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Electric Motorcycles & Scooters Market Size By Product (Motorcycles, Scooters), By Battery (SLA, Li-ion), By Voltage (24V, 36V, 48V), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI218
  • Published Date: Jun 2021
  • Report Format: PDF

Industry Trends

Electric Motorcycles & Scooters Market size surpassed USD 30 billion in 2020 and is anticipated to grow at around 4% CAGR between 2021 and 2027. Rising consumer awareness of air pollution and high demand for low noise transport solutions will drive the industry growth.

Increasing government investments across the globe to boost EV uptake is expected to increase the market demand for electric motorcycles and scooters. Government initiatives in the form of subsidies, grants, and tax rebates offered on the purchase of electric two-wheelers will create market opportunities for manufacturers to expand their production capacity. For instance, in March 2019, the Indian government allocated USD 1.4 billion under the scheme, Faster Adoption and Manufacturing of Electric Vehicles (FAME II) to encourage the adoption of electric vehicles.

Electric Motorcycles & Scooters Market

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The major factor driving the adoption of electric motorcycles and scooters includes low operating and maintenance costs. Increasing fuel prices are compelling consumers to switch to electric motorcycles and scooters that operate on battery. The maintenance cost of electric motorcycles and scooters is low as they have fewer moving parts compared to petrol or diesel-run two-wheelers. Moreover, environmental-friendly regulations to curb pollution and reduce dependency on fossil fuels will spur the market statistics.

The high initial acquisition cost of electric two-wheelers is one of the key market factors restraining the electric motorcycles and scooters market demand. High-capacity batteries are crucial for the effective performance of electric motorcycles & scooters. The high cost of these batteries increases the overall cost of electric two-wheelers. Additionally, high-quality materials are used in the manufacturing of electric motorcycles and scooters to enhance aesthetics and reduce weight, thus increasing the initial selling price. Ongoing R&D activities by OEMs are significantly assisting in reducing the battery cost, supporting the market revenue.

COVID-19 Impact Analysis

The COVID-19 pandemic has disrupted global automotive sales. The market witnessed a temporary dip in 2020. A slowdown in the electric motorcycles and scooters industry in 2020 can be attributed to the global economic recession and strict government-imposed lockdown in several countries. Disruptions in the supply chain and shortage of labor have resulted in a sharp decline in automobile production activities. In the second half of 2020, the market recovered swiftly with supportive government policies and fiscal support.

Versatile features of electric motorcycles

Electric motorcycles market held over 30% revenue share in 2020, with over 1,400 thousand units sold globally. Shifting preferences of consumers from conventional motorcycles to electric motorcycles due to rising air pollution is likely to boost the segment demand. Electric motorcycles are lightweight, highly efficient, and require low maintenance owing to lesser moving parts. However, electric motorcycles help in the substantial reduction of carbon footprint and noise pollution, thereby gaining importance over conventional Internal Combustion (IC) powered motorcycles.

Higher efficiency and longer shelf life of Li-ion batteries will propel the electric motorcycles & scooters market growth

Electric Motorcycle & Scooter Market By Battery Type

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The Li-ion battery segment is poised to register a CAGR of more than 4% through 2027. Li-ion batteries provide several benefits such as fast charging, high energy storage capacity, and longer shelf life. They also provide more energy than lead-acid batteries and are lightweight, making them easier to install. Li-ion batteries drastically reduce the operating and maintenance costs in electric motorcycles & scooters due to improved discharge and charge efficiency, making them a long-term solution.

Several market players are incorporating technologically advanced Li-ion batteries into their electric two-wheelers to improve battery capacities. For instance, in May 2021, Komaki Co., Ltd., one of the leading EV manufacturers, launched a new lithium-ion battery pack, which delivers a range of up to 220km on a single charge. The battery pack will be used in three of its electric scooters: Komaki XGT-KM, XGT-X4 & X-One., helping the company accelerate its market revenues.

Superior power output and greater efficiency of 48V batteries

In 2020, the 48V battery segment accounted for above 40% of the electric motorcycles & scooters market share owing to the high-power output. The rising utilization of electric two-wheelers for daily commute in crowded cities is creating a demand for high power and enhanced battery efficiency. The ability of 48V batteries to provide superior power output will boost market growth.

Emergence of new players will augment the Asia Pacific market revenue

Asia Pacific Electric Motorcycle & Scooter Market By Region

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The Asia Pacific electric motorcycles & scooters market size is forecast to witness a 3.5% CAGR through 2027. Increasing government subsidies, tax credits to the manufacturers, and low tax rates on the purchase of electric two-wheelers are major factors driving the growth of electric two-wheelers across the region. Furthermore, rising concerns among consumers to curb pollution, growing spending capacity, and increasing affordability of electric vehicles will enhance product adoption. The presence of established companies and emergence of new players, such as Hero Electric and Okinawa Autotech Pvt. Ltd will drive the regional market revenue.

High focus on new product launches

Market leaders are emphasizing on new product launches and mergers & acquisitions to accelerate their share. For instance, in October 2020, Zero Motorcycle unveiled its two new electric motorcycles, the Zero SR/S and Zero SR/F. The motorcycles are integrated with Zero’s Cypher III operating system and carry 82 kW motors to reach speeds of up to 120mph.

Prominent players in the electric motorcycles and scooters market include Yadea Technology Co. Ltd., KTM, Mahindra GenZe, Lightning Motorcycles, Ampere Vehicles, Harley Davidson, Z Electric Vehicle, Zero Motorcycles, Hero Electric, Tailing Electric Vehicle Co. Ltd., Govecs Group, Terra Motors Corporation, and Vmoto Limited.

This market research report on electric motorcycles and scooters includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 for the following segments:

Market, By Product:

  • Motorcycles
  • Scooters

Market, By Battery:

  • SLA
  • Li-ion

Market, By Voltage

  • 24V
  • 36V
  • 48V
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Poland
    • Netherlands
    • Belgium
    • Czech Republic
    • Austria
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Malaysia
    • Indonesia
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

The market for electric motorcycle & scooters was valued at USD 30 billion in 2020 and will expand at around 4% CAGR between 2021-2027.

The Li-ion battery segment will grow at more than 4% CAGR through 2027 owing to longer shelf-life, fast charging and high energy capacity storage.

The industry share from the 48V battery segment accounted for more than 40% in 2020 and will thrive with superior power output and strong demand for enhanced battery efficiency.

The APAC electric motorcycles & scooters market will expand at a CAGR of 3.5% through 2027 due to tax credits, government subsidies and low tax rates on purchase of electric two-wheelers.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 18
  • Tables & Figures: 454
  • Countries covered: 26
  • Pages: 250

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