Chicago, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Electric Scooter and Motorcycle Market is expected to account for 6,193 thousand units by 2027, growing at a CAGR of 33.1% during the forecast period, according to a new report by MarketsandMarkets.
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Factors such as an increase in fuel prices, adoption of emission free vehicles, and favorable government policies like subsidies & tax rebates are factors that would drive growth for the adoption of electric scooters and motorcycle market.
To attract and encourage people to buy electric two-wheelers, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, free electricity (initially), and free public charging stations.
Apart from this, governments are working with manufacturers to build charging and manufacturing facilities, exempting them from taxation. These factors are expected to drive the Electric Scooter and Motorcycle Market in the future.
The government across the globe has realized the potential of electric mobility that can offer multiple benefits in terms of prevention of environmental damage, reduction of global warming as well as reduced dependence on oil producing countries which offers a tremendous reduction in import bills and helps in managing foreign exchange risks. These incentives offered by the governments will be critical in driving the market.
The E-Motorcycle segment is expected to be the fastest-growing segment during the forecast period
The e-motorcycle segment is the fastest-growing market. Earlier, manufacturers were focusing on developing e-scooters/mopeds as they have a design more suitable to incorporate the electric propulsion system. However, e-scooters/mopeds have range and performance constraints; also, they serve the limited purpose of short distance commuting only. With e-motorcycles, users could serve different purposes such as cruising, racing, off-roading, and commuting, which would increase their demand in the future.
The below 75 miles segment is expected to be the largest segment in the forecast
The below 75 miles segment is estimated to dominate the global Electric Scooter and Motorcycle Market, as the majority of the electric scooters/mopeds have a range of up to 75 miles. Asia Pacific is estimated to be the largest market for the below 75 miles range in 2027 due to the dominance of electric scooters/mopeds over electric motorcycles, especially in China. These scooters/mopeds are used daily to commute and range below 75 miles on a single full charge. Yadea, NIU, and Xinri are major manufacturers of electric two wheelers in China, providing electric scooters with a traveling range of below 75 miles. Hero Electric and Okinawa (India) are offering electric scooters in this range. This range is most suited for electric scooters/mopeds, which are largely popular in India and China. Other than established players there are new players across the globe, which offer models such as Hero Electric Dash, Bounce Infinity E1, and TVS i- Qube. These are a few of the models that have a range of less than 75 miles on a single charge. There are newer models to be launched, which include Hero Electric AE-8, Hero Electric AE-29, TVS Creon, etc. So, rising demand from Asia Pacific and the availability of new models would play a key role in driving the demand for this market
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Europe is expected to be the second-largest market during the forecast
The Electric Scooter and Motorcycle Market in Europe is projected to be the second-largest during the forecast period. Belgium is estimated to be the largest market in Europe in 2022 and countries such as France, Italy and the Netherlands also offer enormous opportunities. Europe presents a big growth opportunity for the Electric Scooter and Motorcycle Market as the regulations related to environmental issues have become stringent. These changes are propelling the market to test and develop electric two-wheelers, which would further increase the demand for electric scooters and motorcycles. Many European countries have pledged to increase EV penetration in the automobile market and reduce emissions in the next 15 years. Thus, there is a big opportunity for OEMs in the region.
Moreover, Europe is home to many leading electric two-wheeler manufacturing companies, such as Piaggio (Italy), Energica Motor Company (Italy), KTM (Austria), Silence (Spain), GOVECS (Germany), and Askoll (Italy).
Key Market Players
The major players in global Electric Scooter and Motorcycle Market include Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), Zhejiang Luyuan Electric Vehicle Co., Ltd (China) and Hero Electric (India). These companies offer extensive products and solutions for the electric two-wheeler industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.
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