carbon emissions, which has led to a rise in the need for fuel-efficient vehicles.
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Market Segmentation
The global electric motorcycle industry has been segmented based on vehicle range, battery type, and voltage.
By vehicle range, the global electric motorcycle market has been divided into below 75 Miles, 75-100 Miles, and above 100 Miles.
By battery type, the global electric motorcycle market has been segmented into li-ion, lead-acid, and nickel-metal hydride.
By voltage, the global electric motorcycle market has been segmented into below 24 Volt, 24-48 volt, 48-60 volt, and above 60 volt.
Regional Analysis
Geographically, the global electric motorcycles industry has been segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the world.
APAC to lead the global market
The market for electric motorcycles in the Asia Pacific is projected to rise at the highest CAGR in the over the forecast period. This is due to increasing concerns about carbon and greenhouse gas (GHG) emissions, which contribute to a rise in the need for fuel-efficient vehicles. The growing population, the rise in traffic congestion, the dropping prices of electric motorcycles, and increasing environmental issues add to the growth of the Asia Pacific sector.
Europe and North America are expected to see significant market growth during the forecast period, with the need to minimize carbon emissions and to build advanced and fast-charging stations.
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Competitive Landscape
With a significant number of international and regional players, the global electric motorcycles market is moderately fragmented and competitive. Market players are constantly engaged in technological advancement, geographic expansion, and mergers and acquisitions in order to maintain their market position.
List of Prominent Players Profiled in the Global E-Motorcycle Market Research Report are
- Blacksmith Electric (India)
- Razor USA LLC. (US)
- Husqvarna Motorcycles GmbH (Austria)
- Electric Motion (France)
- Energica Motor Company S.p.A. (Italy)
- LITO MOTORCYCLES (France)
- Essence Motorcycles (France)
- Zero Motorcycles Inc. (US)
- Harley-Davidson, Inc. (US)
- Revolt Motors (India)
- Bell Custom Cycles (BCC) (US)
- TACITA SRL (Italy)
- Johammer e-mobility GmbH (Germany)
- Alta Motors (US), and
- Torkmotors (India)., among others.
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