Pune, India., Nov. 10, 2021 (GLOBE NEWSWIRE) -- The Global Electric Scooter and Motorcycle Market Size was estimated to reach USD 1,140 thousand units in 2021 and is projected to grow at a CAGR of 32.5% during the forecast period, according to a detailed market study by Quince Market Insights. The electric motorcycle and scooters are also termed plug-in electric vehicles and have three or two wheels. The electricity used by these vehicles is stored in lithium or lead-type rechargeable batteries.
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The key factors propelling the development of market size are innovative battery technologies, improving performance and design specifications, and enhancing charging infrastructure. In addition, it also requires minimal maintenance as compared to internal combustion engine scooter and motorcycle, and growing demand for effective commuting options, which are boosting the growth of the market.
Surging demand for long-range electric motorcycles and high-performance is anticipated to propel the market size. The inclination in consumer preference towards electric motorcycles on account of an upsurge in harmful carbon emissions will result in increasing demand of electric motorcycle in the future. Electric motorcycles support significantly low CO2 emissions, noise pollution, and carbon footprints, thus there is an increasing acceptance for internal combustion engine (ICE) power-driven motorcycles used in electric motorcycles.
Several countries have increasing pollution due to fuel-based vehicles. Hence, many countries are implementing policies and regulations in favor of electric two-wheelers are anticipated to drive the growth of the electric motorcycle & scooter market.
Technological progressions in the field of battery and motors management systems will drive the development of electric motorcycles and scooter market. For instance, the growth of interior permanent magnet (IPM) engines that offer efficiency and optimized power to improve the performance of electric motorcycles and scooters. These engines reduce size and weight, offer acceleration, and improve power for electric scooters and motorcycles.
Features such as low maintenance and operating costs are anticipated to propel the growth of the electric motorcycle & scooter market. Customers in developing nations are already affected by the expensive petrol prices.
Electrical two-wheelers working will decrease the operating prices of vehicles. Producers are anticipated to manufacture electric scooters and motorcycles with a higher variety than the current generation of electric two-wheelers. Though, the absence of charging infrastructure might hamper the market development. A widespread and extensive charging infrastructure network is desirable for users.
Electric Scooter and Motorcycle Market, by Vehicle Type
Based on vehicle type, the market is segmented into motorcycles and scooters. The electric motorcycles market is expected to be the fastest-growing segment in 2021 and is anticipated to remain fastest-growing segment during the forecast period.
The factors attributed to the growth of the segment include increasing customer consciousness regarding air pollution and high demand for low noise transport solutions.
Electric Scooter and Motorcycle Market, by Battery
Based on battery, the market is segmented into lithium-ion, and sealed lead-acid (SLA). The lithium-ion segment is expected to register the highest CAGR during the forecast period. This is due to the increasing preference for eco-friendly LI-ion batteries by original equipment manufacturers (OEMs).
Electric Scooter and Motorcycle Market, by Range
Based on range, the market is segmented into 0-75 miles, 76-100 miles, and above 100 miles. The 76-100 miles segment is expected to be the fastest-growing segment during the forecast period.
The growth of the segment is attributed to consumer inclination towards high mile range electric vehicles, and it is useful for long-distance range purposes.
Electric Scooter and Motorcycle Market, by Voltage
Based on voltage, the market is segmented into 60v, 48v, 36v, and others. The 60v segment is anticipated to be the fastest growing segment during the forecast period.
The growth is attributed to the high-speed potential, and emission-free transportation.
Electric Scooter and Motorcycle Market, by Technology
Based on the technology, the market is segmented into plug-in, and batteries. Among all, the plug-in segment is projected to be the fastest growing segment during the forecast period. The growth of the segment is on account of can easily operatable technology, and affordable cost of this plug in technology.
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Electric Scooter and Motorcycle Market, by Region
Based on region, the electric motor and motorcycle market is segmented into Asia Pacific, North America, Europe, Middle East and Africa, and South America. Among all the segments, North America is anticipated to be the fastest-growing segment during the forecast period.
The factors attributed to the growth of the segment include the government inducements and tax credits for adoption of electric scooter and motorcycle, the emergence of electric scooter sharing fleets, and low maintenance of motorcycles and electric scooters.
Some Noted Developments Considered in the Report:
- April 2021, Singapore's EuroSports technologies (EST) contracted a MoU with Strides Transportation to supply smart electric motorcycles design, and progress, market.
- Jan 2020, BattRE Electric Mobility introduced an IoT e-scooter, which has features such as ride statistics, navigation assist, remote diagnostics, speedometer call alerts, ride behavior suggestions, and anti-theft alarm.
- April 2019, Energica persistent its development in the U.S. A new commercial contract with Yamaha Suzuki Sports Plaza in Portland, Oregon, will now facilitate the Pacific Northwest, a hotbed for electric vehicle for both two and four-wheelers.
- May 2019, Vmoto declared that the company had a contract with Italian motorcycle constructor Ducati Motor through its subsidiary, Vmoto International Limited, to introduction two-wheeler electric vehicles CUX (special Ducati edition) under the license.
COVID-19 Impact on Electric Scooter and Motorcycle Market:
Since the entire ecosystem had been disrupted by the occurrence of COVID 19 pandemic, new vehicle sales and production had come to a halt worldwide. Original equipment manufacturers (OEM) had to wait till lockdowns were lifted to resume manufacturing units, which badly affected their businesses. Henceforth, manufacturers of vehicles require to adjust the manufacturing volume.
On account of the COVID-19 pandemic, several economies had imposed a complete lockdown for an extended period of time, which, in turn, has stuck vehicle manufacturing. The automotive industry highly relies on ad capital-intensive and frequent financing to remain in operations. Therefore, the production suspension and the decrease in demand due to outbreak of COVID-19 had an unprecedented effect on electric scooters and motorcycle constructors.
Manufacturing units across the globe were closed, and vehicle sales have taken a huge impact. However, majority of the automakers have restarted vehicle manufacturing with restricted manufacturing and essential measures.
Some Major Findings of Global Electric Scooter and Motorcycle Market Include:
- Major global market trend, and country-specific market analysis for up to 25 countries
- In-depth market analysis by the above-mentioned segments, along with an analysis of trend-based insights and factors
- Profiles of key market players operating in the global electric scooter and motorcycle market, which include Jiangsu Xinri E-Vehicle Co. Ltd. (China), Yadea Group Holdings Ltd. (China), NIU International (China), Hero Electric (India), and Silence Urban Ecomobility (Spain).
- Impact of COVID-19 pandemic on the global electric scooter and motorcycle market.
Browse key industry insights spread across 150 pages with 100 market data tables and 70 figures & charts from the report, “Electric Scooter and Motorcycle Market, by Vehicle Type (Motorcycles, Scooters), Battery (Lithium Ion, Sealed Lead Acid), Range (0-75 Miles, 76-100 Miles, Above 100 Miles), Voltage (60v, 48v, 36v, Others), Technology (Plug-In, Battery), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) — Industry Trends and Forecast To 2030” in-depth analysis along with the table of contents (ToC).
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