The global Electric Scooter and Motorcycle Market is expected to account for 6,193 thousand units by 2027, growing at a CAGR of 33.1% during the forecast period. The base year for the report is 2021, and the forecast period is from 2022 to 2027. Factors such as growing demand for energy-efficient commuting and governments supporting electric two-wheelers through subsidies & tax rebates have compelled two-wheeler OEMs to explore beyond the use of conventional internal combustion engines (ICE) in two-wheelers.
Browse 226 market data Tables and 51 Figures spread through 260 Pages and in-depth TOC on “Electric Scooter and Motorcycle Market by Vehicle (E-Scooters/Mopeds & E-Motorcycles), Battery (Lead Acid & Li-Ion), Distance, Voltage (36V, 48V, 60V, 72V, Above 72V), Technology, Usage(Private, Commercial), Vehicle Class & Region – Global Forecast to 2027”
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142827777
Market Dynamics:
Driver: Low operating and maintenance costs
One of the most important factors driving the electric scooter and motorcycle market is the increasing prices of petroleum products. The increasing price of petroleum products is the primary factor driving the electric scooter and motorcycle market. Consumers from emerging countries are already affected by the increased cost of petrol. Electrical two wheelers operating on electricity would reduce the operating cost and increase their efficiency than conventional vehicles. Electronic systems are more efficient and durable than mechanical models because they break less often due to less friction and less wear. As a result, electric two wheeler vehicles last longer and reduce the environmental impact compared to fuel-powered vehicles. Manufacturers are expected to develop electric scooters and motorcycles with a higher range than the current breed of electric two wheelers. Manufacturers are expected to develop electric scooters and motorcycles with a higher range than the current breed of electric two wheelers.
Opportunity: Decreasing Battery Prices
As per the pricing analysis of current electric scooters & motorcycles, batteries account for around 60%–70% of the total cost of an electric two-wheeler. Apart from this, the majority of the vehicles require the replacement of batteries after every 4 to 5 years of usage. Thus, battery cost is the most important factor in making electric scooters and motorcycles affordable in terms of maintenance and initial cost. As the majority of the OEMs are using lithium family batteries in their electric two-wheelers, the continuous fall in the lithium battery prices would make electric scooters and motorcycles much more affordable. The price of these batteries has drastically reduced from USD 684 in 2013 to USD 132 in 2021. As per the industry experts, the price of the lithium-ion battery is likely to fall below USD 100 per kWh. A fall in battery price is critical for larger adoption in the market that would create a huge opportunity for the OEMs, as more customers would be able to afford electric scooters & motorcycles.
The below 75 miles segment is expected to be the largest segment in the forecast
The below 75 miles segment is estimated to dominate the global electric scooter and motorcycle market, as the majority of the electric scooters/mopeds have a range of up to 75 miles. Asia Pacific is estimated to be the largest market for the below 75 miles range in 2027 due to the dominance of electric scooters/mopeds over electric motorcycles, especially in China. These scooters/mopeds are used daily to commute and range below 75 miles on a single full charge. Yadea, NIU, and Xinri are major manufacturers of electric two wheelers in China, providing electric scooters with a traveling range of below 75 miles. Hero Electric and Okinawa (India) are offering electric scooters in this range. This range is most suited for electric scooters/mopeds, which are largely popular in India and China. Other than established players there are new players across the globe, which offer models such as Hero Electric Dash, Bounce Infinity E1, and TVS i- Qube. These are a few of the models that have a range of less than 75 miles on a single charge. There are newer models to be launched, which include Hero Electric AE-8, Hero Electric AE-29, TVS Creon, etc. So, rising demand from Asia Pacific and the availability of new models would play a key role in driving the demand for this market
Key Players
The major players in global electric scooter and motorcycle market include Yadea Group Holdings Ltd. (China), Jiangsu Xinri E-Vehicle Co., Ltd. (China), NIU International (China), Silence Urban Ecomobility (Spain), Zhejiang Luyuan Electric Vehicle Co., Ltd (China) and Hero Electric (India). These companies offer extensive products and solutions for the electric two-wheeler industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=142827777