Electric scooters & motorcycles use electricity to function and store energy in rechargeable batteries. They are excellent eco-friendly alternatives to fossil fuel-based vehicles and are swiftly gaining momentum across different corners of the world.
With growing concerns over environmental degradation and a critical need to curb carbon emissions, the demand for Electric Vehicles (EVs), including scooters & motorcycles is escalating rapidly. Additionally, as modern technology is progressing with massive government support across different countries, automakers are actively developing new vehicle models integrated with advanced technologies to meet the needs of users & contribute toward bringing a green environment.
The Global Electric Scooter and Motorcycle Market is projected to grow at a CAGR of around 14.62% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the alarming carbon emission levels, especially from vehicles, and the growing awareness among people about the need to curb these levels by procuring environment-friendly mobility solutions, i.e., surging the sales of electric scooters & motorcycles worldwide.
Besides, in line with bringing environmental sustainability, governments of different countries are laying out favorable policies for the manufacturers of electric scooters & motorcycles along with incentives for consumers on buying these vehicles, i.e., another prominent aspect boosting the global market.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Others|
|South America: Brazil, Rest of South America|
|Europe: Germany, The UK, France, Italy, Spain, Rest of Europe|
|Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific|
|Middle East & Africa: GCC, South Africa, Rest of Middle East and Africa|
|Key Companies Profiled||Alta Motors, Aima Technology Group Co., Ltd., Ampere by Greaves Electric Mobility, Ather Energy, Bajaj Auto Ltd., BMW Motorrad International, Energica Motor Company, Essence Motorcycles, Gogoro, Harley-Davidson, Hero Electric, LITO Motorcycles, Niu Technologies, Ola Electric Mobility, Tacita SRL, Vmoto Limited, Wuyang-Honda Motorcycle (Guangzhou) Co., Ltd., Yadea Technology Group Co. Ltd, Zero Motorcycles Inc., Zongshen Electric Motorcycle, Zhejiang Luyuan Electric Vehicle Co. Ltd., Others|
|Unit Denominations||USD Million/Billion|
Moreover, improving economic conditions & the growing inclination of the people toward private ownership of vehicles are also driving the demand for electric scooters & motorcycles globally. Additionally, heavy traffic congestion and rapidly inflating vehicle fleet are other crucial aspects contributing to the expanding market size of electric scooters & motorcycles worldwide.
Furthermore, constant fluctuations & hikes in fuel prices, coupled with benefits of these vehicles like long-distance coverage with minimum carbon emissions, improved acceleration, high-speed efficiency, compact size, and impressive motor density, are also set to generate lucrative prospects for the leading players in the Global Electric Scooter and Motorcycle Market through 2027.
Key Trend in the Global Electric Scooter and Motorcycle Market
As the world is growing closer to adopting EVs, advancements in their overall charging infrastructure are offering greater accessibility & convenience to users for recharging their vehicles, which, in turn, is accelerating the sales of electric scooters & motorcycles globally. With these infrastructural developments, governments of different countries, in order to contribute greatly to environmental sustainability, are encouraging people to purchase these vehicles. For instance:
In April 2022, London hosted the world's first-ever series of Electric Scooter races with the principal aim to promote safe micro-mobility & eco-friendly transportation for urban mobility. This event was backed by the International Federation of Automobiles (FIA), France, and other prominent motorsport racing communities.