The increasing number of investments to support the adoption for electric vehicles and the strong demand of electric motorcycles driven by the rising environmental concerns and traffic on the roads are the significant factors contributing to the growth of the market.
The primary factors driving the growth of the electric scooter and motorcycle market include the rising number of investments by the government around the world to support the development of charging infrastructure, followed by the increasing initiatives provided to the buyers. Additionally, the emerging trend of adapting e-mobility for short-distance travel will further create innumerable growth opportunities for the market. With the growing concern for air pollution caused by gasoline-based vehicles, the governments are focusing on providing different subsidies and tax benefits to support the use of eco-friendly vehicles. Moreover, the low maintenance requirement due to the internal combustion engines in the electric vehicles is further encouraging the end-users to opt for e-vehicles.
According to the electric scooter and motorcycle market report, the increasing population rate has resulted in the drastic rise in the amount of traffic on the roads. This factor is promoting the consumers, especially the working population, to travel by scooters and motorcycles to avoid traffic jams. In addition to this, the increasing necessity of competent vehicles with zero carbon discharge, along with the growing concerns related to environment and the implementation of strict regulation about the vehicle emission is further energizing the demand of the global electric scooter and motorcycle market in the coming years. On the other hand, the poor performance of the electric vehicles, along with the shortage of charging infrastructure, are the two major factors that will have a negative impact on the growth of the market.
On the basis of vehicle type, the e-motorcycle segment is anticipated to emerge as the maximum revenue generating segment during the forecast period. The strong demand for e-motorcycles for different purposes such as racing, cursing, off-roading, and commuting is the major factor that will drive the demand of the segment. Earlier, the consumers used e-scooters/mopeds for the limited purpose of short-distance traveling only. Now, with the growing environmental concerns and the rising emphasis on adopting e-vehicles are encouraging the consumers to opt for e-motorcycles.
Based on the battery type, the sealed lead acid segment is predicted to maintain its dominance in the next six years. This is due to the lower prices of these batteries as compared to the other conventional batteries. On the other hand, Lithium-Ion segment is expected to witness considerable growth owing to the remarkable benefits offered by these batteries. The Lithium-ion batteries have higher density, are lighter, highly efficient, and have a greater life span. All these factors are encouraging the consumers to adopt for lithium-ion batteries in the coming years.
On the basis of the region, the European region is projected to the fastest growing region in the next six years. The strong presence of leading players such as KTM, BMW, GOVECS, and Piaggio, along with the increasing infrastructural developments and industrialization across the European countries. The implementation of advanced technologies and the establishment of government regulations is further driving the growth of the market. In addition to this, the strong demand for e-motorcycles due to the increasing traffic congestion is paving the way for the growth of the market. On the other hand, the accelerating demand for greener transportation, followed by the numerous initiatives launched by the global organization in Asian countries. China is one of the leading economies, which is expanding the advanced technologies to improve electrification in the country. Moreover, the Indian government has taken several initiatives and programms such as FAME-II to encourage buyers to purchase two-wheelers.
The key players of the electric scooter and motorcycle market are Yadea Group Holding Ltd., Hero Electric, Vmoto Limited, Electrotherm Ltd., Jiangsu Xinri E—Vehicle Co., Ltd., Energica Motor Company, Piaggio Group, NIU International, BMW Group, KTM AG, Mahindra and Mahindra Ltd., and Harley Davidson, among others.
The research report on the electric scooter and motorcycle market provides an in-depth analysis of the market revenue based on vehicle type, battery type, voltage type, distance covered, technology type, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.