Premium Electric Motorcycles Market Size worth $7bn by 2026
Published Date: December 20, 2019 Authors: Ankita Bhutani, Prasenjit Saha
Premium Electric Motorcycles Market size is poised to reach USD 7 billion by 2026; according to a new research report by Global Market Insights, Inc.
Growing concerns about the increasing carbon emissions across the globe are supporting the adoption of premium electric motorcycles. These motorcycles aid in the significant reduction of noise pollution, CO2 emissions, and carbon footprints. Furthermore, electric motorcycles require less maintenance and minimum operating costs compared to Internal Combustion Engine (ICE) motorcycles, contributing to the premium electric motorcycles market growth. The governments across the globe are making large investments in building efficient charging infrastructure and providing subsidies to OEMs & customers to support the adoption of premium electric motorcycles. Several premium motorcycle brands are planning to enter into the electric motorcycle business over the next five years, providing a positive outlook to the market size. For instance, in 2019, Triumph announced its new electric motorcycle project, TE-1, which is supported and co-funded by the UK Government's Department of Business, Energy, and Industrial Strategy. Similarly, in November 2019, Kawasaki announced a plan to launch its first electric motorcycle with a 20kW (27hp) peak electric motor.
The challenges faced by the market include the high price of premium electric motorcycles in various countries including China, India, and Mexico. The unavailability of ample charging infrastructure is also expected to hamper the market size in 2019. According to the U.S. International Council on Clean Transportation (ICCT), the U.S. requires to invest over USD 2.2 billion in charging infrastructure development across the country by 2025. Furthermore, the large time required to charge premium electric motorcycles with huge batteries further restricts their adoption, hindering the development of the premium electric motorcycles market. However, the emergence of quick charging technology will drive the industry growth over the forecast timeline.
Browse key industry insights spread across 130 pages with 175 market data tables and 23 figures & charts from the report, “Premium Electric Motorcycles Market Size By Product (Sport, Off-road), By Battery Capacity (Below 10 kWh, 10 – 15 kWh, 15 – 20 kWh, Above 21 kWh), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Rising popularity of electric off-road motorcycles due to their lighter weight & lower maintenance requirements
According to the market analysis, off-road electric motorcycles are gaining steady popularity across the globe due to their compact size, lower weight, and low maintenance requirements. Several leading market players including Zero Motorcycles, KTM Sportmotorcycle GmbH, and TACITA Srl are introducing advanced electric off-road motorcycles to enhance the rider experience. For instance, KTM developed Freeride E-XC electric off-road motorcycle that is incorporated with three different ride modes to allow riders to adjust the powertrain response as per requirement. Similarly, Zero Motorcycles has developed FX and FXS electric off-road motorcycles that are equipped with swappable batteries to allow riders to replace the battery to enhance the range. The availability of dirt motorcycles with a higher speed range is also contributing to the market demand. For instance, Zero developed its off-road motorcycles with a maximum speed of 137 km/h.
Increasing demand for premium electric motorcycles with maximum range and enhanced comfort
Based on the premium electric motorcycles market research, the above 21kWh segment is witnessing growth, particularly in the European and North American markets. The rising demand for higher speed, long-range, and comfortable premium electric motorcycles will drive the market demand over the forecast timeline. These batteries are majorly deployed in high-speed and cruiser premium electric motorcycles. For instance, in October 2019, TACITA Srl introduced the T-Cruise Turismo - T65 cruiser with a battery capacity of 27kWh. The motorcycle offers a range of up to 200 miles due to its higher battery capacity. Furthermore, there is a growing demand for cruiser motorcycles due to the rising number of cruiser clubs in the U.S., supporting the industry demand in 2019.
Increasing Asian government support to enhance market penetration of electric motorcycles
Asia Pacific is one of the emerging premium electric motorcycles market in 2019. The Indian Government has announced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) scheme to boost the penetration and manufacturing of electric vehicles in India. The government allocated a funding of approximately USD 75 million to the phase one of the scheme. The government also plans to invest over USD 1.4 billion in the second phase of the scheme, of which approximately USD 141 million will be invested to set up charging stations for electric vehicles in the country. The phase two scheme is applicable for a period of three years from 2019 to 2022. Furthermore, the increasing urbanization coupled with steadily rising household disposable income in China will drive the market size over the forecast timeline. Customers in China are shifting their preference toward electric motorcycles as they require less maintenance and have zero-emission capabilities. Several leading market players, including Zero Motorcycles and Energica Motor Company S.p.A., are planning to enter the Asian market by 2022, owing to the regional industry growth.
The players operating in the premium electric motorcycles market are focusing on offering new products & services to improve the overall efficiency and reliability of the vehicle, providing a positive outlook to the market. Players are developing new premium electric motorcycles with advanced technologies to gain maximum market opportunities. Furthermore, market leaders are also adopting multiple business expansion strategies, such as collaborations & partnerships, to expand their geographical reach and market share. Some of the key players of the market are Energica Motor Company S.p.A., Zero Motorcycles, Harley Davidson, Inc., Arc Vehicle Ltd., TACITA Srl, KTM Sportmotorcycle GmbH, Evoke Motorcycles, Emflux Motors, and Hadin Motorcycles.