Transparency Market Research has published a new report titled, “Electric Motorcycle and Scooter Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027.” According to the report, electric motorcycle or scooter market is projected to expand at a CAGR of 7.1% during the period of 2019 to 2027 and will surpass US$ 14.29 Bn by 2027.
The report anticipates that electric scooter is one of the major segment of the electric motorcycle or scooter market and is projected to dominate the market with around 66% market share. Furthermore, sealed lead acid battery is favored majorly due to its low cost compared to others. The battery segment also holds a notable share of the market, owing to its higher rate of adoption in electric two wheeler vehicles in conjunction with low cost solution.
Electric vehicles operate solely on electricity and do not require any other form of alternate fuel for functioning. As per the report, since 2011, there has been a gradual rise in the adoption of electric vehicles, including electric motorcycles and scooters, by consumers around the world. Rising vehicular pollution, mainly from gasoline powered two-wheeler motorcycles and scooters, has led to a rapid increase in the adoption of electric powered two-wheelers vehicle. Moreover, governments across the world are offering favorable regulatory environment norms to encourage the manufacturing of electric motorcycles and scooters.
Developed countries are driving the shift toward electric two-wheelers, as they augment the concentration of electric motorcycles and scooters in their total production of two-wheeler motor vehicles. The electric two wheeler market is expected to grow at a remarkable growth rate during the forecast period due to the multiple benefits offered by these vehicles, that include high efficiency, low or no emission, noiseless operation, low fuel (charging) cost, and less maintenance.
From a regional perspective, the Asia Pacific dominated the global electric motorcycle and scooter market, majorly due to the massive production and adoption of electric scooters and motorcycles in China, which single-handedly leads the global share of the electric motorcycle and scooter market. Moreover, a surge in emissions coupled with government emission norms and subsidies offered has fueled the adoption of electric motorcycles and scooters in China, thereby boosting the market share held by Asia Pacific.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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