Global Electric Scooter and Motorcycle Market was valued at US$ X8.X6 billion in 2019 and is expected to reach US$ XX by 2027, at a CAGR of 10.1% during a forecast period.
Global Electric Scooter and Motorcycle Market
Industry Overview
Electric scooters and motorcycles are electricity power-driven two-wheelers. The global electric scooters and motorcycles market is developing at a substantial rate, because of encouraging government initiatives and provision on eco-friendly vehicle, and increase in the necessity of the capable vehicle with zero carbon discharge. Electric scooters mainly provided to the electric scooters and motorcycles market size. The market has witnessed a high demand for scooters in the last half decade because of its light weight and increase adoption for daily commute in the urban areas.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Industry Dynamics
Industry Trends and Growth Drivers
The increased adaptation of e-mobility for smaller distance is the key trend in the electric scooters and motorcycles market.
The encouraging government initiatives and support for eco-friendly vehicle like subsidies and tax benefits; the rising concern for air pollution caused by gasoline based vehicles; traffic bottle neck issues, and introduction of novel technologies are the major growth drivers for the electric scooters and motorcycles market. Furthermore, low maintenance related to vehicles equipped with internal combustion engines has resulted in increase in adaptation of electric scooters and motorcycles. For instance, as per the survey published by Forbes in 2019, because of rise in awareness about pollution, the sales of electrical bikes (e-bikes) have surpassed that of non-electric bikes in the Netherlands. Likewise, the educating awareness of environmental threats caused by pollution, people in India started preferring e-bikes. As per the Business Today, the sales of e-bikes in the country amplified from around 2X,X00 in 2018 to 2X,X00 in 2019. The increase in adoption of electric bikes and scooters are anticipated to remain in the forecast period.
Additionally, the increase in the necessity of the competent vehicle with zero carbon discharge and effective green energy vehicles, rising concern about environmental pollution and strict regulations about vehicle emission are also amplifying the growth of the market. For example, according to the World Health Organization (WHO), globally, experience to ambient air pollution leads to 4.2 million deaths each year. Also, 91% of the world’s population exists in a place where air quality is more than above of WHO guidelines limit. Accessibility of smart charging stations, food, and beverage delivery, developing charging infrastructure, decreasing cost of lithium-ion batteries and EV charging stations motorized by solar panels are also assisting the growth for the electric scooters and motorcycles market.
Challenges
Poor performance of the electric vehicle, shortage of charging infrastructure, and stringent rules for installation of charging stations are the key challenges for the growth of electric scooters and motorcycles market. In this regard, the Edison Electric Institute (EEI) and the Institute for Electric Innovation (IEI) have estimated that around 9.6 million charge ports will be required to assist 18.7 million electric vehicles expected to be sold in the US by 2030.
Industry Ecosystem
Globally industry players are leveraging market growth via inducing new products. Different players are financing in the development of new battery technology to lower the cost of electric scooters and motorcycles to compete against gasoline vehicles in terms of price and performance. In the forecast period, industry leaders are expected to considerably lower the cost of these vehicles and improve the performance of these vehicles leading to adoption by masses.
Market Segmentation
Insight by Product
On the basis of product, the electric scooters and motorcycles market is sub segmented into motorcycle and scooter. Among the products, scooters segment registered for the XX% share in the market because of increased acceptance in urban areas, and lightweight. Furthermore, the motorcycles segment is anticipated to grow at the XX% in the market owing to mounting demand for high-speed two-wheelers.
Insight by Battery Type
On the basis of battery type, the market is sub segmented into lithium-ion and sealed lead acid. Among the battery type, the sealed lead acid segment registered for the XX% share in the market owing to its low cost, and ease in compatibility. Moreover, the sealed lead acid segment is anticipated to grow at the XX% in the market because of lightweight, high charge efficiency, and technological benefits.
Insight by Voltage
On the basis of voltage, the market is sub segmented into 12V, 24V, 36V, and 48V. Among all voltages, 48V batteries registered for the XX% share in the market owing to the peak power output of these batteries, and higher compatibility. Additionally, 24V and 36V batteries are estimated to grow at the XX% in the market, because of high power range and persistent research and development in advancing the performance and speed of these vehicle.
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