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, Amper Vehicles, BMW Motorrad International, Essence Motorcycles, Gogoro Inc, Harley-Davidson, Hero Electric, LITO Motorcycles, Mahendra GenZe, 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.
Based on the Battery Type:
Between the two, Lithium-ion batteries are anticipated to significantly contribute to the global expansion of the Electric Scooter and Motorcycle Market during 2022-27. It attributes principally to the mounting awareness among electric scooters & motorcycle owners about the benefits of these batteries, like faster charging, high energy storage capacity, and greater durability than others. It, in turn, is augmenting the demand for electric two-wheelers exhibiting these batteries and boosting the market growth.
Besides, aspects like higher energy offering, lightweight manufacturing, and easy installation, reducing expenses on maintenance & operation are the other factors propelling the demand for Lithium-Ion batteries in the global electric scooters & motorcycles market worldwide.
Based on Vehicle Type:
Here, electric motorcycles are anticipated to acquire a prominent market share through 2027, principally due to a more prominent younger population than others entwined with the introduction of various new models by automakers, i.e., attracting a massive consumer base for electric motorcycles. Besides, the swift improvement in the economic conditions of people and an elevation in vehicle fleet are demonstrating massive traffic congestion worldwide and, in turn, leading to the growing sales of electric motorcycles globally.
On the other hand, the demand for electric scooters is also rising steadily across different corners of the world & notably contributing to the growth of the Global Electric Scooter and Motorcycle Market. It owes to the rise in the working female population increasingly inclined toward private ownership of vehicles like electric scooters for their day-to-day commute.
Geographically, the Global Electric Scooter & Motorcycle Market expands across:
Of all regions globally, Asia-Pacific is anticipated to dominate the Electric Scooter and Motorcycle Market with the largest share during 2022-27. It owes principally to the numerous government efforts toward bringing environmental sustainability, i.e., demonstrating an active setup of electric vehicle charging infrastructure across different countries, especially China, India, & Japan.
Besides, governments of other countries are also encouraging the public to adopt these vehicles and laying out favorable incentives, subsidies, tax exemptions, and easy financing to bring greater environmental sustainability and reduce carbon emissions.
It, in turn, is generating growth opportunities for automakers to expand their product portfolio & visibility in order to propel the regional market expansion through 2027. Moreover, countries like India are likely to continue demonstrating an upward trend in the electric scooters & motorcycles market owing to the vast middle-class population that prefers two-wheelers.
On the other hand, Europe is projected to acquire the second-largest share in the Electric Scooter and Motorcycle Market during 2022-27. It attributes to stringent regulations by governments of different countries toward curbing the alarming carbon emissions and attain environmental sustainability targets, i.e., leading to the burgeoning sales of electric scooters & motorcycles across the region.
Possible Growth Restraint for the Global Electric Scooter and Motorcycle Market
While electric scooters & motorcycles are gaining traction, there is still a long way to their 100% deployment across different countries. Several countries & regions, as of now, do not have well-structured EV charging infrastructure, which restrains the sales of these vehicles and challenges the growth of the Global Electric Scooter and Motorcycles Market.
Additionally, as electric scooters & motorcycles are more expensive than fuel-based vehicles & somewhat deliver similar performance, several cost-sensitive consumers are unwilling to invest in these vehicles. Hence, it is another prominent aspect projecting hindrance to the overall market expansion through 2027.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Electric Scooter and Motorcycle Market is projected to grow at a CAGR of around 14.62% during 2022-27.
A. Lack of adequate EV charging infrastructure is the most prominent aspect likely to restrain the fledged growth of the Global Electric Scooter and Motorcycle Market in the coming years.
A. The active participation of governments to promote safe micro-mobility & eco-friendly transportation for urban mobility is a key trend in the Global Electric Scooter and Motorcycle Market.
A. Lithium-Ion batteries are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Electric Scooter and Motorcycle Market over the forecast years.