Electric Motorcycle Market Size & Share 2024 - 2032
Market Size by Motorcycle (Street, Sport, Off-road), Motor (Hub motor, Mid-Drive motor), Horsepower (Below 25 kW, 25 kW to 50 kW, 51 kW to 75 kW, 76 kW to 100 kW, above 100 kW), Charging Power, Battery, End User & Forecast.
Report ID: GMI8034
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Published Date: February 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Electric Motorcycle Market Size
Electric Motorcycle Market size was valued at USD 11.3 billion in 2023 and is estimated to register a CAGR of over 3.5% between 2024 and 2032. Growing concerns about climate change and environmental degradation have led to increased awareness among consumers about the impact of traditional internal combustion engine vehicles. Electric motorcycles are perceived as a more environmentally friendly alternative, as they produce zero tailpipe emissions during operation. Also, companies operating in this space are actively integrating sustainable practices to carve a healthy growth trajectory for the electric motorcycle industry.
Electric Motorcycle Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Quoting an instance, in January 2024, LOHUM joined forces with TORK Motors to facilitate the sustainable recycling of electric motorcycle batteries. This collaboration establishes LOHUM as the preferred recycling partner for TORK Motors, ensuring adherence to India's Battery Waste Management Rules (BWMR) and promoting the production of battery raw materials with Extended Producer Responsibility (EPR). Improvements in battery technology, particularly in terms of energy density, charging speed, and overall performance, have played a crucial role in the adoption of electric motorcycles.
In January 2024, Cleveland's electric motorcycle startup, Land Moto, announced its aim to enhance its technological capabilities by focusing on battery design and secured an additional $3 million in funding for this purpose in 2024, in addition to the $7 million raised last year. Land Moto's flagship product is the district, a visually striking electric motorbike that occupies a space between e-bikes and traditional motorcycles.
Propelled by one or two sizeable batteries designed by Land, the District offers versatility, operating in Class 2 mode without requiring a permit or achieving speeds exceeding 70 MPH in performance mode. As battery technology continues to advance, it leads to increased range, shorter charging times, and improved overall efficiency, addressing key concerns related to electric vehicle adoption.
However, the lack of a well-developed and widespread charging infrastructure is a significant challenge for the electric motorcycle market. Unlike traditional gas stations, charging stations for electric vehicles are not as prevalent, which can lead to "range anxiety" among potential buyers. The limited availability of charging points makes long-distance travel less convenient for electric motorcycle users.
Electric Motorcycle Market Trends
The integration of smart and connected features into electric motorcycles was expected to gain momentum. This could involve features such as smartphone connectivity, navigation systems, rider-assistance technologies, and other smart functionalities.
Citing an example, in February 2024, Hero MotoCorp and Zero Motorcycles joined forces to establish an electric platform, intending to introduce four unique electric motorcycle models. The collaboration is set to unveil the initial lineup in 2025. Zero Motorcycles seamlessly integrates traditional elements with cutting-edge technology. Pioneering lightweight, efficient, and thrilling electric bikes since 2006, each model incorporates the Z-Force® electric powertrain and a meticulously crafted aluminum frame for optimal weight reduction. Originating from a garage concept in Santa Cruz, Zero has swiftly evolved into a globally acclaimed motorcycle brand, providing riders with the opportunity to embrace innovation on the open road.
As the automotive industry, in general, embraces connectivity and automation, electric motorcycles are likely to follow suit, enhancing the overall riding experience and safety.
Electric Motorcycle Market Analysis
Based on motorcycle, the sport segment accounted for 45% of the market share in 2023, led by a confluence of factors driving innovation and sustainability in the automotive industry. Environmental consciousness and the pursuit of eco-friendly transportation options are encouraging consumers to embrace electric vehicles.
Additionally, advancements in electric motor technology and battery efficiency have led to high-performance electric sport motorcycles that rival their traditional counterparts. The allure of instantaneous torque, reduced emissions, and lower operating costs further contribute to the growing popularity of electric sport motorcycles, as enthusiasts seek thrilling riding experiences without compromising on environmental responsibility.
Based on the motor, the hub motor segment held over 71% of the electric motorcycles market share in 2023. The adoption of electric motorcycles with hub motors is gaining favor due to several advantages. Hub motors, integrated directly into the wheels, simplify the bike's design, reducing mechanical complexity and enhancing overall reliability. This configuration allows for a more straightforward and efficient power transfer, resulting in improved energy efficiency and performance.
Electric motorcycles with hub motors often boast a sleek and compact design, contributing to lighter weight and better maneuverability. Additionally, hub motors facilitate regenerative braking, harnessing energy during deceleration to extend the motorcycle's range. These factors collectively make electric motorcycles with hub motors an appealing choice for riders seeking streamlined efficiency and modern design.
Asia Pacific electric motorcycle market recorded around 94% of the revenue share in 2023. Stringent environmental policies and a growing awareness of sustainability have prompted a shift towards cleaner transportation solutions. Government incentives, subsidies, and robust infrastructure development for electric vehicles contribute to a favorable ecosystem. Chinese manufacturers, backed by significant investments in research and development, lead in producing affordable and technologically advanced electric motorcycles. With a large and urbanizing population, the Asia Pacific, and China in particular, offers a substantial market for electric motorcycles, driving innovation and growth in the industry.
Electric Motorcycle Market Share
BMW and Zero Motorcycle hold a significant market share of over 15% in the electric motorcycle industry. Players in the electric motorcycle industry employ several key strategies to fortify their positions. Many focus on research and development, investing heavily in advancing battery technologies, enhancing performance, and extending range to address consumer concerns. Strategic partnerships and collaborations, as seen in alliances between traditional motorcycle manufacturers and electric startups, facilitate technology exchange and market expansion.
Leveraging government incentives and subsidies for electric vehicles is another common tactic, encouraging adoption through cost benefits. Additionally, creating a robust charging infrastructure and offering innovative financial models, such as battery leasing, helps alleviate range anxiety and makes electric motorcycles more accessible. Effective marketing campaigns emphasizing sustainability and environmental benefits also play a pivotal role in shaping consumer perceptions and driving market growth.
Electric Motorcycle Market Companies
Major companies operating in the electric motorcycle industry are:
Electric Motorcycle Industry News
The electric motorcycle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and volume (Units) from 2018 to 2032, for the following segments:
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Market, By Motorcycle
Market, By Motor
Market, By Horsepower
Market, By Charging Power
Market, By Battery
Market, By End-user
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →