Electric Motorcycles & Scooters Market worth $40bn by 2026

Electric Motorcycles & Scooters Market size is set to exceed USD 40 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

The market is driven by low maintenance and operating costs compared to gasoline-powered two-wheelers. Fewer mechanical parts and replaceable batteries in electric motorcycles & scooters offer increased convenience of use. Electric two-wheelers do not require frequent refueling and can be effortlessly recharged at residential or commercial charging stations.  

 

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The increasing government initiatives, such as subsidies, grants, and incentives on the purchase of new electric motorcycles & scooters, across the globe are driving the market growth. These subsidies provided by government authorities to customers & OEMs to promote zero-emission two-wheelers spurring the market demand. For instance, the U.S. government provides a grant of USD 1,000 in California while the Canada government offers a grant of USD 2,600 in some states including Quebec and British Columbia on the purchase of a new electric motorcycle.
 

Industry challenges include increasing fuel efficiency and enhancing performance of gasoline-powered ICE two wheelers. Technological advancements and ongoing R&D activities are significantly reducing the initial purchasing cost of two wheelers, posing a barrier to the electric motorcycles & scooters market growth in price-sensitive markets. However, a gradual decrease in cost and increase in battery performance of electric motorcycles & scooters will provide a positive outlook to the market over the coming years.
 

The COVID-19 pandemic has severely affected the global economy in 2020. The rapid spread of the virus in populated cities of the world has disrupted the supply chain and transportation facilities, thereby slowing down the market growth. The market is expected to gain momentum during the first quarter of 2021, subject to reduction in the impact of COVID-19.
 

The increasing demand for alternative fuels for routine commute

Electric Motorcycles & Scooters Market

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According to the market data, the scooter segment held around 65% of the market share in 2019. E-scooters provide several benefits, such as compact size, reduced weight, and low maintenance requirements, contributing to their high market demand. Growing need for alternate fuels in urban mobility vehicles is further augmenting the demand for electric scooters in the market.
 

Increasing adoption of electric scooters for routine small distance commutes is contributing to the proliferation of these two-wheelers. In response to the trend, industry players are launching new e-scooters in the market. For instance, in May 2020, Ola Electric Mobility announced its partnership with Etergo BV to launch new e-scooters for the global market. The company announced its plans to improve its engineering and design capabilities with Etergo’s vehicle development experience to cater to the growing customer demand.
 

Browse key industry insights spread across 200 pages with 430 market data tables & 27 figures & charts from the report, “Electric Motorcycles & Scooters Market Size By Product (Motorcycles, Scooters), By Battery (SLA, Li-ion, NiMH), By Voltage (24V, 36V, 48V) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-motorcycles-and-scooters-market
 

Growing adoption of SLA batteries on account of low cost

The SLA battery segment is poised to reach USD 4 billion by 2026 led by low price of SLA batteries and compatibility with various models of electric motorcycles & scooters. The presence of several SLA battery manufacturers in Asia Pacific is proliferating their adoption in these price sensitive markets. However, the forecast shows that SLA batteries will gradually lose their market share owing to the high performance and safety provided by Li-ion batteries in electric motorcycles & scooters.
 

Demand for 36V batteries owing to reduced weight of electric motorcycles & scooters

The 36V segment held a market share of around 25% in 2019 and is expected to witness a growth rate of over 4% from 2020 to 2026. These batteries will witness adoption in low priced electric scooters & motorcycles owing to less cost and reduced maintenance requirements compared to more powerful 48V batteries. 36V batteries comprise a smaller number of cells, reducing their weight. This significantly reduces the overall weight of an electric two-wheeler, thereby providing a smooth driving experience to the rider.
 

Rising government support for electric mobility in Europe

The European electric motorcycles & scooters market is predicted to expand at more than 18% CAGR through 2026. This growing demand can be attributed to availability of ample charging infrastructure and increasing government support for electric mobility adoption. For instance, the UK government provides a grant of USD 1,940 while the France government offers a grant of USD 1,000 on the purchase of a new electric scooter or motorcycle. Additionally, the presence of several electric motorcycle & scooter manufacturers, such as Energica Motor Company S.p.A. and ARC Vehicle Ltd., will support regional market development.
 

Market leaders are laying an emphasis on investing in R&D activities to introduce new models with advanced technologies in the market. For instance, in 2019, Zero Motorcycles spent approximately 1.2% of the total revenue on R&D activities to develop new models for the market. In February 2019, the company launched its new smart electric motorcycle, Zero SR/F. The motorcycle has 110 horsepower & 200 miles of range. The company also offers four different riding modes, street, sport, and eco & sport.
 

Key players in the electric motorcycles & scooters market include CAKE 0 Emission AB, Mahindra GenZe, Lightning Motorcycles, Amper Vehicles, Harley Davidson, BMW, Energica Motor Company S.p.A, Honda Motors, Govecs Group, KTM, Zero Motorcycles, Shandong Incalcu Electric Vehicle Co. Ltd., Z Electric Vehicle, and Suzuki Motors Corporation.
 

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