Electric Motorcycle & Scooters Market size was valued at USD 35 billion in 2023 and is estimated to register a CAGR of over 5% between 2024 and 2032. The market is expected to witness significant growth with the advancement in battery technology. New batteries employ chemicals such as lithium-ion NMC and LFP, which provide much better energy density than earlier technologies. This equates to greater ranges, which reduce range anxiety, a significant hurdle for potential buyers. In addition, innovations including solid-state electrolytes and ultra-fast charging technologies enable reduced charging periods. This makes electric vehicles more convenient, particularly for long-distance travel and city commuting.
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For instance, in March 2023, an Indian-origin company, Brisk EV, introduced its two electric scooter models named Origin and Origin Pro, which claim a maximum range of 333 km on a single charge. These advancements in battery technology will drive the demand for electric motorcycles and scooters.
|Electric Motorcycle & Scooters Market Size in 2023:
|USD 35 Billion
|2024 - 2032
|Forecast Period 2024 - 2032 CAGR:
|2032 Value Projection:
|USD 60.6 Billion
|Historical Data for:
|2018 - 2023
|No. of Pages:
|Tables, Charts & Figures:
|Product, Battery, Voltage
|Pitfalls & Challenges:
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The increased focus on sustainability presents a significant opportunity for the electric motorcycle & scooters market. Electric vehicles including motorbikes and scooters emit zero exhaust emissions, resulting in cleaner air and lower greenhouse gas emissions. This is in line with the rising public knowledge & concern about climate change, prompting consumers to seek out more sustainable transportation alternatives.
Furthermore, governments are investing in the construction of charging infrastructure, which will enable owning and operating electric motorcycles & scooters more convenient. This contributes to the shift toward sustainable transportation, in turn, propelling market growth over the forecast period. For instance, in January 2024, the Gujarat Government (India) started the construction of an EV charging infrastructure to attract the investors for electric vehicle manufacturing. The overall goal is to create a favorable ecosystem for the adoption of electric vehicles and promote the overall development of the industry.
The high initial cost of electric motorcycles and scooters is a significant barrier & challenge to this sector. Many potential consumers, particularly budget-conscious consumers, are turned off by the high initial cost of electric motorcycles and scooters compared to their gasoline counterparts. This is particularly true in price-sensitive markets such as developing countries. Even with government incentives, the price gap can be substantial, especially for high-performance models or those with longer ranges.