Electric Motorcycles & Scooters Market to exceed $22bn by 2024
Published Date: May 14, 2018 Author: Global Market Insights, Inc.
Electric Motorcycles & Scooters Market size is estimated to surpass USD 22 billion by 2024; according to a new research report by Global Market Insights, Inc.
Low noise levels, high mechanical efficiency, easy incorporation of regenerative braking, and relatively economical maintenance costs are among the chief benefits over the conventional internal combustion engines (ICE) which will propel the electric motorcycles & scooters market growth over the forecast timeframe.
Electromagnetic principle is utilized for the operation of an e-vehicle and the only factors that contribute to the loss of efficiency are the transmission lines and the friction. Owing to this, the motors utilized in these vehicles offer an efficiency of over 85 to 90%, which is very high in comparison to their ICE powered vehicles offering thermal efficiencies in the range of 40%. In addition, plug-in powered vehicles offer least contribution to the greenhouse gases and air pollution, thus, contributing towards the improvement of air quality in the cities. These factors are expected to present viable growth landscape in electric motorcycles & scooters market over the forecast period.
In 2017, scooters dominated the electric motorcycles & scooters market by capturing over 85% share. This can be attributed to its increased adoption in the urban areas, where high motor traffic is among the major transportation problems. The scooters are designed light weight for easy maneuverability and offer speeds ranging across 30 miles per hour, at reduced ownership costs and are preferred modes of transportation, specifically in the metro cities.
Favorable regulatory standards and incentive plans imposed by the regional authorities will also fuel the electric motorcycles & scooters market growth over the forecast period. For instance, in 2010, Province of Ontario realized the Green Plate and Electric Vehicle (EV) rebate program that offered the owners with significant cost savings on maintenance, fuels, and access to high-occupancy vehicle (HOV) lanes. Such programs are expected to boost the users’ motivation towards the adoption of electric motorcycles & scooters and aid in enhancing the global recognition of the role of these vehicles in reduction of greenhouse gases and harmful pollutants emissions across the globe.
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Browse key industry insights spread across 250 pages with 623 market data tables & 10 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 (U.S., Canada, Austria, Belgium, Czech Republic, France, Germany, Italy, Netherlands, Poland, Slovenia, Spain, UK, China, Japan India, South Korea, Indonesia, Taiwan, Vietnam, Thailand, Malaysia Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024)” in detail along with the table of contents:
Lithium-ion battery is expected to witness highest growth in electric motorcycles & scooters market at around 11% over the forecast timeframe owing to their high charge density, light weight and high charging discharging efficiency. In 2018, KTM announced the introduction lithium-ion batteries that offer 50% more power range than its prior model. In addition, these batteries are swappable and can be installed in their conventional bike models.
48V battery dominates the electric motorcycles & scooters market, accounting for over 35% volume share in 2017. Superior power output along with ease in compatibility of these batteries with e-vehicles will drive the segment growth. Vehicles equipped with 60V & 70V will witness strong growth over the forecast timeframe owing to constant R&D in enhancing the speed of the vehicle.
Asia Pacific dominates the overall electric motorcycles & scooters market share owing to strong presence of industry player in China, India, Japan & Indonesia. Traffic congestion, rising population, concern regarding environment and low price of these vehicles compared to conventional vehicles have resulted in strong consumer preference.
Europe electric motorcycles & scooters market will witness strong growth at over 15% by 2024. The European government is planning to increase EV sales to improve the air qual. Twenty-seven European countries have started imposing taxes on carbon dioxide emissions related to vehicles and 15 nations are providing tax incentives for e-vehicles. In May 2015, the EU started a project under the European Green Vehicle initiative co-founded by the European Commission related to electric two wheelers. EGVI is a public-private partnership delivering green vehicles matching social, environmental, and economic challenges.
Few major players include AIMA Hi-tech, Alta Motors, Sunra (Jiangsu Xinri E-Vehicle Co.), Zero Motorcycle, Terra Motors Corp, KTM, BMW, and Hero Eco. Electric motorcycles & scooters market players are focusing on developing efficient batteries and motors to ensure high performance. In addition, manufacturers are focusing on improvement in distribution chain of these vehicles.
Acquisition and product development are expected to remain the key strategies of the industry participants. For instance, in January 2015, Polaris acquired Brammo’s electric motorcycle business to enter the electric motorcycles & scooters market. It has acted as a leading investor for the recapitalization of Brammo, which will further focus towards development, design, and integration of electric vehicle powertrain.
Electric motorcycles & scooters market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million units and revenue in USD million from 2013 to 2024, for the following segments:
Electric Motorcycles & Scooters Market by Product
Electric Motorcycles & Scooters Market by Battery
Electric Motorcycles & Scooters Market by Voltage
- Others (12V, 60V, 72V)
The above information is provided on a regional and country basis for the following:
- North America
- Czech Republic
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa