The global electric scooter and motorcycle market is estimated to grow from 684 thousand units in 2019 to reach 7,919 thousand by 2027, at a CAGR of 35.8%
NEW YORK, Nov. 26, 2019 /PRNewswire/ --
Demand for electric two-wheelers and subsidies provided by governments are significant factors for the growth of the electric scooter and motorcycle market globally
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The global electric scooter and motorcycle market is estimated to grow from 684 thousand units in 2019 to reach 7,919 thousand by 2027, at a CAGR of 35.8%. Increased emphasis on reduction in carbon emissions is expected to boost the market. However, lack of charging infrastructure and performance constraints can create a hurdle for the growth of it.
Demand for high performance e-motorcycles and advancements in battery technologies are likely to propel the growth of e-motorcycles during the forecast period
The e-motorcycle segment is the fastest growing market.Earlier, manufacturers were focusing on developing e-scooters/mopeds as they have a design more suitable to incorporate an electric propulsion system.
However, e-scooters/mopeds have range and performance constraints; also, they serve the limited purpose of short distance commuting only. With e-motorcycles, users could serve different purposes such as cruising, racing, off-roading, and commuting, which would increase the demand for e-motorcycles in the future.
European market is expected to register the fastest growth during the forecast period
The European market is expected to witness the fastest growth, followed by North America and Asia Pacific.The electric scooter and motorcycle industry in the region is inclined towards innovation, technology, and development of advanced charging infrastructure.
The increasing demand for reducing carbon emissions and developing more advanced and fast charging stations is expected to propel the growth. Energica Motor Company, KTM, Piaggio, GOVECS, and BMW are some of the key players in the European electric two-wheeler industry.
Asia Pacific is expected to be the largest market during the forecast period
Asia Pacific is expected to be the largest market, followed by Europe.The increasing concerns over carbon emissions from existing conventional ICE two-wheelers and demand for energy-efficient commuting have led the authorities to have favorable initiatives and regulations, which have propelled the growth of this market.
Asia Pacific is home to many global leaders such as Yadea, Hero Electric, NIU, and Luyuan, which are offering a large portfolio of electric scooters and motorcycles. Thus, the region has high sales volume, especially for the e-scooter/moped segment.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
-- By Company Type: Tier I - 36%, Tier II - 39%, and Tier III - 25%,
-- By Designation: C Level - 33%, D Level - 47%, and Others - 20%
-- By Region: North America - 31%, Europe - 36%, and Asia Pacific - 33%
The electric scooter and motorcycle market comprises major manufacturers such as Yadea (China), Hero Electric (India), Vmoto (Australia), Electrotherm (India), and Jiangsu Xinri E-Vehicle Co., Ltd. (China).
Research Coverage:
The market study covers the electric scooter and motorcycle market across segments.It aims at estimating the market size and future growth potential of this market across different segments such as vehicle type, technology type, battery type, voltage type, distance covered, and region.
The study also includes an in-depth competitive analysis of the key players in the market along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
-- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric scooter and motorcycle market and the subsegments.
-- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
-- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities
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